Sony is taking an each way bet with a move into Sony branded hearing aid.
The manufacturer of hearing buds which several medical experts have said can cause permanent hearing loss especially when playing loud music close to your eardrums, has cut a deal with Danish industry heavyweight WS Audiology to flog Sony branded hearing aids.
The first hearing aid products from Sony are expected to be released in the US market by year end say Sony insiders.
The new hearing aids will incorporate Sony’s noise-cancelling acoustic technology used in the company’s buds and headphones.
“We will try to offer natural designs that would change the user’s lifestyle,” said Osamu Hajimoto, deputy president of new business and technology development group at Sony.
Apparently, the move into hearing aids came about after The U.S. Food and Drug Administration relaxed rules to allow hearing aids to be sold over the counter and online starting in October with Best Buy also tipped to range the new offering.
Specifications and prices for the hearing aids will be disclosed at a later date.
Sony’s partner, WS Audiology, or WSA, oversees multiple hearing aid brands and has operations in roughly 125 countries including Australia where they sell Signia branded hearing aids.
In the fiscal year that ended September last year, the Danish company had revenues of US$2.07 billion in revenue.
WSA will manufacture the new hearing aids.
The World Health Organization estimates that more than 1.5 billion people have hearing impairment, amounting to a fifth of the global population.
Last year, the global hearing aid market stood at $8.24 billion, according to analytics company Mordor Intelligence, which projects the market will grow 40% to $11.4 billion by 2027.
In the fiscal year that closed March 31, health care and other new businesses accounted for 10% of the overall operating profits of Sony.
Sony claim that they aim to lift that ratio to 25% by fiscal 2024.
