EssilorLuxottica expands into hearing acoustics in 2024
EssilorLuxottica will be expanding into the hearing solutions market in the near future - with a new, ground-breaking technology at the interface between sight and hearing. Supported by proprietary hardware and software, the company aims to eliminate the stigma associated with conventional hearing solutions.
With a dedicated super audio team, in-house research and development resources and the 1001TP3 acquisition of Israeli start-up Nuance, the Group will introduce a new breakthrough hearing technology that can benefit 1.25 billion consumers with mild to moderate hearing loss.
Part of the DNA
"It is part of our DNA to meet consumer needs with bold measures," said Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO of EssilorLuxottica, in a press release issued by the company. However, the optical industry remains the core business. The growth of the optical market continues to be the main component of the corporate strategy. At the same time, the company wants to open up new avenues for the industry by meeting the need for good hearing with innovative technologies. "Our proprietary hardware and software combined with our design and manufacturing capabilities will allow us to combine hearing solutions and prescription eyewear into one groundbreaking product and bring it to market everywhere through our open network model," said Francesco Milleri and Paul du Saillant. "As in the field of vision, we will be the first to remove the stigma of traditional hearing solutions and replace it with comfort and stability."
Global supply gap
Similar to vision care, the market for hearing solutions is underpenetrated for a number of reasons, from the visibility of traditional hearing aids to discomfort and price. According to a 2021 World Health Organization study on hearing, there is a global coverage gap of 83 percent.
To close this gap, the company's audio team is already working on its first product. This will seamlessly integrate high-quality hearing technology into fashionable glasses. The product is expected to be launched on the market in the second half of 2024. The audio components will be completely invisible, removing a psychological barrier that has prevented the acceptance of conventional hearing aids in the past. To distribute the new product, the company plans to use traditional hearing aid channels and selected optical wholesale customers to make this technology available to consumers in 150 countries.
