The global hearing aid devices market was valued at $7.2 billion in 2011 and is forecast to grow to $11.3 billion by 2018 at a Compound Annual Growth Rate (CAGR) of 7%. The market is expected to be driven by a number of factors, including the introduction of innovative small-sized hearing aids, such as Completely-in-the-Canal (CIC) and Receiver-in-the-Ear (RITE) devices; a growing percentage of elderly people in the population; more government initiatives in emerging countries to provide high-quality healthcare; increasing healthcare expenditure; and a rise in the prevalence of acquired hearing loss.
Behind-the-Ear (BTE) hearing aids have witnessed significant growth during the last few years. In the US, the hearing aid adoption rate declined between 1984 and 1997, but increased to 24.6% from 2000 (Kochkin, 2009). The market saw increased demand with the launch of small-sized BTE devices such as Receiver-in-the-Canal (RIC) hearing aids. The miniaturization of hearing aids resulted in an increase in the sales of BTE hearing aids, and in 2009, they accounted for 63% of all sales (Kirkwood, 2009).