Hearing Aid Industry Outlook

The outlook for the hearing aid industry has never been brighter. A number of factors are converging to put the hearing aid industry in an excellent position for development and growth.

The Aging Population

The enormous Baby Boomer population is aging, and the evidence of their senior status and buying power is everywhere. In advertisements and ads on the Internet, advertisers are starting to show actors and models with grey hair and glasses. Tens of millions of Americans are going to be needing hearing aids every year for the next 20 to 25 years, which means the hearing aid industry will have a lot of production work to do to keep up with demand.

Advances in Technology

Hearing aids have changed a lot over time. The giant trumpet held to the ear evolved into the transistor-style hearing aid, worn on the body. This hearing aid led to behind-the-ear models, and today's digital hearing aids, small enough to almost disappear into the ear canal. Digital sound processing, the pride of the hearing aid industry, means that hearing aids work better than they ever have. Users can adjust modern hearing aids for high or low background noise. Sound processing with sophisticated digital technology involves much more than amplification, as all the inputs being fed into the hearing aid are analyzed and regurgitated in the form of audible sound. These technological advances make the hearing aid industry an exciting business to be in.

Social Acceptance

Two contemporary U.S. presidents – the late President Ronald Reagan and President Bill Clinton – wore hearing aids while in office. The prestige of presidential adoption, plus the shrinking size of hearing aids, has made wearing hearing aids socially acceptable, much to the relief of the hearing aid industry. Wearers used to fear that they would alienate other people by wearing a hearing aid. In fact, the opposite was true: other people were far more alienated by hard-of-hearing persons who refused to engage in conversations with them. People who miss conversations because they are hard of hearing often avoid conversation because they fear they will not be able to hear or understand everything said to them by the person whom they are talking to.

Affordability

Digital hearing aids are more affordable than their analog counterparts, and their batteries last longer. This new affordability has given the hearing aid industry a real boost, as individuals who thought they could never afford a hearing aid are pleasantly surprised when they start shopping.