About 10% of the global population is expected to have disabling hearing loss by 2050. A group of Canadian founders believes it has a solution.
Driving the news: Amano Labs, a startup founded by three McMaster University students, is taking pre-orders for a $20 hearing aid — a device that typically costs between $1,000 and $5,000 in Canada. Amano claims it can produce the device for just $1, compared to ~$150 for most manufacturers.
The hearing aid is custom-built for each customer using a picture of their ear and a quick hearing test. Amano says it was able to cut the cost dramatically by replacing electrical components with mechanical parts that replicate the inner ear.
The startup acknowledges that its hearing aids don’t have the same performance as traditional devices, but offer an alternative to those who can’t afford top-of-the-line devices.
Why it matters: If Amano’s device works as advertised, it could make hearing aids far more accessible to the millions of people who simply can’t afford them. A Statistics Canada study found that nearly a quarter of Canadians in need of a hearing aid don’t get one, with 72% citing cost as a reason.
Zoom out: Globally, the picture is similar. Over 400 million people are in need of hearing aids, but only 20% get them. While most Canadian provinces cover at least some of the cost of hearing aids, many people in other countries, including the U.S., have to pay for them out of pocket.—LA
