U.S. OTC Hearing Aids Market Analysis

U.S. OTC Hearing Aids Market Analysis

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The U.S. OTC hearing aids market by product is categorized 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 market accounting for 33.1% market share in the year 2023.
 

• The high growth rate of the RIC segment is due to its combination of technological advancement, discreet design, customization, and connectivity. For instance, products including the GN Group's Jabra Enhance RIC hearing aids offer advanced features, including 360-degree sound, providing all the necessary elements for an enhanced hearing experience.
   
• Thus, features such as digital processing and wireless options not only enhance the sound quality but also significantly improves the user convenience.
   
• Moreover, the demand from an aging population base for comfortable and effective solutions further boosts segments popularity, while market competition and innovation drive rapid growth of the segment.
   

Based on distribution channel, the U.S. OTC hearing aids market is segmented into brick & mortar stores and e-commerce. Brick & mortar stores segment held substantial revenue share in the market accounting for 59% business share in the year 2023.
 

• Physical retail locations, including pharmacies, retail chains, and specialized hearing aid centers, are trusted and familiar choices for those in search of hearing aids.
   
• Their in-person consultations with hearing professionals, the opportunity to try out and demonstrate hearing aids, immediate availability, and accessible customer support services are key drivers of their success.
   
• Moreover, these stores' widespread presence across the country ensures convenient access for a diverse range of consumers seeking solutions for hearing impairments.
   
• Therefore, their strong reputation for trust, reliability, and personalized service firmly establishes them as dominant players in the market, delivering a comprehensive and reassuring shopping experience to customers.
   

Based on price band, the U.S. OTC hearing aids market unfolds its segmentation, encompassing the domains of USD 500, 501 – 1000, and over 1000. 501 – 1000 segment held substantial revenue in the market accounting for USD 52.7 million in the year 2023.
 

• This segment's prominence is attributed to its ability to strike a balance between affordability and advanced features, making it an attractive choice for individuals with mild to moderate hearing loss.
   
• The devices within this price range are perceived to offer a combination of quality and modern technology, including improved sound quality, comfort, and customization options.
   
• The appeal of these mid-range options, coupled with the purchasing power of the target demographic, has positioned the USD 501 – 1000 segment as a dominant force in the market, reflecting consumer preferences for effective and reasonably priced hearing solutions.
   

U.S. OTC hearing aids market size was recorded at USD 123 million in 2023. The industry is anticipated to grow at over 5.8 % CAGR from 2024 to 2032.
 

• The U.S. has a growing population of older adults, and hearing loss is more common among this demographic. For instance, the Centers for Disease Control and Prevention (CDC) reports that in the U.S., the prevalence of hearing loss increases with age among adults.
   
• It starts at 6.3% among those aged 18–44, rises to 13.6% for those aged 45–64, increases further to 30.3% among those aged 65–74, and peaks at 49.1% among those aged 75 and over.
   
• Therefore, as the baby boomer generation continues to age, the region is experiencing a higher prevalence of age-related hearing impairment, which is anticipated to boost the U.S. OTC hearing aids industry.