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U.S. OTC Hearing Aids Market - By Product (Receiver in Canal, Completely-in-the-Canal, Earbuds), By Distribution Channel (Brick & Mortar Stores, E-commerce), By Price Band (USD 500, 501 – 1000, Over USD 1000)- Forecast, 2024-2032


Published on: 2024-07-20 | No of Pages : 240 | Industry : Healthcare

Publisher : MIR | Format : PDF&Excel

U.S. OTC Hearing Aids Market - By Product (Receiver in Canal, Completely-in-the-Canal, Earbuds), By Distribution Channel (Brick & Mortar Stores, E-commerce), By Price Band (USD 500, 501 – 1000, Over USD 1000)- Forecast, 2024-2032

U.S. OTC Hearing Aids Market Size

U.S. OTC Hearing Aids Market size was valued at USD 123.3 million in 2023 and is anticipated to grow at a CAGR of 5.8% between 2024 and 2032. OTC hearing aids stands for over-the-counter hearing aids, designed to help individuals with mild to moderate hearing loss and are available directly to consumers without the need for a prescription or professional fitting. The rising prevalence of hearing loss is anticipated to accelerate the market growth.
 

U.S. OTC Hearing Aids Market

As per the World Health Organization (WHO), the number of individuals suffering from hearing loss is rapidly growing. For instance, in 2022, as per statistics, an estimated 30 million people were affected by hearing loss in the U.S. In addition, the aging population base in the U.S. is a significant factor. As people age, the likelihood of experiencing hearing loss increases. Thus, the significant proportion of population suffering from hearing loss and rising prevalence of this ailment is projected to expedite the demand for OTC hearing aids, which is estimated to reach USD 590 million by 2032 substantially, further driving the market potential.
 

Furthermore, facilitative initiatives adopted by public organizations and key industry players to promote awareness regarding hearing loss & the use of hearing aids is anticipated to propel the U.S. OTC hearing aids market growth significantly. This increased awareness is driven by various factors, including advancements in technology, changes in legislation, and efforts by organizations and advocacy groups to educate the public.
 

U.S. OTC Hearing Aids Market Trends

Hearing loss is public health concern that significantly impacts the quality of life and drives the disease burden. The burden of hearing loss is significant throughout a person's life and is compounded by discrimination and negative social attitudes towards those affected. Untreated hearing loss has a catastrophic financial impact on health, education, and societal productivity.
 

  • Moreover, to limit the economic burden of hearing loss and improve access to affordable treatment options, several federal agencies have adopted positive approach and introduced provisions in legislature that are set to prove beneficial for the industry growth.
     
  • The legislative change in the U.S., i.e., the implementation of the OTC Hearing Aids Act, 2017 is anticipated to revolutionize the hearing aids business space. This change establishes a novel category of over the counter (OTC) hearing aids to be sold directly without the need for a prescription to people that are suffering from mild to moderate perceived hearing loss.
     
  • Further, this legislation is developed to promote competition while ensuring the safety & effectiveness of OTC hearing aids and is intended to promote the access to and limit the cost of hearing aid technology.
     

U.S. OTC Hearing Aids Market Analysis

U.S. OTC Hearing Aids Market, By Product, 2022 - 2032 (USD Million)

The U.S. OTC hearing aids market by product is categorized into receiver in canal (RIC), completely-in-the-canal (CIC), earbuds, and other products. Receiver in canal (RIC) segment held substantial revenue share in the market accounting for 33.1% market share in the year 2023.
 

  • The high growth rate of the RIC segment is due to its combination of technological advancement, discreet design, customization, and connectivity. For instance, products including the GN Group's Jabra Enhance RIC hearing aids offer advanced features, including 360-degree sound, providing all the necessary elements for an enhanced hearing experience.
     
  • Thus, features such as digital processing and wireless options not only enhance the sound quality but also significantly improves the user convenience.
     
  • Moreover, the demand from an aging population base for comfortable and effective solutions further boosts segments popularity, while market competition and innovation drive rapid growth of the segment.
     
U.S. OTC Hearing Aids Market, By Distribution Channel (2023)

Based on distribution channel, the U.S. OTC hearing aids market is segmented into brick & mortar stores and e-commerce. Brick & mortar stores segment held substantial revenue share in the market accounting for 59% business share in the year 2023.
 

  • Physical retail locations, including pharmacies, retail chains, and specialized hearing aid centers, are trusted and familiar choices for those in search of hearing aids.
     
  • Their in-person consultations with hearing professionals, the opportunity to try out and demonstrate hearing aids, immediate availability, and accessible customer support services are key drivers of their success.
     
  • Moreover, these stores' widespread presence across the country ensures convenient access for a diverse range of consumers seeking solutions for hearing impairments.
     
  • Therefore, their strong reputation for trust, reliability, and personalized service firmly establishes them as dominant players in the market, delivering a comprehensive and reassuring shopping experience to customers.
     

Based on price band, the U.S. OTC hearing aids market unfolds its segmentation, encompassing the domains of USD 500, 501 – 1000, and over 1000. 501 – 1000 segment held substantial revenue in the market accounting for USD 52.7 million in the year 2023.
 

  • This segment's prominence is attributed to its ability to strike a balance between affordability and advanced features, making it an attractive choice for individuals with mild to moderate hearing loss.
     
  • The devices within this price range are perceived to offer a combination of quality and modern technology, including improved sound quality, comfort, and customization options.
     
  • The appeal of these mid-range options, coupled with the purchasing power of the target demographic, has positioned the USD 501 – 1000 segment as a dominant force in the market, reflecting consumer preferences for effective and reasonably priced hearing solutions.
     
U.S. OTC Hearing Aids Market, 2022- 2032 (USD Million)

U.S. OTC hearing aids market size was recorded at USD 123 million in 2023. The industry is anticipated to grow at over 5.8 % CAGR from 2024 to 2032.
 

  • The U.S. has a growing population of older adults, and hearing loss is more common among this demographic. For instance, the Centers for Disease Control and Prevention (CDC) reports that in the U.S., the prevalence of hearing loss increases with age among adults.
     
  • It starts at 6.3% among those aged 18–44, rises to 13.6% for those aged 45–64, increases further to 30.3% among those aged 65–74, and peaks at 49.1% among those aged 75 and over.
     
  • Therefore, as the baby boomer generation continues to age, the region is experiencing a higher prevalence of age-related hearing impairment, which is anticipated to boost the U.S. OTC hearing aids industry.
     

U.S. OTC Hearing Aids Market Share

The U.S. OTC hearing aids industry is consolidated, with key players including GN Hearing A/S (GN Group), Sonova Holding AG, WS Audiology Denmark A/S and others dominating the market. These companies focus on ongoing product innovation, geographical expansion, and partnerships to secure substantial market shares.
 

For instance, in June 2023, Sonova Holding AG launched its first over the counter (OTC) hearing aid in the U.S., the Sennheiser All-Day Clear. It offers a choice between self-fitting and professional support, thereby widening Sennheiser's range of solutions for early-stage hearing loss, covering prevention, situational assistance, and OTC hearing aids. This product launch diversified the company's product portfolio and boosted revenue.

 

U.S. OTC Hearing Aids Market Companies

Some of the eminent market participants operating in the U.S. OTC hearing aids industry include

  • GN Hearing A/S (GN Group)
  • Sonova Holding AG
  • Eargo Inc.
  • WS Audiology Denmark A/S
  • Bose Corporation
  • MD Hearing
  • Xiamen Melosound Technology Co.
  • SoundWave Hearing, LLC
  • Lucid Hearing
  • Starkey
  • Neuheara Limited
     

U.S. OTC Hearing Aids Industry News

  • In December 2022, NationsBenefits, a leading provider of supplemental benefits and healthcare plans, had established a strategic partnership with Eargo, Inc. This partnership had enabled NationsBenefits' health plan members to utilize their plan benefits for Eargo's Over-the-Counter (OTC) hearing aids. This collaboration had expanded Eargo's visibility, potentially boosted sales, and enhanced the company's growth and market presence.
     
  • In October 2022, Sony Electronics introduced its first over the counter (OTC) hearing aids, the CRE-C10 and CRE-E10, for the U.S. market in collaboration with WS Audiology. These devices prioritized innovation, accessibility, and personalization, offering users top-tier technology, user-friendliness, and exceptional comfort, enhancing the hearing experience. This launch expanded the company's product portfolio and contributed to revenue growth.
     

U.S. OTC hearing aids devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and volume in Units from 2022 to 2032 for the following segments

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By Product, 2022 – 2032 (USD Million & Units)

  • Receiver in canal (RIC)
  • Completely-in-the-canal (CIC)
  • Earbuds 
  • Completely-in-canal (CIC)
  • Rechargeable in-the-canal (ITC)
  • In-the-ear (ITE)
  • Behind-the-ear (BTE)
  • Other products

By Distribution Channel, 2022 – 2032 (USD Million & Units)

  • Brick & mortar stores
  • E-commerce

By Price Band, 2022 – 2032 (USD Million & Units)

  • USD 500 
    • Brick & mortar stores
    • E-commerce
  • 501 – 1000 
    • Brick & mortar stores
    • E-commerce
  • Over 1000 
    •  Brick & mortar stores
    • E-commerce

 

Table of Content

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To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )