GVR Report cover Over-The-Counter Hearing Aids Market Size, Share & Trends Report

Over-The-Counter Hearing Aids Market Size, Share & Trends Analysis Report By Product Type, By Technology Type (Digital Hearing Aids, Analog Hearing Aids), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-008-2
  • Number of Pages: 80
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Report Overview

The global over-the-counter hearing aids market size was valued at USD 1.05 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2030. Over-the-counter (OTC) hearing aids are a new class of devices that consumers can purchase directly without any prescription from doctors. The devices are intended for adults with mild to moderate hearing disorders.

U.S. over-the-counter hearing aids market size, by product type, 2020 - 2030 (USD Million)

The U.S. FDA introduced the ‘Establishing Over-the-Counter Hearing Aids’ rule in August 2022 in order to improve access to effective and safe hearing aids for the population suffering from mild to moderate hearing loss. This is anticipated to be a key factor driving the growth of the market during the forecast period. The FDA also issued guidelines and regulations for the manufacturers of the devices. The law is expected to establish a new category of these devices for people suffering from such disorders in a convenient and cost-effective way which is expected to further drive market growth.

Growing prevalence of hearing loss among adults globally is anticipated to be another key factor driving the growth of the market. For instance, according to an article by DownToEarth, approximately 2.5 million people around the globe are anticipated to suffer from mild to profound hearing loss by 2050 and will require ear and hearing care. The article also states that 1.1 billion people between the age of 12-35 are at risk of suffering from the condition due to long exposure to loud noises in recreational settings, this factor is expected to drive the demand for the devices during the forecast period.

Moreover, the easy availability of these devices without the need for a prescription at stores and online retailers is expected to further boost their adoption. Hearing loss is a serious condition that affects the daily activities of the patients and if left untreated the patient may suffer from other serious conditions such as anxiety, depression, low self-esteem, reduced mobility, dementia, and falls. Thus, easy availability of these devices is expected to help improve the condition of the patients and thereby their adoption.

The COVID-19 pandemic had a negative impact on the market. Nationwide imposed lockdown negatively impacted the market growth as the offline stores were shut and there were restrictions on the movement of the people. The closing of offline stores severely impacted the growth of the market as people mostly preferred purchasing the devices from the stores.

Product Type Insights

By product type, canal hearing aids segment held the largest share of 33.0% in 2022. The devices feature an invisible design, which fits completely inside the ear canal. The design helps to eliminate external noises which is expected to drive the adoption of these devices. Moreover, increasing R&D initiatives undertaken by the key players in order to improve their performance and rising demand for invisible devices by the younger population are some of the key factors, which are expected to boost their acceptance.  

Behind-the-ear segment is anticipated to witness lucrative growth during the forecast period owing to the advantages offered by these devices such as feedback management, noise reduction, and multiple listening environments which is expected to drive demand for these devices. Moreover, the devices can be modified by connecting with external sound sources and are Bluetooth compatible which enables wireless connectivity. Further, the devices offer higher amplification and feature larger battery life, which is expected to further contribute to the demand for behind-the-ear devices.

Technology Type Insights

By technology type, the digital technology segment held the largest share of 92.1% in 2022. These devices are programmable and convert sound waves into digital signals, which help to produce exact duplication of sound. The devices allow the conversion of complex sound during amplification. This helps improve the performance of the device in certain situations such as the reduction of background noise which is expected to drive the acceptance of the devices, thereby contributing to the growth of the segment.

Global over-the-counter hearing aids market share, by technology type, 2022 (%)

The segment is also projected to witness the fastest growth during the forecast period owing to greater flexibility in hearing aid programming. Moreover, the microchip in these devices helps to analyze speech and other environmental sounds. This increases the effectiveness of the devices thereby, further driving the demand for these devices during the forecast period. Further, the incorporation of Bluetooth helps to deliver wireless connectivity to the devices.

Regional Insights

North America dominated the market in 2022 with a share of 35.2%. The availability of favorable government policies and higher incidence of hearing disorders among the population in the region are expected to be key factors driving the growth of the market. For instance, according to an article by National Institute on Deafness and other Communicable Disorders, about 18% of the population between the age of 20-69 suffer from speech frequency hearing loss in one or both ears. The article also states that more than 28 million people could benefit from hearing aids as of 2021, which is expected to contribute to the growth of the market in the region.

Over-The-Counter Hearing Aids Market Trends by Region

Asia Pacific region is projected to witness growth during the forecast period. Factors such as the increasing geriatric population base in countries such as India and Japan is expected to drive the market as the prevalence of hearing disorders increases with age. Moreover, government initiatives undertaken in order to increase awareness about the condition is expected to further boost the regional market growth. For instance, the National Program for Prevention & Control of Deafness by the Indian Government aims to prevent avoidable hearing loss, identify, diagnose and treat ear problems, rehabilitate people suffering from the condition, etc.

Key Companies & Market Share Insights

High competition in the global OTC hearing aids market owing to innovative product offerings by key players and the entry of new players has led to high market growth. For instance, in October 2022, Jabra announced Jabra Enhance Plus was available online and in stores. Jabra Enhance Plus are in-the-ear devices, which provide hearing enhancement while also allowing users to answer calls and listen to music. Some of the prominent players in the global over-the-counter hearing aids market include:

  • Eargo Inc.

  • Jabra

  • Bose

  • MD Hearing

  • Lively

  • Audicus

Over-The-Counter Hearing Aids Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 1.11 billion

Revenue forecast in 2030

USD 1.7 billion

Growth Rate

CAGR of 5.7% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product type, technology type, region

Regional scope

North America; Europe; Asia Pacific, Latin America, Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Denmark; Japan; China; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

Eargo Inc.; Jabra; Bose; MD Hearing; Lively; Audicus

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global Over-The-Counter Hearing Aids Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global over-the-counter hearing aids market report based on product type, technology type, and region:

Global Over-The-Counter Hearing Aids Market Segmentation

  • Product Type Outlook (Revenue, USD Million, 2018 - 2030)

    • In-the-Ear Hearing Aids

    • Receiver-in-the-Ear Hearing Aids

    • Behind-the-Ear Hearing Aids

    • Canal Hearing Aids

  • Technology Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Digital Hearing Aids

    • Analog Hearing Aids

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

      • Denmark

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • South Africa

      • Saudi Arabia

      • UAE

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