Hearing Aid Clinics in the US Industry Market Research Report Now Available from IBISWorld
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According to IBISWorld Industry Analyst
"Moreover, the industry has begun to benefit from the expansion of federally funded healthcare. With the implementation of the Patient Protection and Affordable Care Act (PPACA), the number of people with private insurance coverage is expected to rise 4.5% in 2014 alone," says Diment. While the PPACA does not mandate that insurance companies cover hearing aids, many plans do in fact provide coverage, benefiting the industry. As a result, demand for industry products is expected to boom in 2014, with revenue forecast to rise 5.6%.
The persistence of current trends is expected to further grow the industry over the five years to 2019. Perhaps most importantly, the US population is expected to age at an even faster rate than the previous five years. Because individuals aged 65 and older are the single-largest market for industry services, this demographic trend will continue to facilitate demand for industry products. Furthermore, the continued implementation of the PPACA is expected to expand healthcare coverage to 30 million uninsured Americans by 2019. With disposable income anticipated to continue growing and the number of individuals suffering from hearing deficiencies expected to remain high,
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