Quite an interesting article at Virtual Strategy Magazine in relation to the US hearing aid market. The article was a report in relation to research undertaken by idata research.net . The research put Phonaks’ market penetration at 25% of the overall hearing market which was valued at $5.7 Billion Dollar market.
It was reported
With a quarter of the overall hearing aid market, Phonak comprises the largest portion of the hearing aid and audiology device market. “They have substantially increased their market share since 2006 as a result of their acquisition of large group practices,” notes iData CEO, Dr. Kamran Zamanian, “Phonak is a company that according to iData’s latest statistically significant audiologist survey, represents technological innovation, high quality products/services, market leadership and high brand value which makes them one of the most preferred hearing aid brands among audiologists.
The report states that RIC/RITE and open fit devices were and would continue to drive growth within the industry. They felt that this was because of increased acceptance of these devices by Patients. However they felt that invisible hearing aids, IIC devices such as the Nano, The IIC Otolens etc. would drive growth for custom devices. They postulated that there would be a decline in the hearing aid market as acceptance and use of BAHA and Cochlear Implant increased.
They finished the article with this
“Phonak is a company that according to iData’s latest statistically significant audiologist survey, represents technological innovation, high quality products/services, market leadership and high brand value which makes them one of the most preferred hearing aid brands among audiologists.”
What do you think?
You can read more of the report at idata research
Regards
Geoff