With FDA final rule issued today, actionable market insight helps executives make appropriate investment decisions
NEW HAVEN, Conn., August 16, 2022 /PRNewswire/ — Auditory Insight, a leading consultancy for the hearing healthcare industry, has created a proprietary process for calculating the OTC hearing aid market size. Developing addressable market size has new urgency now that the FDA has released a final rule for a new OTC hearing aid category. The final rule contains the product specifications required to size the market.
“Executives frequently want to know the OTC hearing aid market size. The answer: it depends,” counsels Nancy M. Williams, president of Auditory Insight. “A company’s product, targeted market segments, and relevant competitors all need to be considered.”
Auditory Insight developed a six-step proprietary process to calculate market size for new categories in hearing healthcare:
- Summarize prevalence and number of people with hearing loss, by segment
- Outline penetration of hearing interventions, by segment
- Articulate features, benefits, and use cases for the product under consideration
- Analyze the product’s direct competitors and strength of their offerings
- Identify the product’s targeted market segments
- Calculate addressable market.
Auditory Insight has conducted this process with clients in multiple hearing healthcare sectors, including cochlear implants, drug therapies, and direct-to-consumer hearing aids.
Calculating addressable market, based on the data and analysis gathered in previous steps, is equal parts art and science. “That’s where our expertise comes in,” explains Williams. “With more than five years of exclusive focus on hearing healthcare market development, combined with our extensive knowledge bases, we are uniquely positioned to advise executives and investors.”
For the first two process steps—outlining patient populations and current interventions—Auditory Insight leverages its own research study, created expressly for this purpose. “We recognized in 2019 the criticality of this data for executive decision-making,” notes Williams. “The study is available for purchase to create flexible options for our clients: Hearing Loss Market Size and Segmentation in the US.”
Auditory Insight’s study is an original synthesis of biostatistical research on 10,000 surveyed participants with hearing loss and a new meta-analysis of top academic research on the hearing loss market size. The study also highlights three strategic, untapped opportunities for expanding the addressable hearing aid market.
“Tapping into Auditory Insight’s expertise on how to understand the true addressable market for OTC hearing aids can be the difference between failure and success with this new opportunity,” concludes Williams.
Williams is available to meet with hearing healthcare executives who are interested in identifying the OTC market size relevant to their specific business objectives and plans.
About Auditory Insight
Auditory Insight partners with senior leaders of hearing health device and gene/drug therapy companies to develop effective commercialization strategies. The firm also advises growth equity and private equity funds on successful investing in hearing healthcare.