Summary: The U.S. OTC hearing aid market is expected to grow significantly by 2030, fueled by increasing demand for affordable, accessible, and technologically advanced devices.
Key Takeaways:
- Market Growth Factors: The U.S. OTC hearing aid market’s expansion is driven by affordability, accessibility, and technological advancements, making hearing aids more accessible to a broader audience.
- Rising Demand: An increasing number of people at risk of hearing loss, coupled with advancements in Digital Signal Processing (DSP) technology, is expected to propel market growth.
- Product and Distribution Trends: Canal hearing aids dominated the market in 2023, while behind-the-ear models are predicted to see the fastest growth; the online segment is also expected to outpace traditional retail channels.
The U.S. over-the-counter (OTC) hearing aid market size is anticipated to reach $1.16 billion by 2030 and is anticipated to expand at a compound annual growth rate (CAGR) of 9.03% from 2024 to 2030, according to a new report from ResearchAndMarkets.com.
Growth in the OTC Hearing Aid Market
The factors driving market growth include affordability, accessibility, and technological advancements. Over-the-counter hearing aids have gained popularity due to their lower cost compared to prescription hearing aids.
Scope of Hearing Loss
As per a Forbes Health survey on hearing loss in June 2023, around 25.4 million people aged 12 and older in the U.S. are suffering from mild hearing loss.
Additionally, according to the U.S. Department of Health & Human Services, 12.5% of people aged 6 to 19 years and 17% of those aged 20 to 69 years are at risk of developing hearing loss due to excessive exposure to recreational loud music. This is anticipated to further drive the demand for hearing aids in the coming years.
Furthermore, the demand for Digital Signal Processing (DSP) technology, which allows OTC hearing aids to analyze and manipulate sound waves more effectively than analog models, is increasing. This helps provide clearer sound quality & noise reduction and has features such as directional microphones that focus on speech coming from a specific direction.
Advancements have led to the miniaturization of devices, which are now smaller and more discreet. This makes them more comfortable to wear and less noticeable, potentially addressing aesthetic concerns for some users.
U.S. Over-the-Counter Hearing Aids Market Report Highlights
Other key highlights from the report, include:
- Based on product, the canal hearing aids segment dominated the market in 2023. On the other hand, behind-the-ear hearing aids segment is expected to witness the fastest growth over the forecast period. This can be attributed to advantages such as ease of handling and high preference by the young population.
- Based on technology, digital hearing aids dominated the market in 2023. These devices are technologically advanced and eliminate background noise, thus providing enhanced hearing experience.
- Based on distribution channels, the retail stores segment dominated the market in 2023. However, the online segment is predicted to have the fastest growth during the forecast period owing to an increase in penetration of e-commerce channels across the globe and higher adoption.
- In January 2024, Eargo, Inc. launched two new completely in-canal OTC hearing aids, LINK by Eargo and Eargo SE, to address changing consumer needs regarding experience, design, and functionality.
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