Hearing Aid Stocks – What To Expect And Who To Watch Following The Recent Executive Order – Forbes
Modern high technology digital hearing aids in retail store window.
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It is considered a breakthrough that the U.S. Food and Drug Administration announced that hearing aids will be sold over-the-counter (OTC) as soon as mid-October. The announcement of this final ruling came on August 16, 2022 after President Biden’s Executive Order on Promoting Competition in the American Economy to make health care costs more affordable caused a 120 …….
Modern high technology digital hearing aids in retail store window.
Getty Images
It is considered a breakthrough that the U.S. Food and Drug Administration announced that hearing aids will be sold over-the-counter (OTC) as soon as mid-October. The announcement of this final ruling came on August 16, 2022 after President Biden’s Executive Order on Promoting Competition in the American Economy to make health care costs more affordable caused a 120 day deadline for action.
Key Takeaways
- The FDA ruling will make hearing aids more affordable and readily available.
- Tens of millions of Americans suffer from hearing loss but were priced out.
- List of manufacturers and retailers below who stand to benefit from the ruling.
Hearing loss can affect anyone, and it’s a travesty that so many folks had to accept living with poor hearing for so long. Almost half the people in the United States above the age of 65 have some degree of hearing loss. Aside from age, hearing loss is usually caused by exposure to loud noise, or a handful of medical conditions. Folks with permanent hearing loss can use hearing aids to help make sounds and speech around them louder, enabling better communication but the effects are mostly irreversible.
What the Ruling Changes
The FDA’s new ruling is historic because it has been reported that 28.8 million American adults could benefit from hearing aids. With roughly 15% of American adults experiencing some hearing loss, it’s evident that an OTC product will help many who previously couldn’t afford hearing aids. As a result, hearing aid stocks and companies expect an overdue increase in revenue.
Millions of Americans either had to spend excessive money going through the medical process necessary to obtain hearing aids or simply never purchased them due to inaccessibility issues. In fact, the complicated process of buying hearing aids was the largest barrier for many who needed them.
The process involves a consultation with an audiologist, then arranging a time to fit the devices correctly. But now, the new FDA ruling will allow adults with mild to moderate hearing loss to purchase devices from retailers without a medical exam, prescription, or fitting. Many companies are beginning to offer online hearing tests, so one can invest in a pair of hearing aids without leaving the comfort of their own home.
The FDA will still regulate the quality of these OTC hearing aids to ensure consumer safety.
Which Retailers will be First to Carry OTC Hearing Aids?
As soon as the FDA …….
