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U.S. OTC Hearing Aids Market Trends

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

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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.

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.