Over-The-Counter Hearing Aids Market To Reach $1.74 Billion By 2030


 

Over-The-Counter Hearing Aids Market Growth & Trends

The global over-the-counter hearing aids market size is expected to reach USD 1.74 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.60% over the forecast period. The key factors driving the market growth include the rise in the prevalence of auditory impairment, technological advancements, and the launch of new products.

Favorable government initiatives undertaken by governments to increase awareness about the devices is expected to further drive the demand for the devices during the forecast period. In October 2021, FDA passed an order wherein the FDA approved a new class of over-the-counter (OTC) hearing aids for patients suffering from mild to moderate impairment. Under this law, consumers will be able to buy these devices from stores or online retailers without the need for prescriptions. The law is also expected to reduce the prices of the devices. The FDA has established regulations and guidelines for the manufacturers wherein the manufacturers need to ensure the devices are safe and effective for people with the condition.

The increase in the prevalence of hearing loss is one of the major factors driving the demand in Europe. The WHO predicted that 196 million people in WHO European region have some degree of hearing loss, with 57.3 million, or 6.2% of the population, having moderate or higher-grade hearing loss. In Europe, 236 million people are expected to suffer from hearing loss by 2050. According to the EuroTrak Surveys conducted in multiple European nations, 35% of those who have hearing loss wear hearing aids. The usage and adoption of audiology devices are directly proportional to an increase in age & severity. However, 65% of Europeans with auditory impairments do not wear them.

Moreover, partnerships and other initiatives undertaken by the key players are expected to drive the market's growth during the forecast period. Several players in the market entered the new segment of the devices by launching innovative products. For instance, in October 2022, Lucid Hearing launched a range of behind-the-ear OTC hearing aids available in various styles, fits, and battery options while catering to a range of budgets.

Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/over-the-counter-hearing-aids-market-report  

Over-The-Counter Hearing Aids Market Report Highlights

  • Based on product type, the canal hearing aids segment held the largest market share in 2022. Enhanced performance, new product approvals, and advantages, such as compact design, are factors driving the market
  • Based on technology, the digital segment dominated the market in 2022 and is expected to remain dominating throughout the forecast period. High R&D investment, higher efficiency in sound amplification in difficult conditions, and availability of multiple program settings which improve the performance of the device are driving the segment growth
  • Based on distribution channels, the retail stores segment dominated the in 2022. This can be attributed to higher profit margins in retail stores and increase in availability in retail stores
  • North America dominated the market in 2022. Government initiatives to increase awareness about hearing disorders and higher disposable income of the population are some of the factors driving the growth of the market

Over-The-Counter Hearing Aids Market Segmentation

Grand View Research has segmented the global over-the-counter hearing aids market based on product, technology, distribution channel, and region:

OTC Hearing Aids Product Outlook (Revenue, USD Million, 2018 - 2030)

  • In-the-Ear Hearing Aids
  • Receiver-in-the-Ear Hearing Aids
  • Behind-the-Ear Hearing Aids
  • Canal Hearing Aids

OTC Hearing Aids Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Digital Hearing Aids
  • Analog Hearing Aids

OTC Hearing Aids Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Retail Stores
  • Online
  • Audiology Offices

OTC Hearing Aids Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America
    • U.S.
    • Canada
  •  Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Denmark
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE

List of Key Players in Over-The-Counter (OTC) Hearing Aids Market

  • Eargo Inc.
  • Jabra
  • MDHearing
  • Audicus
  • Sony Corporation
  • Start Hearing
  • Lexie (hearX IP (Pty) Ltd.)

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