The hearing aid industry has been hit hard by the introduction of new hearing aids and the subsequent rise in demand for hearing aids in recent years.
The industry, which has been around for over two centuries, has been at the mercy of a number of factors, including the popularity of hearing aids for deaf and hard-of-hearing people and their lack of consumer interest.
Hearing aids have been the most heavily marketed and used category of hearing aid, accounting for almost 40% of all hearing aids sales in 2016.
And despite this, many hearing aids are still poorly marketed and often don’t meet the needs of hearing-impaired consumers.
That’s why hearing aids companies are increasingly looking at ways to expand their business.
The Hearing Aid Manufacturers Association has released a new report that looks at the evolution of the hearing aid market over the last 15 years, as well as how the industry has evolved from a niche product to a major business in the US.
“It’s not a question of the market being dead, it’s a question about it being a more attractive market than it was,” says Chris Foy, the executive director of the Hearing Aid Association.
“The market has been very competitive for the last few years, and it’s only going to get more competitive.”
The report, which covers the period from 1999 to 2015, reveals that the average cost of a hearing aid was $20,000 in 2015.
The report also shows that the industry’s share of sales in 2015 was just under 40%.
The report says the industry is now profitable, with revenue increasing from $2.9 billion in 1999 to $4.1 billion in 2015, but that revenue growth is still in the minority.
The study shows that there has been an increase in the number of hearing impaired people in the United States.
In fact, between 1999 and 2015, the number and percentage of hearing impairments in the population increased by 2% and 8% respectively.
The most significant increase came in the form of the number who reported having severe hearing loss, as the number has increased by nearly 30% in the last three years alone.
Foy says that the number is likely to continue increasing over the next few years as the hearing loss population continues to increase.
And it’s not just hearing loss that is increasing.
Other than hearing loss the report reveals that hearing aids have become a major part of the American economy as well.
The American Hearing Association is a lobbying group for the hearing-aid industry and has lobbied heavily on behalf of the industry.
The AHAs report notes that over the past two decades the market for hearing aid has been flooded with new products that allow users to connect to an array of online services including Amazon Alexa, Spotify, and Netflix.
The new hearing aid products allow people to use the devices with their own apps, and these apps will enable users to control the devices remotely.
The introduction of these new products has caused a surge in the price of hearing loss products and the number purchasing hearing aids has increased.
“You’re going to see a lot of this type of product as the market continues to grow,” says Foy.
“There will be a lot more hearing aids to make available in the future, and as more of the population gets more comfortable with hearing aids it’s going to be more of a profitable business.”
According to Foy the number one reason people are using hearing aids is to increase their productivity.
“They’re going after the same number of people that people were using hearing aid for,” he says.
The hearing aids industry has historically been one of the most profitable in the world.
But as the industry continues to evolve it’s expected that it will continue to be in decline.
The biggest threat to the hearing industry right now is the introduction and use of hearing protection devices that can be easily removed and replaced.
These devices are designed to prevent people from being affected by hearing loss in the first place, and in many cases have become part of everyday life.
“For the most part, hearing aids aren’t going to come down any time soon,” says Gwynne Llewellyn, the CEO of HearingAidUSA.
“People who are hearing loss have had to find ways to manage their own hearing loss to keep themselves alive.
They’re going through that process every day, so the more they’re out there, the more people are going to have a problem with hearing loss.”