Technological Advancements in the Hearing Aid Industry. Assessing the effect of technological advancements on the adoption of hearing aids for people with mild-moderate hearing loss
Ladda ner
Typ
Examensarbete för masterexamen
Program
Management and economics of innovation (MPMEI), MSc
Publicerad
2021
Författare
Green, Anton
Ahlstrand, Carl
Modellbyggare
Tidskriftstitel
ISSN
Volymtitel
Utgivare
Sammanfattning
Hearing loss affects about half a billion people around the world, and the number keeps increasing.
However, the adoption rate of hearing aids is still low. In the US, only 14% of the 25.4M people with mild
hearing loss, and 37% of the 10.4M people with moderate hearing loss use hearing aids. Technological
advancements introduce new performance metrics that allow new actors to meet the needs of the
mild-moderate hearing loss segment. The purpose of this thesis is to understand how technological
advancements could affect the adoption of hearing devices for the mild-moderate hearing loss segment,
and how this could affect the hearing aid industry.
This study has been conducted through a qualitative literature review of adoption barriers and technology
advancements, which has been complemented with quantitative data from the Hearing Industry
Association. This has brought insights into the barriers that hinder people from adopting hearing aids.
The examined adoption barriers in this study are denial, product value, effort, and stigma.
We have found that technological advancements enable new entrants to reduce the involvement of
hearing care professionals and provide direct-to-consumer (DTC) hearing aids. We argue that DTC
hearing aids reduce the adoption barriers of effort and stigma since they lead to increased patient control,
less effort, and lower self-stigma for the consumer. Further, the product value can be increased through a
change of focus to non-auditory needs and a reduction of price.
On an industry level, we conclude that the growth of DTC devices from consumer electronics
manufacturers and new hearing aid manufacturers are threatening the key competitive advantages of the
traditional hearing aid manufacturers. New entrants have great potential to thrive in the DTC market
which will increase the competition and lead to price pressure on hearing devices. Traditional hearing aid
manufacturers might struggle to compete in the DTC channel, but we argue that they will benefit from
the increased spread of hearing devices. Ultimately, the establishment of DTC hearing aids has the
potential to provide better user outcomes and increase the uptake of hearing devices for people with
mild-moderate hearing loss.
Beskrivning
Ämne/nyckelord
Adoption Barriers, Technological Advancements, Hearing Aids, Denial, Stigma, Emotional Effort, Over-the-counter, Direct-to-consumer, Self-fitting, Artificial Intelligence