Hearing Aid Clinics
Following a multiyear drop during the recession, the Hearing Aid Clinics industry has rebounded over the five years to 2019 due to beneficial demographic trends, the expansion of private healthcare coverage and, ultimately, the improving economy. Rising disposable income has been key to the industry's growth over the past five years, as hearing aids are relatively expensive products. Furthermore, since Medicare does not cover hearing aids, out-of-pocket payments for industry products have remained important. Moreover, the industry has begun to benefit from the expansion of federally funded healthcare, and the number of people with private health insurance has expanded during the current period. As a result of these trends, industry revenue has increased over the past five years. Over the five years to 2024, industry revenue is forecast to continue to rise. The US population is expected to age at a faster rate compared with the previous period. Since individuals aged 65 and older are the single-largest market for industry services, this demographic trend will likely facilitate demand for industry products.
This industry retails hearing aids for consumers of all demographics and ages. Operators in this industry also frequently provide hearing tests and consultation services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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