Navigating the Hearing Healthcare Arena in 2024 (On-Demand webinar sponsored by Oticon, Inc.)-Navigating Arena Oticon 2024 (RECORDING)

Video Transcription

Video Summary

The "Navigating the Hearing Healthcare Arena in 2024" webinar, hosted by Sierra Sharpe from IHS and sponsored by Oticon, outlines the current state and future outlook of the hearing healthcare industry. Gary Rosenblum, president of Oticon, delves into various topics ranging from industry growth indicators, market trends, consumer insights, and specific company stances on issues like managed care and OTC (Over-the-Counter) hearing aids.<br /><br />Key points discussed include:<br />1. <strong>Industry Growth</strong>: The hearing aid market is witnessing steady growth, with projections of 6% for 2024. The market diversification includes channels like managed care, retail, and independent cash markets.<br /><br />2. <strong>Innovation and Patient Satisfaction</strong>: The industry sees constant innovation with high patient satisfaction rates, highlighting the effectiveness and acceptance of hearing care solutions.<br /><br />3. <strong>Underpenetrated Market</strong>: Despite growth, the market remains underpenetrated with many potential patients not yet using hearing aids, presenting significant growth opportunities.<br /><br />4. <strong>Managed Care Dynamics</strong>: Managed care grows at a slower pace following rapid rises in previous years. Oticon restricts its latest technology, Oticon Intent, from managed care to support independent specialists and maintain service quality.<br /><br />5. <strong>OTC Hearing Aids</strong>: OTC hearing aids hold a minimal market share (1.2%), with traditional models proving more effective. There is skepticism about the long-term viability of OTC models without professional aid.<br /><br />6. <strong>Consumer Behaviors</strong>: Data shows improved rates in individuals addressing their hearing loss sooner, with significant consumer satisfaction and a growing connection between hearing care and overall quality of life.<br /><br />Overall, the webinar emphasizes the industry's resilience, the critical role of hearing care professionals, and ongoing efforts to increase public awareness about hearing health. The session concludes with an interactive Q&A addressing topics like barriers to PCP involvement, impacts of managed care, and consumer education.

Keywords

hearing healthcare

industry growth

market trends

consumer insights

managed care

OTC hearing aids

innovation

patient satisfaction

underpenetrated market

hearing care professionals