Hearing Aid Manufacturing in the US - Industry Market Research Report
Description
Hearing Aid Manufacturing in the US
Rising rates of hearing loss from an aging population have been supporting sales of hearing aids in recent years. At the same time, innovative tech advances improve the sound quality, aesthetics and comfort of hearing aids, broadening their appeal. Growing adoption of other hearing health products like cochlear implants has benefited hearing aid manufacturers. Still, US-based manufacturing facilities have struggled. Import penetration has risen, an outcome of companies shifting US production facilities to countries where labor is more affordable. COVID-19 exacerbated volatility as manufacturers confronted a disrupted global supply chain, heightened input costs, weak demand for hearing aids and a strong US dollar. Alleviating pandemic conditions haven't been able to recoup the loss post-COVID, while recession concerns and inflation lower consumers' spending on hearing aids in 2023. A few strong years offset this, leading industry-wide revenue to expand just modestly at a CAGR of 0.5% to an estimated $2.2 billion over the past five years, including an expected drop of 0.6% in 2023.
This industry manufactures audiological devices, including hearing aids, measurement and testing devices and cochlear implants.
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.
Rising rates of hearing loss from an aging population have been supporting sales of hearing aids in recent years. At the same time, innovative tech advances improve the sound quality, aesthetics and comfort of hearing aids, broadening their appeal. Growing adoption of other hearing health products like cochlear implants has benefited hearing aid manufacturers. Still, US-based manufacturing facilities have struggled. Import penetration has risen, an outcome of companies shifting US production facilities to countries where labor is more affordable. COVID-19 exacerbated volatility as manufacturers confronted a disrupted global supply chain, heightened input costs, weak demand for hearing aids and a strong US dollar. Alleviating pandemic conditions haven't been able to recoup the loss post-COVID, while recession concerns and inflation lower consumers' spending on hearing aids in 2023. A few strong years offset this, leading industry-wide revenue to expand just modestly at a CAGR of 0.5% to an estimated $2.2 billion over the past five years, including an expected drop of 0.6% in 2023.
This industry manufactures audiological devices, including hearing aids, measurement and testing devices and cochlear implants.
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.
Table of Contents
46 Pages
- ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Search Inside Report
Pricing
Currency Rates
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