In the United States, hearing loss is a widespread issue, with almost 48 million Americans affected by it. Despite the high demand for hearing aids, the market for these devices is underserved, leaving millions of Americans without access to them due to their high cost, which can range from $1,000 to $6,000. This has resulted in a market where only 14% of people with hearing difficulties use hearing aids, indicating a significant gap in meeting the needs of people with hearing loss.
The high costs of hearing aids and the lack of insurance coverage have made it difficult for people with hearing loss to access the necessary medical devices. While hearing loss can lead to many health issues, including early dementia, the cost of hearing aids makes them inaccessible for many. InnerScope Hearing Technologies, a technology company, is working to change that by offering high-quality over-the-counter hearing aids at an affordable price directly to consumers.
InnerScope Hearing Technologies is changing the traditional hearing aid market model by shifting hearing care out of clinics and into consumers’ homes. As a result, the company is emerging as a disruptive leader in the Over-the-Counter Direct-to-Consumer Hearing Technology Market by delivering high-quality hearing aids, straight to consumers’ doors, at a fraction of the cost charged by competitors.
The company’s CEO, Matthew Moore, explained in a recent feature on New to the Street how the company’s marketing strategy is centered around helping people get the hearing aids they need, selling them at a fraction of the cost charged by major competitors. With the lack of Medicare and private insurance coverage for hearing aid devices, InnerScope allows people with limited budgets to buy superior-quality hearing aids directly for as little as $44 per month.
InnerScope recently launched its hearing aids and related hearing products on FSAstore.com, HSAstore.com, and WellDeservedHealth.com, enabling the 70 million consumers enrolled in flexible spending accounts (FSA), health saving accounts (HSA), and employers’ health incentive programs to access affordable hearing aids.
Through its dedicated online stores, iHEARdirect.com and HearingAssist.com, and its multiple wholesale and retail partnerships, InnerScope offers Over-the-Counter, affordable, FDA-Registered, Bluetooth app-controlled, rechargeable medical-grade hearing technology. As a result, the company empowers consumers to take control of their hearing care by providing the same level of quality hearing technology and professional support for the customer from their homes at a fraction of the cost of traditional channels.
InnerScope’s product line features Rechargeable Full-Streaming, Bluetooth app-controlled hearing aid devices, hearing aid cleaning supplies and ear care products, hearing aid batteries, and more. All hearing aids are FDA-Registered, medical-grade devices and include professional remote programming and support services with one of InnerScope’s licensed hearing professionals.
By delivering high-quality, affordable hearing aids and related products directly to consumers, InnerScope is changing the traditional hearing aid market model. With its innovative point-of-sale Hearing Screening Kiosks in large retail and pharmacy chains, InnerScope brings hearing care directly to consumers. This over-the-counter model eliminates the need for consumers to get hearing aids from a doctor or specialist, reducing the cost of these devices significantly.
The traditional hearing aid market model is dominated by four large hearing aid manufacturers who control 84% of the global market. The lack of competition and the requirement that consumers must get hearing aids from a doctor or specialist is a significant barrier to entry for smaller companies looking to disrupt the market. InnerScope’s over-the-counter direct-to-consumer model is breaking down these barriers and enabling more people to access high-quality hearing aids.
The company aims to help millions of Americans hear again and improve their quality of life. InnerScope’s focus on affordability and accessibility has made it possible for people with hearing loss to access the necessary medical devices they need.