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U.S. OTC Hearing Aids Market Share

Report ID: GMI7754
Published Date: Jan 2024
Report Format: PDF

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U.S. OTC Hearing Aids Market Share

The U.S. OTC hearing aids industry is consolidated, with key players including GN Hearing A/S (GN Group), Sonova Holding AG, WS Audiology Denmark A/S and others dominating the market. These companies focus on ongoing product innovation, geographical expansion, and partnerships to secure substantial market shares.

For instance, in June 2023, Sonova Holding AG launched its first over the counter (OTC) hearing aid in the U.S., the Sennheiser All-Day Clear. It offers a choice between self-fitting and professional support, thereby widening Sennheiser's range of solutions for early-stage hearing loss, covering prevention, situational assistance, and OTC hearing aids. This product launch diversified the company's product portfolio and boosted revenue.

U.S. OTC Hearing Aids Market Companies

Some of the eminent market participants operating in the U.S. OTC hearing aids industry include:

GN Hearing A/S (GN Group)
Sonova Holding AG
Eargo Inc.
WS Audiology Denmark A/S
Bose Corporation
MD Hearing
Xiamen Melosound Technology Co.
SoundWave Hearing, LLC
Lucid Hearing
Starkey
Neuheara Limited

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The U.S. OTC hearing aids industry was valued at USD 123.3 million in 2023 and is estimated to reach USD 205 million by 2032 owing to the rising prevalence of hearing loss.

Receiver in canal (RIC) segment accounted for 33.1% market share in 2023 and will grow through 2032 due to its combination of technological advancement, discreet design, customization, and connectivity.

Brick & mortar stores segment accounted for 59% industry share in 2023 and will grow substantially through 2032 owing to their in-person consultations with hearing professionals, the opportunity to try out and demonstrate hearing aids, immediate availability, and accessible customer support services.

GN Hearing A/S (GN Group), Sonova Holding AG, Eargo Inc., WS Audiology Denmark A/S, Bose Corporation, MD Hearing, Xiamen Melosound Technology Co., SoundWave Hearing, LLC, Lucid Hearing, Starkey, and Neuheara Limited.