Apple hurts hearing aid stocks on AirPods upgrade (NASDAQ:AAPL)

European hearing aid developers closed lower on Tuesday after Apple (NASDAQ:AAPL) unveiled a major upgrade to its AirPods Pro earbuds, with the addition of hearing aid technology as an inbuilt feature.

Amplifon (OTCPK:AMFPF) (AMFPY), Demant (OTCPK:WILLF) (OTCPK:WILYY), GN Store Nord (OTCPK:GGNDF) (OTCPK:GNNDY), and Sonova Holding (OTCPK:SONVF) (OTCPK:SONVY) were among notable decliners.

With the feature, the company’s wireless headphones will double as over-the-counter hearing aids, helping users with mild to moderate hearing loss.

The company said the hearing aid features will be available this fall on AirPods Pro 2 devices through a software update pending regulatory clearances from the FDA and other global health authorities.

The announcement marked Apple’s (AAPL) entry into the hearing aid market, where prescription hearing aids can cost thousands of dollars.

While AirPods Pro 2 could cost only about $249, OTC devices such as Apple’s (AAPL) will not be a solution for those with severe hearing loss, who will still need to consult a health care professional for treatments.