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Hearing Aid Industry Poised For Growth

The aging baby boomer population is driving linear growth in the multibillion-dollar hearing aid market, which increased 4.76% in 2014, with 3.1 million units sold in the US alone according to the Hearing Industries Association. To drive further growth and capture market share, hearing aid manufacturers have been catering to boomers, and developing new high-tech hearing aids that are more like wearable health care technology, with improved performance and wireless connectivity to electronic devices.

The World Health Organization estimates that 360 million people worldwide have disabling hearing loss. This includes 328 million adults and 32 million children. In the United States, nearly 40 million Americans have hearing loss, according to the Better Hearing Institute.

With an aging baby boom population – people born between 1946 and 1964 – the hearing aid industry is in store for linear market growth. (SeeExhibit 1

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