U.S. OTC Hearing Aids Market Trends

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.