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OTC Hearing Aids Market - By Product (Receiver in Canal [RIC], Completely-in-the-Canal [CIC], Earbuds), Type (Preset, Self-fitting), Distribution Channel (Brick & Mortar Stores, E-commerce), Global Forecast, 2024 – 2032
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OTC Hearing Aids Market
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Premium Report Details
Base Year: 2023
Companies covered: 17
Tables & Figures: 200
Countries covered: 33
Pages: 175
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OTC Hearing Aids Market Size
OTC Hearing Aids Market size was valued at around USD 374.5 million in 2023 and is estimated to grow at 5.8% CAGR from 2024 to 2032. This robust market growth can be attributed to factors such as rising geriatric population base coupled with high disease burden of hearing loss.
The prevalence of hearing loss among elderly individuals is on the rise, attributed to various factors including otosclerosis, age-related sensorineural degeneration, sudden sensorineural hearing loss, and age-related hearing loss (presbycusis). According to the American Hearing Research Foundation, in 2023, over 3 million Americans were estimated to have otosclerosis. It's the most common cause of middle ear mechanical hearing loss among adults.
Otosclerosis, characterized by abnormal bone growth in the middle ear, can lead to conductive hearing loss, while age-related sensorineural degeneration and presbycusis contribute to the gradual decline in auditory sensitivity. Sudden sensorineural hearing loss can occur abruptly, further exacerbating the prevalence of hearing impairments among the elderly.
Moreover, hearing impairment in the elderly often manifests as a profound condition affecting both ears equally. This growing issue within the aging population is anticipated to significantly contribute high disease burden of hearing loss, thereby fostering the growth of the OTC hearing aids market.
Over the counter (OTC) hearing aids refer to hearing devices that can be purchased directly by consumers without the need for a prescription or a professional fitting by an audiologist. These devices are designed to help people with mild to moderate hearing loss and are available without the traditional process of visiting a healthcare professional for evaluation and customization.
The poor awareness and prevailing social stigma surrounding the use of hearing aids constitute significant pitfalls for the OTC hearing aid market. Despite advancements in hearing amplifiers technology and a growing prevalence of hearing loss, a considerable portion of the population remains uninformed regarding the benefits of hearing aids and the accessibility of OTC solutions.
Furthermore, negative stereotypes and misconceptions regarding hearing loss can lead individuals to perceive the use of hearing aids as a sign of weakness or aging, contributing to a reluctance to embrace these devices openly. This stigma can have a profound impact on individuals' self-esteem and confidence, discouraging them from seeking help and hindering the acceptance of OTC hearing aids as accessible and acceptable solutions.
OTC Hearing Aids Market Trends
The increasing prevalence of hearing loss has emerged as a significant catalyst propelling the growth of the market.
Thus, as the market continues to innovate and expand, it stands at the forefront of addressing the global impact of hearing loss across diverse age groups, thereby is anticipated to augment industry expansion.
OTC Hearing Aids Market Analysis
The market by product is segmented 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 global market accounting for 31.9% business share in the year 2023.
Based on type, the OTC hearing aids market is categorized into present and self-fitting. The preset segment dominated the market with 60.5% revenue share in 2023 and is projected to expand at 6% CAGR from 2024 – 2032.
The OTC hearing aids market by distribution channel is categorized into brick & mortar stores and e-commerce. Brick & mortar stores segment held substantial revenue share in the market accounting for 58.5% business share in the year 2023.
North America held the largest market share of 42.6% in 2023 and is anticipated to expand at 5.9% CAGR over the forecast timeframe.
OTC Hearing Aids Market Share
The OTC hearing aids industry is fragmented in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced products based on different technologies is among a key market strategy. Some of the leading industry players including Sonova Holding AG, GN Hearing A/S (GN Group), and WS Audiology Denmark A/S among others have a notable presence in the market.
OTC Hearing Aids Market Companies
Some of the eminent market participants operating in the OTC hearing aids industry include:
OTC Hearing Aids Industry News:
OTC hearing aids 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)
By Type, 2022 – 2032 (USD Million)
By Distribution Channel, 2022 – 2032 (USD Million)
The above information is provided for the following regions and countries: