To purchase two high-quality hearing devices, you would be spending around $3,450.00. Perhaps what you need are hearing aids with whistles and bells: then, you should be ready to pay about $6,800.00. In the course of a decade ago, producers of hearing aids have invested billions of dollars, trying to research, produce and sell improved devices and hearing solutions.
A major cause of the high prices of hearing aids is the predominating control of the hearing aid market by very few companies, therefore resulting in an imperfect market. Only 6 global producers dominate over 90 percent of the market. Moreover, consumers do not have the advantage of variety as there are only about 2 to 3 companies in charge of the production of the hearing aids.
Furthermore, a contributing problem is the role played by the healthcare professionals that pour their expenses into the retail selling price of the devices. Not only are these expenses an accumulation of all the original costs of production, but they also include all the purchases a total cash outflow of the producer such as salaries, rent, marketing cost, training, and other passive expenses. After the production and distribution process, a net calculation will show that the actual price of the device is less than one-third of the cost price, while the production processes consume the other two-thirds.
Compared to the demand, the supply of hearing aids is relatively small. And after production of multi-functional features, the output cost of the device will be very high relating to the level of demand.
Finally, the most overlooked factor affecting the price of hearing aids is style. With the rapid advancement of hearing technology, success has been made in the area of producing almost-invisible hearing aids. Practically, wanting to own smaller hearing aids that will fit perfectly into your ear canal is going to attract a higher price.
So why are hearing aids so expensive?