Apple’s AirPods Pro 2 Revolutionize Hearing Aid Market

Apple’s AirPods Pro 2 are set to make a significant breakthrough in accessibility technology and have promised to be an “end-to-end hearing health experience.” Not only do they include hearing protection features, but also Apple’s Hearing Aid Feature (HAF) software enables compatible AirPods Pro devices to serve as hearing aids when paired with iOS 18-compatible iPhones or iPads. This includes a hearing test to customize volume, tone, and balance settings.

This innovation targets the estimated 30 million Americans with mild to moderate hearing loss. Nearly 15% of American adults over the age of 18 report some trouble hearing. According to the National Institute on Deafness and Other Communication Disorders, nearly 28.8 million U.S. adults could benefit from using hearing aids. Within that population, fewer than 1 in 3 (30%) of those over 70 has ever used them. This statistic drops to only 16% for adults ages 20-69.

Now with FDA clearance, Apple’s over-the-counter hearing aid software is expected to improve availability and acceptability of hearing support. Due to the ubiquity of AirPods, experts hope Apple’s entry into the hearing aid market will encourage more people to seek assistance for hearing loss, reduce the stigma and raise awareness about hearing health.

This development aligns with the FDA’s 2022 regulations allowing over-the-counter (OTC) hearing aid sales, making these devices more accessible and affordable for consumers. At $249, the AirPods Pro 2 are significantly less expensive than many dedicated OTC hearing aid options, the majority of which fall in the $200-$3,000 range. It is important to note that the AirPods Pro 2 are not primarily designed as hearing aids – the hearing aid functionality is an added feature to their main purpose as wireless earbuds. Dedicated OTC hearing aids may offer more advanced hearing assistance features and customization options compared to the AirPods Pro 2. However, the AirPods Pro 2 provide a much more affordable entry point for those wanting to try out hearing assistance technology, especially if they already use them as regular earbuds.

Large Projected Growth for CBD Products in 2024

CBD (cannabidiol) consumer health products are gaining popularity globally. The market has reported astounding growth in the sale, distribution, and consumption among their products designed for health and wellness. In 2022, the market size was valued at approximately $9.31 billion. It experienced growth to $10.77 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 15.78%, reaching around $30.07 billion by 2030.

The products are known for managing pain, reducing stress and anxiety, and improving sleep quality. This surge in popularity is attributed to growing awareness of CBD’s therapeutic benefits and the easing of regulations surrounding hemp cultivation and production. These developments have facilitated increased production and availability of CBD health products globally.

Despite challenges in the market, such as high product cost and inconsistency with regulation, the ongoing clinical research into CBD’s efficacy in treating various conditions, coupled with investments from both private and public sectors in the CBD trade, signals promising growth prospects for the market.

In the Americas, specifically, there is reported rapid growth in this market, propelled by the legalization of cannabis, advancements in CBD health products, and heightened consumer awareness of CBD’s health benefits. In Canada, regulatory adjustments by Health Canada to ease access to cannabis-infused products reflect a growing consumer interest in CBD for wellness.

The EMEA (Europe, Middle East, and Africa) region is also seeing an expansion in the CBD health market, driven by increased clinical research on CBD for treating conditions like anxiety, pain, and sleep disorders. Meanwhile, the Asia-Pacific region is emerging as a significant market, buoyed by the booming nutraceutical and skincare industries and growing investments in oncology-focused CBD research.