For the last year or so, my interest in the Boomer marketplace and new products has gotten me thinking about the hearing aid market. It is hard to find a major consumer product category more in need of disruptive innovation. Here are the basics of what I’ve learned about this market:
No One Buys Hearing Aids When They Need Them
As a health and quality-of-life issue, the medical establishment does a terrible job of meeting a genuine consumer need. Individuals typically buy hearing aids a full decade after they actually need them. And while cost is a factor, antiquated assumptions and business practices are also contributing to that delay.