In our quest to not only live longer but also healthier, happier and more actively as we age, a new industry has emerged—worth an astounding $8.3 trillion. This sector, known as Longevity Tech, is transforming the way we approach aging, making it possible to extend not just our lifespan but our healthspan. By integrating advanced technology with healthcare, Longevity Tech is paving the way for innovations that enhance quality of life as we age. Physicians Hearing Network (PHN) is at the forefront of this movement, addressing age-related hearing loss—a leading threat to healthspan.
The Prevalence of Hearing Loss
Hearing loss is a widespread issue among adults. According to the National Institutes of Health, about 15% of American adults (37.5 million) report some trouble hearing. The numbers are even more striking as we age: one in three people between 65 and 74 experience hearing loss, and nearly half of those over 75 have difficulty hearing. Exacerbating the situation, hearing loss has long been underdiagnosed and undertreated.
Hearing Loss and Overall Health
Untreated hearing loss poses a great threat to the health and well-being of our aging population. New studies link it to a multitude of illnesses and comorbidities, such as diabetes, stroke, hypertension, heart disease, and even dementia.
PHN works with physicians to integrate hearing care into their practices, making it part of their patients’ overall heathcare. Which means, patients receive a hearing screening as part of their annual wellness visits within the comfort and familiarity of their doctor’s office. The practice can also provide hearing technology solutions to patients, without the need for additional referrals or outside resources.
By meeting patients where they are, we can detect and treat hearing loss early and potentially reduce the risk of associated comorbidities.
The ACHIEVE Study: Hearing Aids and Cognitive Health
The Aging and Cognitive Health Evaluation in Elders (ACHIEVE) study has provided groundbreaking insights into the benefits of treating hearing loss with hearing aids. This large-scale randomized controlled trial found that older adults who used hearing aids experienced significantly lower rates of cognitive decline, loneliness, hypertension, anxiety, and depression. The study highlights the critical role of hearing health in overall well-being and underscores the importance of early intervention.
Americans Are Living Longer and Staying in the Workforce
More Americans than ever are reaching an advanced age while simultaneously trying to live a normal, productive life. But when it comes to their hearing, most wait too long to receive a hearing test or, if necessary, get hearing aids due to a sense of pride or a misunderstanding of age-related hearing loss. Recent data about changing socioeconomic trends reinforce the importance of early hearing healthcare solutions like ours.
As the Baby Boomer generation ages, the over-65 population in the U.S. is set to soar. Pew Research Center reports there are currently 62 million adults aged 65 and older in the U.S., which makes up 18% of the population. By 2054, this number is expected to reach 84 million, accounting for 23% of the population.
The traditional retirement age of 65 is becoming a thing of the past. More Americans are working beyond this age, driven by a desire to stay active, pursue passions, and utilize their expertise.
Hearing Tech and Improved Healthspan
As the U.S. population ages, technology is advancing at an unprecedented rate. Two decades ago, smartphones and AI were mere concepts. Today, everyone carries a supercomputer in their pocket. We are able to access vast amounts of data faster and more affordable than ever before, and hearing technology is part of this tech revolution. Modern hearing aids do far more than enhance one’s hearing. They can detect falls, monitor gait, and send vital health data to healthcare providers.
Healthcare startups that leverage technology to enhance healthcare services and improve quality of life for the increasing number of older Americans are certainly poised for growth.
Why Investors Are Paying Attention to the Longevity Tech Trend
Nasdaq’s Investing News Service highlights the potential for rapid growth in this sector, which spans diverse life science markets. Combining the booming industries of technology and healthcare, Longevity Tech requires a broad range of expertise to understand and analyze. However, the potential rewards make it a compelling area for investment.
