Increases in global geriatric population, rising hearing loss prevalence in specific areas like nerve deafness and congenital hearing loss are bringing rapid changes in the hearing industry in terms of usage and technology. Other contributing factors in terms of hearing expansion are growing awareness regarding availability of advanced hearing aid devices, rising digital technology hearing aid usage, rise in health care expenditure and awareness. Hearing patients in Redding benefit from these advances.
Perhaps what is currently shaping the industry most in terms of product technology are increases in disposable incomes available to the majority of the working class, greatly affecting product selection and choice.
Rise in Product Demand
Globally, the hearing aid market is witnessing increases in demand mainly due to a rapid rise in the geriatric population. Manufacturers of hearing aids are also evolving in terms of product development and are coming up with new high-tech aids. These are more wearable, have improved performance and some even come with the capacity of wirelessly connecting to a variety of electronic devices.
A key factor that is also shaping the market growth is the increased device sales. The development and availability of wireless hearing aids is encouraging more needy persons to decide on getting hearing aids than was being seen before.
Greater Product Specialization
With perhaps the exception of power hearing aids for cases involving severe-to-profound affected persons, the hearing aid product lines traditionally have used a model strategy that can best be described as one-model-fits-all. Gradually, this approach has evolved during the current digital era, where many manufacturers of hearing aid are developing new approaches. This is in terms of their product lines now being along the “good-better-best” strategy so as to appeal better to the financial abilities of the diverse consumers.
Over the previous two years, however, the hearing industry has witnessed greater differentiation in product lines as new developments are taking place for the previously neglected pediatric segment, with new features that come with kid-friendly cosmetics, extended bandwidths, and FM/DAI capabilities.
It is now possible to envision other new product lines targeting distinct audiences such as home-bound older seniors and the tech savvy career-minded younger population. Others will be cost effective situational and wireless listening devices meant for particular applications like TV streaming.
Hot Market Competition
More choices will ultimately come to mean more competition for hearing aid manufacturers and retailers. As new digital technologies lower costs and deliver higher performance, product providers will be forced to deliver better products at prices that are even lower. The end outcome will be stiffer competition and even more cuts in prices as manufacturers and retailers try to remain competitive.
Although advanced technology and quality control will play a huge part in the future growth of companies dealing with hearing aids, forward consolidation— the acquisition of dispensing chains and offices by manufacturers—will continue being a leading market force. This is something that is expected to continue shaping the hearing aids market for several years ahead.
Changes in Health Care Delivery
The traditional hearing aids dispensing delivery chain has generally stood the test of time. However, with the general health care delivery model changing rapidly, even this sector will see changes. It will soon be the consumer becoming the primary change driver. The Internet has and will continue to have huge impact on the distribution of hearing aids.
Today, the customer has more choices, is more sophisticated regarding the abilities of tech-based products and is certainly more demanding when it comes to expected performance levels. In 2016 and beyond, manufacturers of hearing aids will go on introducing new technologies and products at an accelerating pace, and many current and new customers in Redding having hearing loss are going to be the ultimate winners.