- Over 466 million people current suffer from disabling hearing loss with a further 1.1 billion people at risk of suffering hearing damage
- Elevated device cost, poor after-sales service, and a lack of access to proper healthcare have led to only 14% of the 48 million American with hearing loss to currently use hearing aid devices
- InnerScope Hearing Technologies has sought to address this issue with its affordable direct-to-consumer sales model
- InnerScope CEO, Matthew Moore presented at the Emerging Growth Conference on January 5th, updating shareholders and investors on the company’s latest operational highlights
As of March 2019, the World Health Organization (“WHO”) estimated that disabling hearing loss affected around 466 million people across the globe, out of whom 34 million were children. Moreover, the WHO forecast that up to 1.1 billion people between the ages of 12 to 35 years globally were subject to hearing loss risk, largely due to constant noise exposure (https://ibn.fm/ftcaw). InnerScope Hearing Technologies (OTC: INND), a manufacturer and distributor/retailer of DTC, FDA registered, Bluetooth app-controlled hearing aids and personal sound amplifier products (“PSAPs”), has long sought to become a leader in the direct-to-consumer hearing aid market, with the goal in mind to provide affordable hearing to the tens of millions of Americans suffering from hearing loss today.
Elevated device costs, problems associated with devices such as post-purchase services, battery problems, and maintenance issues, along with poor access to adequate healthcare, are all factors that have historically contributed towards restricting the growth of the global hearing aid market. In fact, a recent White House Fact Sheet revealed that the elevated cost of hearing aids had led to only 14% of the approximately 48 million Americans with hearing loss using them (https://ibn.fm/pEwQI). In addition, a heavily concentrated marketplace – with the four largest hearing aid manufacturers controlling upwards of 84% of the market – has also contributed to the elevated pricing for the devices. Nonetheless, the global hearing aid market is estimated to display a strong underlying growth trend over the coming years, with a forecast 6.6% CAGR between 2021-2028.
Through its dedicated online portal, www.iHeardirect.com, InnerScope has looked to provide consumers with affordable, Bluetooth app-controlled, self-adjusting hearing technology in a prompt and affordable manner. The company’s HearIQ App for iPhone and Android has been designed to include a free self-check hearing test, providing billions of people worldwide with the means to detect and self-diagnose early-onset hearing loss. Meanwhile, the company’s proprietary hearing technology provides customers with the ability to personalize each hearing device to their hearing needs in under 10 minutes.
InnerScope Hearing Technologies recently acquired HearingAssist, a long-established leader in the direct-to-consumer hearing aid market and Walmart’s largest hearing aid supplier, for a gross consideration of $10 million, with the express intent to create a “powerful disruptive company in the global hearing device market.”
At the time of acquisition, Matthew Moore, President and CEO of InnerScope, stated, “Today is a tremendous milestone for InnerScope. I’m delighted to welcome the HearingAssist team, who share our passion for providing convenient and affordable hearing products for the tens of millions of Americans who suffer from hearing loss. The HearingAssist acquisition is another meaningful step in advancing our strategy to grow as a leader and innovator in the direct-to-consumer hearing aid market.”
Separately, InnerScope Hearing has revealed that Matthew Moore was invited to present at the Emerging Growth Conference, a live interactive online event that took place on Wednesday 5th January, which allowed InnerScope’s existing shareholders and the investment community to interact with InnerScope’s CEO in real-time. Interested investors. You can watch Moore presentation by clicking on the link: https://www.youtube.com/watch?v=QuAndXZLbMk Moore’s presentation highlighted InnerScope’s two recent direct-to-consumer hearing aid company acquisitions with iHear Medical Inc., its 40+ patents, and its iHearTest, the only FDA-cleared, in-home hearing test on the market and sold at CVS Pharmacy’s; and HearAssist II LLC., Walmart’s largest hearing aid supplier. In addition, Moore discussed InnerScope’s 2022 growth trajectory with these pivotal acquisitions and a key partnership with Atlazo Inc., a leader in intelligent semiconductor solutions, to develop new types of unprecedented artificial intelligence hearing products.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://ibn.fm/INND