37.5 million adults report hearing issues without an aid. As the elderly population rises, this business is only going to grow. According to Markets Insider, the audio-aid market is expected to reach $9.78B by 2022, up from $6.9B in 2017.
Last week, the FDA approved the marketing of a new device, the Bose Hearing Aid, which can be used without assistance from a doctor. The Bose Hearing Aid is intended to amplify sounds for individuals 18 years or older with perceived mild to moderate hearing impairment (hearing loss).
The Bose Hearing Aid is controlled by a smartphone app, enabling patients to use, fit, and program hearing aid settings themselves — making it the first DIY hearing aid authorized for marketing by the FDA.
Why It’s Hot: The approval sent shares of traditional hearing-aid makers like William Demant, GN Store Nord, and Sonova tumbling 10%. Additionally, when one major company looks to diversify, its competitors usually follow. Meaning traditional brands could have an even tougher time cutting through the noise if other audio giants were to get in on the action.