DUBLIN, Nov 10, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "US Market Report for Hearing Aid Batteries 2017 - MedCore" report to their offering.
Technological improvements in hearing aid circuitry improve sound quality, immediate post-fit satisfaction and provide new features. These features also increase the power demand from the battery and therefore are also driving sales slightly. In addition to increased power supply, these features encourage hearing aid purchases and therefore help drive market growth for hearing aid batteries. Furthermore, hearing aid battery manufacturers are packaging their products in way that helps users change the batteries more easily. There has also been an increase in the proportion of private label batteries which are sold at a lower price point;, further facilitating the decrease in ASPs. There has also been an increase in retail channels such as Costco, Wal-Mart and the internet. Price per individual battery pack is expected to remain relatively constant until the end of the forecast period, but because of bulk sales and the increasing number of batteries included in a package, the average price per individual battery is expected to decline slightly. Growth in this market is due to a few major trends. The first is increasing aging population, which drives the demand for new hearing aid installations and consequently increases the installed base of devices requiring batteries. The second contributor is that manufacturers offering private label hearing aid batteries have been offering an increasing number of batteries per pack. This gives the consumer a more economical choice over the leading brands, and is a strategy that the rest of the industry may soon adopt.