The Hearing Aid Clinics industry has contracted slightly during the past five years as declines in insurance coverage and consumer income combined with rising hearing aid prices. During the next five years, however, the industry is expected to improve, largely due to the implementation of the Patient Protection and Affordable Care Act. In addition, the number of individuals suffering from hearing deficiencies is expected to remain high as a result of the diabetes epidemic, the rising use of mobile music devices and an aging US population.
The Hearing Aid Clinics industry has heard better news than during the past five years. Industry demand suffered following the financial crisis as consumer incomes fell along with the level of individuals covered by private health insurance. Consequently, many industry operators were forced out of the industry, with even some of the industry's biggest names filing for bankruptcy. More recently, however, the industry has fared relatively well, bolstered by an aging population and healthcare reform. As a result, IBISWorld estimates that industry revenue will grow 3.2% in 2013 as many states begin to expand their Medicaid coverage in preparation of full implementation of the Patient Protection and Affordable Care Act (PPACA).