The hearing industry is in the throes of disruption. Legislative changes, a proliferation of competitive retail channels and new care delivery models are reshaping the industry landscape, and with it, the audiology profession.
In response to these changes, Earlens conducted a survey in the summer of 2019 to understand the way audiologists around the country are approaching three key trends: over-the-counter (OTC) devices, service unbundling, and advanced hearing technologies. The results shed light on how audiologists are rethinking traditional methods of clinical practice, and potential actions audiologists can take to position themselves for long-term profitability.
In the “Future of Audiology” survey, audiologists viewed OTC hearing devices as less of a threat than they had in past industry market research reports. However, responses to OTC trends were mixed. Furthermore, while many respondents indicated an interest in unbundling services, fewer respondents indicated they had plans to do so, perhaps owing to a lack of clarity on how to make the transition.
Overall, the survey findings indicate that despite rising challenges, the future of audiology remains bright. The results align with other industry research suggesting the importance of the audiologist, which creates market opportunities to enhance consumer awareness on the value of hearing care professionals. Audiologists and private practices who define a clear OTC strategy, adapt their current service model to emphasize the expertise of the care they provide, and leverage new hearing technologies to create a service advantage will be best poised for success within this new landscape.
For survey results and recommendations on how to respond to current changes in the hearing industry, download your copy of the full “Future of Audiology” report here. Or, speak to an Earlens representative to learn more about becoming an Earlens, provider.
About Earlens: Earlens is a privately held medical technology company committed to transforming the hearing experience for millions of people who suffer from hearing loss. The company has developed the Earlens® Contact Hearing Solution, which directly activates the hearing system, delivering the broadest bandwidth available today and superior sound quality. This revolutionary, nonsurgical hearing solution uses a small lens to vibrate the eardrum, replicating the natural hearing process. The Earlens® Contact Hearing Solution received FDA clearance in 2019 for a second generation of the Earlens technology.