hearables/hearing technology

Hearing aids and music -- why is this so difficult to solve for the elderly?  The pandemic isolated everyone, but it may have been even worse for the hearing-impaired. Consider the oldest -- they are aged 85 or 86, love music and enjoy getting together with others in restaurants. The man loses one of the uninsured hearing aids and has to switch to backups that emit whistles or screeches, and cannot hear accurate sounds from a grand piano. The replacement cost of the single hearing aid is $2195 bundled with audiologist assistance. That pair worked well with his TVlink unit – enabling him to hear the TV at the right volume, and his spouse to listen at the broadcast volume. The older woman is isolated during restaurant lunch time conversation because she can’t sort out who is speaking – she is described as ‘looking lost’.  She also has a piano she won’t play because of hearing aid sound distortion.  Both can easily afford the best hearing aids, service, and guidance available. Both are frustrated at their inability to fully mitigate these issues.

CES 2021 – roll the press releases and turn on your computer.  A long time ago, one writer published a charmingly-named CES overview of CES 2012 called CES in Pajamas – an entertaining read with links to 2012 videos just to see what flopped, what was canceled (remember  Microsoft Kinect?) and what/who is still around. Laptops were hot (remember the Ultrabook?) Voice First and the Apple Watch had not emerged.  Oh well. Fast forward to 2021. Pajama-like clothing is the only way to consume the content vastness of this entirely online Consumer Electronics Show with 500 exhibits, 70,000 registered attendees, and 3 full days of sessions, many pre-recorded, some live.  Too many press releases and some odd stuff (a rollable Smart phone?)  Here are a few useful to older adults, alphabetical from firm sites:

It's 2021 and baby boomers turn 75. It took the combination of 71 million boomers, a pandemic emergency, and the sheer size of the aging population to transform a 2009 market niche into this 2021 market category worthy of investment-- less about products specifically designed for older adults as it is about the marketing of many existing offerings as useful to them.  But this is January, 2021, in the time of Covid-19 and the time of the all digital Consumer Electronics Show -- this time with at least 70,000 online attendees from around the world and the tech industry -- and so new companies are surfacing with technologies that will generate interest and even excitement during 2021. The entrants that can help older adults fit into categories like:

Looking ahead to 2021 -- pre-CES, what trends will persist?  So that's just about enough of 2020 -- a year worth putting behind us, if ever there was one. Much creativity and stopgap solutions were the signs of the Covid-19 times.  There was an awakening about older adults as targets of ageism and victims of social isolation, true. But there was also an awakening to the significance of aging in place, the investment category of older adults, the market power of older adults, including the 65+ population of 54 million. And who knew that the fastest growing subsegment was those aged 80+?  Innovators in 2020 helped mitigate social isolation, enable in-home strength training for seniors, provided the tech mechanics (regardless of infrastructure) to connect older adults to families? All that and more make up the new entrants in the 2021 Market Overview of Technology for Aging.

For older adults, July was a few steps forward…  And a few back.  A new venture capital firm formed that is focused on the older adult market.  Primetime Partners adds a $32 million fund to the miniscule list of VCs both admitting interest AND actually investing in the segment.  At the end of June, the federal government published its status report on aging-related initiatives, which was especially notable for including tech investment in ombudsman programs.  And it became increasingly likely that CMS would make telehealth access for older adults permanent. On the other hand, a new poll noted the prevalence of ageism for older adults and that other Covid-19 related pandemic – loneliness in late life.  More on that in several upcoming white papers. Here are the four July posts:

Covid-19 sharpens the benefits of teleaudiology. Half of those aged 75+ and one-third of the 65+ have hearing loss. During the pandemic, telehealth use grew sharply in the care of older adults, enabled by CMS reimbursement changes that likely will be permanent.  It’s also likely that teleaudiology (the utilization of telehealth to provide audiological services) will gain additional importance when face-to-face visits are worrisome, even impossible in some locations. As with other market segments, the hearing health market saw the opportunity to promote their teleaudiology (or tele-audiology) services for those who already own telehealth-capable hearing aids that may need adjustment. Some may require a smartphone app and in-office guidance from the audiologist to get started with it, or at the least, read an explainer about "merging face time with FaceTime." Here are five examples – content is from the vendors:

In 2020, focus sharpens on technology market categories of aging and caregiving.  AARP published a new report that showed growing interest in technology among those aged 70+.  CES 2020 saw several exhibit areas and innovations focused on older adults and what they need. This past week, Cambia Health released a survey of caregivers, 64% of surveyed caregivers use at least one digital tool to help them with caregiving.Samsung, Best Buy and Amazon now group offerings that could be helpful for older adults and those who care for them. What other changes matter for this market? 

The hearing loss statistics are daunting. The number is sizable – 38 million Americans have some degree of hearing loss. But probably the most startling statistic is related to older adults – half of those age 75+ difficulty hearing. Of those age 70 and older with hearing loss, only 30% have hearing aids.  How is this the status quo?  Even though age is the single greatest predictor of hearing loss, many people wait 7 or more years before attempting to address it. That could include purchasing a sound amplification product (PSAP), hearing aid, or the newest amplification category, hearables. The consequences of untreated hearing loss include social isolation, which itself is related to poorer health outcomes.