Panasonic’s announcement this week that it will start selling its line of hearing aids in the U.S. is huge for three reasons.
Distribution: If Panasonic makes a serious investment in getting its products out to audiologists and consumers, it could dramatically realign the competitive landscape in the hearing-aid industry. North America is the world’s largest market for hearing aids but is currently dominated by a small handful of major manufacturers. Panasonic has an extremely strong brand name, a massive distribution channel, and credibility in consumer electronics. In terms of market presence alone, it could be an overnight 800-pound gorilla that will force the other competitors to sit up, take notice, and respond by accelerating development of their own new, competitive products and looking hard at pricing and better value propositions for their customers.
Product: Panasonic has the R&D resources to lead the long-awaited move to more user-friendly hearing-assistance products that further blur the line between complex, high-end hearing aids requiring customers to make large investments in time and money vs. more accessible multi-function consumer products that expand the overall market by enhancing and protecting hearing and communication at lower price thresholds. A lot has been done by the current hearing-aid manufacturers about easier-to-wear form factors, a broader variety of solutions for different levels of hearing loss, integration of Bluetooth and other wireless technologies, and attractive design. But it remains to be seen what kinds of exciting technical innovations and new products a heavyweight consumer electronics leader will deliver to this market. Yoshi Yuasa, Corporate Senior Vice President of Panasonic North America, noted that with its combination of global consumer electronics experience and long history providing hearing products to the Japanese market, “Panasonic is well positioned to participate in the convergence of audio products and hearing aids.”
People: Panasonic made the smart move of hiring Delain Wright to lead the charge into the U.S. market. Wright, who previously led Siemens Hearing Instruments in the U.S. and held senior management positions with Siemens Hearing in Europe, started his career fitting patients with hearing aids in his own private practice and knows the business from top to bottom. He is a bona fide hearing-aid industry leader who knows exactly who he needs on his team and what Panasonic needs to do to hit the ground running the the U.S. market. “With the recent development of its own proprietary digital sound processing devices and algorithms and sleekly styled products coupled with the powerful consumer brand’s strength, I think Panasconic is in a strong position as we launch local operations in this country,” said Wright, whose title is Director of Sales for Panasonic Corporation of North America’s Healthcare Group.
Panasonic will hold a kick-off event Thursday at the American Academy of Audiologists AudiologyNOW industry conference in San Diego.
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One response to “How Big A Splash Will Panasonic Make In The U.S. Hearing-Aid Market?”
Panasonic is the brand I trust most. The products it makes are durable and of high quality. That is why most of my home appliances are from panasonic.