Identify the Problem

The World Health organization estimates 466 Million people worldwide have disabling hearing loss, yet 83% of people who could benefit from a hearing device don’t use one. Current hearing aids cost, aesthetic, comfortability, and sound quality discourage users from using them. NXT Level Hearing is partnered with NXT Biomedical in developing a novel anchoring mechanism based on a unique interlocking coil design for a discrete, in-the-ear hearing aid that gives increased comfortability and quality of hearing at a fraction of the cost.

Important Hearing Loss Facts

-30 million adults in U.S. - or 15% of the total population - experience hearing loss

-⅓ of people have their hearing tested

-15% of people eligible for hearing aids use them

-Only 22.5% of people with moderate to severe hearing loss wear a hearing aid

Our Design

Direct Drive Hearing Devices (DHD) are auditory prosthesis devices placed in the ear canal to stimulate the tympanic membrane. These DHD’s are hidden, low-maintenance devices. Our DHD is built around patients with a novel anchoring mechanism. Our mechanism reimagines to innovate and excite by using cutting edge technologies. We form polyurethane and nitinol in new ways to provide a comfortable and long lasting placement in your ear. Nitinol’s unique expansion properties make insertion and removal of the DHD simple and painless. We shape ergonomic nitinol coils to conform to all types of ears while keeping the DHD directly against your tympanic membrane.

Our Competitors

Our main competitor is the Phonak LyricTM. The Lyric hearing aid is a completely invisible in-the-ear hearing aid placed within the inner ear canal. The device boasts 24/7 hour wear with clear sound quality. However, the Lyric is known to have issues with comfortability and has caused damage to the ear canal. This is due to a poorly designed anchor which exerts excessive amounts of force. In addition, the Lyric hearing aid is extremely expensive with a yearly subscription averaging around $3,000-6,000.

Our device intends to provide a higher level of comfort to the users while additionally preventing the occlusion effect using a unique coil design.

Market Strategy

The market we will be targeting consists of about 36.05 million Americans over the age of 20, compromising about 17% of all American adults. These are all consumers with strictly mild to moderate hearing loss. We are appealing to those who value aesthetic appearance (or in our case, a lack thereof) over miscellaneous functions.

Our standard device will retail for $250, which will not include any service or repair fees. The Phonak Lyric subscription ranges between $3000-6000 annually, which is 12-24x more expensive than our retail price. Why should you have to pay for service or repair fees you may never even need? We believe this tailored approach caters to the needs of each individual user, keeping base prices low for everyone.Patients will also be required to visit their provider for monthly maintenance and cover the low maintenance fee.

The market is clearly not dominated by any individual company. The Phonak Lyric, owned by Sonova, is the only competitor with a relatively successful fully invisible in-the-ear hearing aid model. Sononva dominates only 31% of the total market, which means the barriers to the entry are not difficult to overcome. This presents a large opportunity for growth in this niche position in the field of hearing aids.

Fortune Business Insights valued the U.S. Hearing Aid Market at $8.39 Billion in 2018, which will increase to a projected $14.45 Billion by the end of 2026.

Meet Our Team

As founding members of NXT Level Hearing, our shared mission is to provide more comfortable hearing aids without compromising on sound quality or affordability. We are a group of five ambitious, highly-motivated biomedical engineers seeking to improve the hearing aid industry one ear at a time. Our team members come from various backgrounds, with a wide variety of research experiences ranging on topics from hearing aids to Alzheimers disease. Together, we will take your hearing to the NXT Level!