Cheaper Hearing Aids Now Available Over the Counter, More Tech Companies to Break Into the Industry

For the first time in the US, hearing aids are now available over the country. These OTC hearing aids may be found in Walmart and Walgreens, according to The Verge. There are also other companies, like Sony, that have developed new hearing aids.

A Change in Regulations

The Food and Drug Administration (FDA) announced the change in August, which allowed over-the-counter hearing aids. This new ruling was finalized as part of Over-the-Counter Hearing Aid Act of 2017. In July, the Biden administration ordered the law to be fully implemented.

This change opens up a new path for cheaper and more accessible options with those with mild to moderate hearing loss.

If you're not aware, prescription hearing aids are very expensive and may cost thousands of dollars per pair. Now, Walmart will offer OTC hearing aids with a price point ranging from $199-$999 per pair.

In a statement, the chief medical officer at Walmart, John Wigneswaran, said, "Offering easy access to OTC hearing aids-something that seems quite small-is a solution that can improve our customer's health outcomes and their ability to live better and healthier."

Also Read: Sony to Bring OTC Hearing Aid, In Partnership with WSA-Health Tech Available for All

More Tech Companies Want to Break Into the Scene

With this new rule, it will not come as no surprise when tech companies start to develop their versions of OTC hearing aids. For one, Sony has developed two OTC hearing aids in partnership with WS Audiology.

In a press release, Sony stated that their hearing aids will be available this month for $999.99, while the second one will be available on sale this winter.

With an over-the-counter market, this will likely lead to more competition and better advancements in devices. Artificial Intelligence (AI) may also come into the picture. Companies like Tuned have started working with software companies to adapt and customize hearing aids for users' needs.

On the other hand, established hearing aid companies are not ignoring the over-the-counter hearing aid movement. There are some that are working with large consumer electronics companies to launch products.

The Future of Hearing Aids

It is highly likely that we will see more new companies and products being developed out of this new over-the-counter hearing aid market. In the end, this will lead to more people being able to afford the new hearing aid devices. This will likely lead to more competition and better results.

While there are more people with hearing loss, the stigma that is attached to hearing aids is still a barrier. With the over-the-counter hearing aid market, there will be more people that can finally afford to purchase a hearing aid. With this, more people will be able to hear the world around them and live the life they want.

This article is owned by Tech Times

Written by April Fowell