Originally, the idea was brilliant! Frank Lind of Hopkins University had shown that untreated hearing loss led to a greater risk of cognitive decline, and that the primary reason why the majority of people with hearing loss did not seek help was due to the cost of hearing aids and lack of insurance coverage. As a result, the OTC (Over The Counter) Hearing Aid Act was passed in 2017, and the intention was simply to make hearing aids cheaper and more accessible to consumers.
Why haven't OTC hearing aids become a success yet?
After Frank Lind’s advancements, it was expected that OTC hearing aids would be significantly cheaper than prescription devices and that they would quickly take over a significant part of the market, but the reality has been completely different.
The main reasons why OTC devices have not caught on are due to the following:
1. The traditional hearing aid companies, which have decades of knowledge and skills, are trying to avoid market cannibalization through a pricing strategy where OTC products cost $800 - $2,000, which is less than traditional hearing aids. Furthermore, consumers are confused by an oversaturated market. For example, prices for OTC hearing aids on Amazon range from $50 to $2,000, making it difficult to determine the best fit.
2. The majority of products not produced by the traditional hearing aid industry are characterized by poor sound quality, prosthetic-like designs, and poor usability.
3. But most importantly, there are no OTC hearing aids on the market that address the crucial challenge for people with mild hearing loss: those who often experience only limited problems hearing in quiet environments, while experiencing a drastic decrease in speech intelligibility in noise and challenging acoustics.
How LIZN® is set to disrupt the hearing aid market
LIZN Hearpieces® is the first OTC product that focuses 100% on the challenges of mild hearing loss, which often affects people of working age and with an active social life, where visiting restaurants and cafes, discussing with customers and employees in noisy environments, and attending meetings, trade fairs and similar events pose a constant challenge.
LIZN Hearpieces® are:
1. Affordably priced, comparable to the price of other advanced wireless earbuds.
2. Built for high-quality sound, multi-functionality (music and phone), have a compact product design, and are simple to use.
3. Developed with a direct focus on increasing speech intelligibility in noise and challenging acoustics with unmatched results.
LIZN Hearpieces® are entering the US market. To learn more and start your improved hearing health journey, visit our website: LIZN.com
