FDA ruling brings boom for global hearing aids market

The global hearing aid market is predicted to grow to USD$13billion by 2028, according to market experts, following an FDA green light for over-the-counter devices. 

A new report published by Vantage Market Research predicts significant growth for the global hearing aids market.

It comes following a new ruling from the US Food and Drugs Association in August to establish a new category of over-the-counter (OTC) hearing aids, allowing consumers with mild to moderate hearing loss to purchase hearing devices directly from stores and online retailers.

Since the ruling a number of companies have entered the market. 

According to Vantage, recent analyses value at USD$9.9billion in 2021, set to rocket up to USD 13.0 Billion by 2028, at a CAGR of 4.7% during the forecast period from 2022 to 2028.

The research methodology includes primary and secondary studies as well as expert panel reviews. Secondary research sources include press releases, annual reports, and academic articles.

The impact of hearing loss 

It is estimated that those affected with hearing loss begin to notice signs in their early 50s yet very few receive treatment. Studies show hearing loss has an impact on other health comorbidities, including risk of falls and an increased sense of social isolation.

Birdsong, a provider of hearing benefits, is focused on working with health plans and hearing care providers to help the more than half (51%) of all adults who reported having hearing problems, as surveyed in the American Speech Hearing Association (ASHA) poll. 

This week it announced its partnership with Convey, a specialised healthcare technology and services company, with the aim of increasing consumers’ access to quality hearing care professionals, services, and devices.

Through this partnership Birdsong will deliver hearing benefit services including a nationwide credentialed provider network, preventive analysis and outreach for health plan members, a contact centre, claims operation, and care management. Birdsong and Convey also provide OTC hearing devices. 

Sharon Fletcher, Birdsong’s president and CEO, shared, “Hearing care is essential, contributing to a quality lifestyle. Birdsong Hearing Benefits is pleased to be partnering with Convey Health, the leading OTC service provider. In this relationship, Birdsong will provide quality hearing service to Convey payers who desire to receive hearing benefits for their members.”

Jonathan Starr,  senior vice president at Convey, added: “Delivering innovative solutions to support access to improved hearing solutions aligns to Convey’s strategy in expanding our supplemental benefits program.

“This new ruling will allow individuals greater options when it comes to improving their hearing. The Birdsong team and their leading experts in hearing benefits and hearing aid devices are at the forefront of effectively addressing this new ruling and are best suited to guide our clients and their members to the appropriate hearing solution.”

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