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May 29, 2005
Companies sound out future growth
About two million baby-boomers and others suffer hearing loss are creating a growing and lucrative market for a clutch of hearing aid and service providers, an industry player said.
Laubman & Pank's former Adelaide-based hearing division, bought by U.S. hearing aid maker Sonic Innovations in 2001 and renamed Hearing Life, is a smaller player growing rapidly.
The company is using its South Australian base where it custom-makes hearing aids at Unley, to expand nationally, growing from sales of $8 million in 2001 to $25 million this year and targeting $75 million by 2010.
National retail manager Annette Guilfoyle said the market for hearing aids and tests was estimated to be $250 million annually and had been increased in the past decade by a federal government scheme to provide free hearing tests to pensioners and veterans.
About 15 per cent of the market was private customers, which underpinned stronger revenues, she said.
The company employs 120 audiologists and other staff in 34 branches in SA, Queensland, New South Wales, Victoria and Western Australia.
Ms Guilfoyle expected the company to also grow through acquisition as many smaller operators sold out to branded companies such as Hearing Life.
By Meredith Booth
Posted by 4HL on May 29, 2005 2:11 AM
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