SaveIN, a leading healthcare – fintech platform, has expanded into the hearing aid market, having entered into a partnership with two prominent chains, Aura Hearing and Centre for Hearing. This strategic move aims to address the growing need for affordable access to hearing aids in India, where millions of individuals are affected by hearing impairment.

As per recent market projections, the global hearing aids market is expected to reach a value of $17.68 billion by 2029, with a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2029. In India, the digital hearing aids market size was valued at USD 0.44 billion in 2022 and is predicted to reach USD 0.78 billion by 2030, growing at a CAGR of 7.5% from 2023 to 2030. These figures highlight the increasing demand for digital hearing aids, underscoring the need for affordable solutions in the country.

Of the1.4 billion Indians, almost 7% suffer from Significant Auditory Impairment, making hearing loss the most common sensory deficit in the country, however less than 0.5% have addresses that hearing impairment. . “The high cost of hearing aids, which can range from Rs. 25,000 to upwards of 3 lakhs depending on factors such as the extent of hearing loss, age, and device type, makes them inaccessible for many individuals and their families. Additionally, health insurance plans do not cover the cost of hearing aids, leaving people to fend for themselves.” said, Jitin Bhasin, Founder and CEO of SaveIN.

SaveIN, founded in January 2022 by Jitin Bhasin and Gaurav Luthra, recognized the challenges faced by individuals in accessing affordable healthcare solutions. Backed by Y-Combinator the fast growing startup has developed a unique platform that enables people to access quality healthcare services and pay for them in convenient EMIs (equated monthly instalments). More than 4000 healthcare providers are already using SaveIN across over 100 cities of India. By expanding into the hearing aid market, SaveIN aims to make private healthcare affordable, offering individuals a viable platform to manage and improve their personal health and wellness.

Aura Hearing Care and Centre for Hearing, two leading chains in the hearing aid industry, have joined hands with SaveIN to offer their services through the platform. With their deep expertise and commitment to customer satisfaction, Aura Hearing and Centre for Hearing will provide individuals with a wide range of hearing aids tailored to their specific needs. By partnering with SaveIN, these chains aim to reach a broader audience and make hearing aids more accessible to those in need.

Speaking about the partnership, Mr Anup Singh Anand, Co-founder and Executive Director at Centre for Hearing®️ said, “The partnership is important for us as it enables us to expand our reach and ensure more individuals have access to high-quality hearing care services. Joining hands with SaveIN will enable us to make a meaningful difference in the lives of those with hearing difficulties and will support our overall growth plans.”

Sharing similar views, Mr Naitik Shah, Founder and MD of Aura Hearing Care said, “We are delighted to partner with SaveIN. This collaboration allows us to provide affordable and quality hearing aid solutions to those in need. Being in the hearing industry for the last 12 years trying to create a positive impact on people with hearing deficiency, we see a revolution with this partnership. We loved their deep insights, customized products and focus on healthcare domain. Together we can make a significant impact in improving people’s quality of life through better hearing.”

As part of SaveIN’s expansion plans, the platform aims to increase its network of healthcare practices to 15,000 partners by the end of the current financial year. SaveIN also intends to add more categories and launch need-based technology solutions at the intersection of healthcare and finance, further empowering its partners and consumers alike.

Aiming to be a holistic healthcare-fintech brand, SaveIN caters to the diverse requirements of individuals, right from dermatology and haircare to dental care, fertility treatments, wellness, eyecare, fitness and alternative medicine, thereby ensuring their overall well-being.