- As the number of older Americans moves to exceeding the number of children, analysts are forecasting the U.S. hearing aid market to grow 69% to $4.48 billion in 2028
- InnerScope Hearing Solutions is using a strong mix of Direct-to-Consumer and a retail footprint to market and sell its affordable, app-controlled hearing aids
- InnerScope recently acquired HearingAssist, making INND Walmart’s largest direct-ship and wholesale hearing aid supplier a two-prong stock purchase where the second leg gives INND a market cap of $1+ billion
Looking for overlooked market segments on Wall Street? Look to your elders. The U.S. Census Bureau (“USCB”) shows that the country is charting a course for older adults to outnumber kids for the first time ever. That means a growing number of cases of presbycusis, or age-related hearing loss. Luckily, today’s graying generation won’t have to use the bulky hearing aids of old; they can benefit from technological advancements from companies like InnerScope Hearing Technologies (OTC: INND) that make testing easier and hearing devices more discrete and affordable than ever before.
Owing in part to younger generations having fewer children and people living longer, USCB sees the country reaching a milestone in 2034 when the number of people over age 65 outnumber those under age 18, approximately 77 million to 76.5 million. Data from the National Institute on Aging shows that about one in three people between the ages of 65 and 74 suffer from hearing loss, a figure that jumps to nearly 50 percent for people aged 75+.
Against that backdrop, it’s not hard to understand why Fortune Business Insights forecasts the U.S. hearing aids market to grow 69% from $2.65 billion in 2021 to $4.48 billion in 2028. Other market research firms, including Allied Analytics and Market.us, see multiple drivers for continuous market expansion.
InnerScope is on the leading edge of technology, delivering premium hearing products for lower prices, including app-controlled hearing aids (quick adjustments are made using a smartphone), hearing amplifiers, associated cleaning goods and vitamins through a direct-to-consumer (DTC) model that includes subscription plans so aging consumers don’t forget to order their goods. To get the process rolling, InnerScope offers a free online hearing test at www.MyHearIQ.com.
The company also is establishing a strong brick-and-mortar retail presence. InnerScope’s wholly owned subsidiary, HearingAssist, is Walmart’s largest direct-ship and wholesale hearing aid supplier. InnerScope closed the acquisition of HearingAssist in late in November, bringing on board a company that has generated more than $72 million in revenue since 2018.
InnerScope bought HearingAssist in an all-stock deal split into two price points for the stock, including the second tranche at $0.17 per share that equates to a market capitalization more than $1 billion.
Last month, HearingAssist received purchase orders from Walmart totaling over $277,000 for its EZ-Hear Neckband Bluetooth Hearing Amplifier for in-store displays in 757 Walmart Stores across five states.
Furthermore, InnerScope recently formed a partnership with grocery and pharmacy chain Giant Eagle. Per the deal, InnerScope’s automated self-check hearing screening kiosks are being installed in select Giant Eagle stores throughout Pennsylvania and Ohio. The Giant Eagle deployment was announced a week after InnerScope inked a deal with Food City Pharmacy to put the kiosks in three stores across Virginia and Tennessee, while incentivizing customers exclusive discounts for InnerScope products ordered through the Food City website.
While it keeps churning out fundamental developments, the company recently took a moment to speak to investors with CEO Matthew Moore accepting an invitation to present at the Emerging Growth Conference earlier this month.
For more information, visit the company’s website at www.INND.com.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://nnw.fm/INND
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