By Stewart Gandolf
Chief Executive Officer
Hearing Aid Purchase Decision Formula: Price + Professional + Hearing Loss
There are some interesting numbers for audiology and hearing care marketing professionals in a recent market analysis. And for audiologists, hearing instrument specialists, the prediction is suggests a growth market opportunity on the horizon.
Survey results published by iData Research says that patient income strongly influence hearing aid preference. No surprise there; the average patient age is 66, largely a retirement age (and often fixed-income) buying group. The report observes that: Hearing aids are currently not covered by most private healthcare insurance plans and only have limited coverage by Medicaid.
Digging a bit deeper, there’s more to the decision-formula: “The type of hearing aid sold to a patient often depends on three main factors: the nature of the patient’s hearing loss, the audiologist’s preference and the patient’s economic means.”
The insight for hearing care professionals and audiology and hearing marketing is: “…patients with higher education and income are often more aware of treatment options for hearing loss and more likely to seek treatment for a condition. This could also suggest that lower income level individuals avoid hearing evaluations as they perceive hearing aids to be too expensive to be a feasible treatment option.”
On the hearing care horizon, the report predicts that the bone-anchored-hearing-aid-segment will be the fastest growing of the overall US market for hearing aids, climbing at a compound annual growth rate of 35.5 percent by 2016.
Although the overall market size is growing, it’s a ruggedly competitive marketplace for all hearing care professionals, and under-penetrated. Of the roughly 33 million Americans who suffer from hearing loss, only 17 percent of the population has purchased hearing aids.
For more about marketing for audiologists, hearing instrument specialists, and ENTs, visit the Healthcare Success site: Audiology Marketing and Hearing Care Marketing That Works