Sept 10 (Askume) – Shares of European hearing aid makers fell in early trade on Tuesday after Apple Inc AAPL.O launched a hearing aid feature .
Apple says its AirPods Pro 2 can now be “transformed” into personalized hearing devices through an upcoming software update that will instantly amplify specific sounds, including parts of speech or elements of the user’s environment.
Shares in Italy’s Amplifon (AMPF.MI) fell 7.2% in early trade and were down 5.7% by 0845 GMT. Other hearing aid makers Sonova (SOON.S) , Demant (DEMANT.CO) and GN Store Nord (GN.CO) fell between 2% and 4%.
However, analysts at Jefferies said in a report that Apple’s move is not a concern for companies making hearing aids because over-the-counter (OTC) devices target a different population.
Despite being attractively priced, over-the-counter hearing aids can’t compete with prescription devices on the technology or service level, Jefferies said.
“Fitting levels do not meet the needs of people with severe hearing problems, so OTC devices are mainly used for people with mild to moderate hearing loss,” Vontobel analysts wrote in a note.
Still, analysts said the news could be a positive development for the hearing aid industry, as it would also raise awareness about the issue of hearing loss.
