- Hearing loss is affecting a large number of people, and the number is only to increase with the aging population
- Still, many don’t wear hearing aids as they are expensive, often clunky, and inconvenient to get
- INND continues to solve these pain points, empowering consumers to take control of their hearing health with its unique top-quality Direct-to-Consumer (“DTC”) hearing aids
A study published in the journal Archives of Internal Medicine reports that 86% of Americans over 50 with hearing loss don’t wear hearing aids (https://nnw.fm/IsxFQ). Hearing aids are costly, getting them can be a cumbersome process, and wearing them can feel stigmatizing. But innovative DTC (soon-to-offered Over-the-Counter (“OTC”) at local pharmacies and Big-Box retailers) hearing aid options delivered by companies such as InnerScope Hearing Technologies (OTC: INND) solve these patients’ pain points. They are lower-priced, as small as a wireless earbud, and easy to get.
The price of traditional hearing aids starts from around $1,000, but it can go as high as $14,000 per pair. Most insurance plans provide only fractional coverage, while Medicare doesn’t cover them at all. With a relatively short lifespan of just five to six years on average, the cost burden of traditional hearing aids is significant for many since a patient diagnosed with hearing impairment in their mid-50s will need multiple pairs over their lifetime. Adding to the problem is that access to audiologists can pose another significant obstacle as patients are often required to visit hearing professionals’ numerous times before getting hearing aids. Also, regular rechecks are needed – sometimes as often as every six months – which for many is not sustainable.
Still, leaving patients without needed hearing support should not be an option from a medical standpoint. It can pose a risk to their general health since hearing aids are much more than devices that improve hearing. Evidence is amassing that untreated hearing loss is linked to other serious health problems such as depression, cognitive decline, and possibly dementia (https://nnw.fm/ADeFR). Without them, patients often suffer from low confidence, poor self-image, and deteriorating communicative functioning.
Hearing aids differ in price depending on factors such as brand reputation, payment plans, and return period (https://nnw.fm/GWSz7). Hearing devices deploying innovative technology based on rigorous research and development can improve the performance of the devices and an overall user experience through features such as Bluetooth and smartphone apps, which can all affect the final price tag.
Squaring the circle for the hearing aid devices, InnerScope Hearing Technologies is leading the way to deliver top quality direct-to-consumer, Bluetooth app-controlled hearing technology that is both affordable and convenient to get as it does not require patients to see a hearing professional or go to a hearing care clinic. The company continues to empower consumers to take control of their hearing health with its unique top-quality hearing aids, improving the quality of life of those who suffer from hearing impairment and hearing-related issues.
With an aging population and an accompanying increase in the number of cases of age-related hearing loss, the addressable market for hearing aid devices is looking at strong growth potential. With innovative solutions that companies like InnerScope deliver, patients have access to hearing devices that are more discrete and affordable than ever before. InnerScope offers a full-service platform through its e-Commerce site (www.iHearDirect.com) and also collaborates with partners such as www.FSAstore.com, www.HSAstore.com, and www.WellDeservedHealth.com online platforms to serve consumers enrolled in flexible spending accounts, health saving accounts, and employers’ health incentive programs.
For more information, visit the company’s website at www.INND.com.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://nnw.fm/INND
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