U.S. OTC Hearing Aids Market Size

U.S. OTC Hearing Aids Market size was valued at USD 123.3 million in 2023 and is anticipated to grow at a CAGR of 5.8% between 2024 and 2032. OTC hearing aids stands for over-the-counter hearing aids, designed to help individuals with mild to moderate hearing loss and are available directly to consumers without the need for a prescription or professional fitting. The rising prevalence of hearing loss is anticipated to accelerate the market growth.

As per the World Health Organization (WHO), the number of individuals suffering from hearing loss is rapidly growing. For instance, in 2022, as per statistics, an estimated 30 million people were affected by hearing loss in the U.S. In addition, the aging population base in the U.S. is a significant factor. As people age, the likelihood of experiencing hearing loss increases. Thus, the significant proportion of population suffering from hearing loss and rising prevalence of this ailment is projected to expedite the demand for OTC hearing aids, which is estimated to reach USD 590 million by 2032 substantially, further driving the market potential.

Furthermore, facilitative initiatives adopted by public organizations and key industry players to promote awareness regarding hearing loss & the use of hearing aids is anticipated to propel the U.S. OTC hearing aids market growth significantly. This increased awareness is driven by various factors, including advancements in technology, changes in legislation, and efforts by organizations and advocacy groups to educate the public.