A growing market
Approximately 15 million hearing aids are sold every year and the market grows by 4-6% yearly, largely driven by demographic development.
For cochlear implants and bone-anchored hearing systems growth rates are significantly higher than growth rates in hearing aids, 10-12% and 10-15% respectively. And many children need help: It is estimated that out of the 134 million babies born every year, more than 150,000 are candidates for a cochlear implant.
The market for hearing-diagnostic equipment and accessories is a mature hearing care market with an approximate growth rate at 2-4%.
Around 1 in 10 people over the age of 50 is living with a hearing loss. The biggest barrier preventing people from getting help is to get them to accept that they need a hearing device – and once they have purchased one, to actually wear it. On average, hearing-impaired people wait seven years from when their hearing loss is discovered until they actually buy a hearing aid.