hearables/hearing technology

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.  

​CES 2020 – walking the land of the new.  What has 170,000 attendees, long lines, baffling arrangements of booth numbers across multiple, gigantic locations and more robots than you can shake a motion sensor at?  That was CES 2020.  This gigantic parade of the international new and possible can be perused online in detail (and perhaps more usefully) without walking a step or sniffing cigar smoke.  This time, seen (somewhat) in person, here are 10 new offerings from the show that may be relevant to the older adult technology market. Descriptions are drawn from show booth presentations, sessions, websites, and press releases: