hearables/hearing technology

Yesterday was a big day that should have happened several years ago. Finally. The US Food and Drug Administration approved the over-the-counter sale of hearing aids for those with mild-to-moderate hearing loss. Consider that this was first proposed in 2017! Consider the hearing aid ecosystem that has grown over many years to involve audiologists, a shrinking number of hearing aid makers – only five control 90% of the market! Consider the high price (upwards of $6000 per pair), limited insurance company assistance, and much individual isolation, misery, and family frustration. Consider the now-known and studied connection between untreated hearing loss and dementia.  Consider the multi-year delay between the onset of hearing loss for individuals, especially men, and actually doing anything about it. Consider the social isolation experienced by those with hearing loss.

Isn’t March a l-o-n-g month? So many weeks, so many blog posts to, uh, post. Note the top trends that matter this year. Many changes underway in the enabling tech categories for older adults – including the importance of tech for home care agencies – not just the apps for the workers, but for care recipients, such as remote monitoring. And for hearing aid wearers, the smartphone can carry multiple apps that improve their quality of life. Finally, the smartwatch, aka personal emergency response device, gets another entrant – and the very first mobile PERS ('medical alert') company, Mobile Help, is acquired. Summing up the month:

Hearing aid users need smartphones and apps. The hearing aid industry has been undergoing disruption in recent years, most notably from the Over The Counter initiative and the growth of hearables, which have legitimized the use of devices hanging from, versus hidden inside the ear.    There are some apps that can enhance the quality of life of individuals with moderate or severe hearing loss. A number of these have been discussed by audiologists in the TruHearing website. Audiologists support the use of multiple types of apps for those with hearing loss, particularly those apps that come from the hearing aid manufacturers themselves. Experts note that these apps enable the user to tailor their experience to their own needs. Beyond the manufacturer offerings, there are a number of apps that can help people with a broad range of hearing loss – hear are ten of them in alphabetical order, content from the reviews or vendors:

What trends matter this year and beyond? In 2022, the oldest baby boomer turns 76, while the population aged 65+ will exceed 54 million. Trends accelerated by the pandemic continue to emerge, and the population aged 50+ will continue to purchase and use technology, accounting for an estimated 51% of technology spending by 2030. In an interview with Best Buy Health for their 800,000 recipient newsletter, these were the 7 trendsb we identified that will persist throughout the year -- and beyond.  These should be of particular note to startups and tech companies that want to reach the older adult market.

The rise of AgeTech – it is a trend. It’s easy to say, and it resonates -- especially compared to other long-standing terms like assistive technology, gerontechnology and durable medical equipment (DME). Parks Associates published a useful chart this week about the Changing form factors of panic buttons – take a look. But that was not the real subject of the article (thankfully). Rather, it suggested that while form factors are changing (from pendant to smart watch to home sensor technology), the shortage of labor in the caregiving market means that tech to help 66 million caregivers matters more than ever. In fact, one in five ‘broadband’ households is currently or will soon care for a family member, likely remaining in their own or a relative’s home.

In the time of CES 2022 – advice to tech firms about older adults. Perhaps you aren't paying attention -- but once per year, innovations from around the world are presented at CES for comment, media attention, and most of all, seeking interest about what's new (or even just envisioned). This year it is a hybrid event -- with some folks in person, some watching online and others lurking among the press releases. Next week's blog post will detail 10 products/services from CES 2022 that will likely make a difference for older adults. But this week, here is advice for startups and new entrants when thinking about reaching an older adult audience. It is extracted from the Technology for Aging 2022 Market Overview, to be posted following CES, and including 30 offerings that were not in the 2021 version. Read more.