- InnerScope Hearing Technologies is a direct-to-consumer manufacturer, distributor, and retailer of hearing aids and assorted hearing-related products
- The White House has recently published initiatives designed to de-regulate the hearing aid market, including allowing hearing aids to be purchased over the counter as well as negating the need for the devices to be prescribed by a medical professional
- InnerScope has introduced a series of free, self-administered hearing screening kiosks which can help consumers identify hearing loss and the severity of their hearing loss as well as the type of loss, and subsequently, recommend the best hearing aid for their particular case
- InnerScope has recently launched its product range on FSAstore.com, HSAstore.com, and WellDeservedHealth.com, as well as its own e-commerce site, MyHearIQ.com.
Although approximately 28.8 million Americans could benefit from wearing hearing aids today, fewer than 16 percent have ever used them. In fact, studies have shown that most people wait nearly 15 years from the time they know they have hearing loss until they actually purchase their first hearing aids – often citing elevated device prices as a barrier to purchase (https://nnw.fm/L6h2n), even though untreated hearing loss could be a precursor to more significant mental health problems, including depression, social isolation, and serving as an early indicator of Alzheimer’s disease. 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”), as well as various hearing-related treatments, has sought to target this issue, thereby improving the quality of life of the 70 million people in North America and the 1.5 billion people worldwide suffering from hearing-related issues.
On July 9, 2021, the White House published a new directive on promoting competition within the American economy through the planned promulgation of initiatives such as allowing hearing aids to be sold over the counter at drug stores and reducing the cost of hearing aids from the current average of $5,000 per pair (https://nnw.fm/fcI9Z). InnerScope has positioned itself to benefit from the potential shift in regulations through its innovative in-store free self-check hearing screening kiosks (“Hearing Kiosks”) and a customer monthly subscription model, which can help consumers purchase superior quality hearing aids at an affordable monthly price.
InnerScope has started its national rollout of Hearing Kiosks at a string of national pharmacy chains, big-box retailers, and grocery chains across the country. The Hearing Kiosks are equipped with the world’s first ‘hearing triage’ artificial intelligence pattern recognition software, which has a unique ability to classify both the degree of hearing loss and the type of loss. Following detection, the Hearing Kiosks can then make recommendations for one of InnerScope’s hearing devices and advise whether the consumer should seek further attention from a medical professional should follow-up testing be necessary.
In addition to providing free, self-administering hearing screening kiosks, InnerScope has also made hearing aids more accessible to the public by recently launching their product range on FSAstore.com, HSAstore.com, and WellDeservedHealth.com for the 70 million consumers currently enrolled in flexible spending accounts, health savings accounts, and employers’ health incentive programs. Moreover, the company has recently launched its dedicated online store, www.MyHearIQ.com enabling any customer with a smartphone to personalize each hearing device to their specific needs using an onboard in-ear custom-fit self-testing feature through the free HearIQ app offered at the apple app store hearIQ on the App Store (apple.com) and Google Play Store hearIQ – Apps on Google Play.
InnerScope is operating at the vanguard of the hearing aid market, working towards shifting hearing health care away from traditional brick-and-mortar clinics and towards customers’ homes by providing a unique and affordable solution to resolve consumers’ hearing needs. With the global hearing aid market expected to reach $11.02 billion by 2028, representing an earnings growth CAGR of 7.4% over the 2021-2028 interim, InnerScope Hearing Technologies is poised to benefit from a rapidly expanding total addressable market while simultaneously gaining from the United States Government’s recent initiatives to promote competition and broaden customer choice within the sector.
For more information, visit the company’s website at www.INND.com and the company’s e-commerce website: www.MyHearIQ.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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