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

Navigating Arena Oticon 2024 Slides

Pdf Summary

Gary Rosenblum, President of Oticon, Inc., outlines the dynamics of the hearing healthcare sector. With 7 years of experience at Oticon and a background in medical devices, consumer healthcare, and retail, Rosenblum emphasizes a patient-focused approach.<br /><br />The industry shows notable Key Performance Indicators (KPIs) such as growth, innovation, patient satisfaction, favorable demographics, PEST analysis, and professional support. U.S. penetration levels for hearing aids have reached record highs, with increasing adoption rates. Various market segments like retail direct, VA, OTC, managed care, independent cash, and Medicaid show diverse year-over-year growth trends.<br /><br />Key insights reveal California as the leading state for hearing aid dispensation, making up 18.6% of U.S. sales. States like Florida and Texas follow. For patients aged 65 and above, California, Utah, and South Dakota have the highest penetration rates.<br /><br />The industry's over-the-counter (OTC) segment, bolstered by the 2017 OTC Hearing Aid Act, offers increased access and affordability. However, Nuheara’s financial struggles and potential competition from Apple’s AirPods signal challenges. Managed care faces legislative scrutiny, with some insurers reevaluating Medicare Advantage participation.<br /><br />Consumer insights show high satisfaction rates among hearing care professionals (HCPs) in an underpenetrated market. Despite hearing issues being under-discussed with doctors, half of hearing aid purchasers are first-time buyers. The timeline to acquire hearing aids post-diagnosis has shortened, and more patients believe hearing aids significantly improve life quality.<br /><br />Rosenblum emphasizes Oticon's commitment to supporting private practitioners by combating unethical practices, rejecting direct-to-consumer (DTC) and OTC models without new tech in managed care, and enhancing customer experience through training and centers of excellence.<br /><br />In conclusion, the PEST analysis indicates manageable concerns in the sector, reinforcing a positive outlook for Oticon’s commitment to patient care and innovation.

Keywords

hearing healthcare

Gary Rosenblum

Oticon

patient-focused

market segments

OTC Hearing Aid Act

consumer insights

California

managed care

innovation