Technology for hearing-assistive devices continues to get smaller, clearer, easier to use, more affordable and even more fashionable. These advancements combine with a growing and aging global population—by 2060 there are expected to be around 98 million people older than 65—to generate a rising demand for hearing technology. Tech Announcer recently summarized research findings on future growth in hearing-assistive products, technology and diagnostic devices from Global Market Insights, Inc.
This report projects product revenue will top $13 billion by 2023. Included in the market growth estimates are diagnostic devices such as audiometers, otoscopes and tympanometers, amplification devices such as cochlear implants, bone-anchored hearing aids, behind-the-ear aids, in-the-ear aids, canal hearing aids, and receiver-in-the-ear products. In addition, researchers looked at growth by category for both analog and digital technology.
Hearing aids are forecast to show the largest market growth, with cochlear implants showing the second-biggest increase. The report says Europe, Asia and Latin America will all outpace the United Sates in revenue generation and device production. The report predicts the industry will continue trending toward hidden or diminutive devices and increased incorporation of wireless technology.
According to the article, even with strict regulations and narrow profit margins, the “technology advancement and aesthetically appealing devices are likely to boost the demand growth.”
Shelley D. Hutchins is content producer/editor for The ASHA Leader. email@example.com.