OTC Hearing Aids Market - By Product (Receiver in Canal (RIC), Completely-in-the-Canal (CIC)), By Type (Preset, Self-Fitting), By Distribution Channel (Brick & Mortar Stores, e-commerce), & Forecast, 2023 – 2032

Industry Statistics

OTC Hearing Aids Market size was valued at more than USD 267 million in 2022 and is expected to record more than 7.5% CAGR from 2023 to 2032. Increasing burden of hearing loss to influence the sales of OTC hearing aids.
 

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The increasing burden of hearing loss across the world will complement the demand for OTC hearing aids. Infants and young children that experience moderate to severe hearing loss often face difficulty understanding spoken language. Adults who have this condition are more likely to experience social isolation and have an increased risk of dementia, falls, and other chronic health disorders.
 

Low awareness of hearing loss and its treatment equipment like over-the-counter hearing aids in emerging economies may negatively impact industry progress. Despite a high prevalence and illness burden, there is low awareness regarding mild and moderate hearing loss and the available treatments. The growth of the OTC hearing aids industry is also constrained by the absence of infrastructure in emerging nations, a healthcare-specific regulatory framework, standardized screening programs, and skilled audiologists.
 

Numerous benefits of CIC hearing aids to boost industry expansion

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OTC hearing aids market share from the completely-in-the-canal (CIC) segment is predicted to record more than 8% CAGR from 2023 to 2032. Hearing aids that are completely in the canal (CIC) are unobtrusive and compact in size, making them easy to conceal and more aesthetically pleasing. These hearing aids provide users with an indiscernible aid that makes use of the advantages of the wearer's pinna and ear canal to provide benefits over other types of hearing aids. The positioning of CIC/IIC hearing aids inside the ear canal helps to block wind and lessens the occlusion effect, which enhances sound quality. Therefore, many advantages provided by the CIC/IIC segment are expected to encourage its adoption and consequently assist market growth.
 

Pre-programmed and preset hearing aids to shape market development

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OTC hearing aids market share from the preset segment was more than 64% in 2022. Preset hearing aids are user-friendly & easy to operate which increases its usage among patients with hearing difficulty. They host pre-programmed settings that are optimized for specific listening environments, such as quiet settings, noisy environments, or music listening. This aids in simplifying the process of adjusting the hearing aids and enables the users to switch between different settings easily, depending on their listening needs.

Growing adoption of e-commerce platforms to drive market landscape

Based on distribution channel, the OTC hearing aids market from e-commerce segment is anticipated to reach over USD 224 million by 2032 due to an increase in the number of e-commerce platforms and portals offering medical equipment and electronic products. The changing buyer preference, increasing buying power, and rising convenience is influencing the e-commerce segment revenue.
 

Rising hearing loss cases in Europe to influence product adoption

Europe OTC hearing aids market size is forecast to cross USD 166 million by 2032 owing to the rising incidence of hearing loss, growth in geriatric population, and the presence of key market participants in the region. For instance, according to the JAMA Network, in 2022, there will be 26.7 million people with debilitating hearing loss and 135.9 million people with any hearing loss in Europe. Additionally, growing aging population could fuel the need for these devices, supporting regional market expansion.
 

Competitive landscape of the global over-the-counter hearing aids market value

Some of the key players in the OTC hearing aids industry are Audien Hearing, Eargo Inc., Innerscope Hearing Technologies Inc, GN Hearing A/S, Lexie Hearing, MD Hearing, Audicus, Sony Corporation, Hangzhou AcoSound Technology Co., Ltd., WS Audiology, NUVOMED, INC., Nuheara Limited, Etymotic Research, Inc., Xiamen Melosound Technology Co. Ltd, and Soundwave Hearing, LLC., and Austar Hearing Science & Technology (Xiamen) Co., Ltd.
 

Over-the-counter hearing aids market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032, for the following segments:

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By Product, 2018 - 2032

• Receiver in Canal (RIC)
• Completely-in-the-canal (CIC)
• Others

By Type, 2018 - 2032

• Preset
• Self-fitting

By Distribution Channel, 2018 - 2032

• Brick & mortar stores
• E-commerce
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Poland
  • Sweden
  • The Netherlands
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Indonesia
  • Philippines
  • Malaysia
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Columbia
  • Chile
  • Peru
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Israel
  • Turkey
  • Egypt