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Hearing Aid Clinics in the US Industry Market Research Report Now Available from IBISWorld
Date:7/30/2014

New York, NY (PRWEB) July 30, 2014

The Hearing Aid Clinics industry is expected to grow substantially during the five years to 2014. Following a multiyear drop during the recession, the industry has rebounded thanks to beneficial demographic trends, the expansion of private healthcare coverage and, ultimately, the improving economy. As a result, IBISWorld estimates that Hearing Aid Clinics industry revenue will increase at an annualized rate of 3.4% to $2.7 billion during the five years to 2014.

According to IBISWorld Industry Analyst Dmitry Diment, “Economic recovery and the associated rise in disposable income have been key to the industry's growth over the past five years.” Hearing aids are relatively expensive, with a custom-fit pair ranging from $3,000 to $4,000, while some of the industry's top-end pairs cost more than $7,000. Because Medicare, the government-funded health insurance program that provides coverage for adults over the age of 65, does not cover hearing aids, out-of-pocket payments for industry products have remained important during the five years to 2014. Consequently, the expected 1.2% annualized rise in disposable income has benefited industry operators during this period.

“Moreover, the industry has begun to benefit from the expansion of federally funded healthcare. With the implementation of the Patient Protection and Affordable Care Act (PPACA), the number of people with private insurance coverage is expected to rise 4.5% in 2014 alone,” says Diment. While the PPACA does not mandate that insurance companies cover hearing aids, many plans do in fact provide coverage, ben
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