Over-the-Counter (OTC) Hearing Aids Market Size & Share, by Product (Receiver in canal, Completely-in-the-canal, Earbuds); Type; Distribution Channel - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

  • Report ID: 6704
  • Published Date: Nov 18, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2025-2037

OTC Hearing Aids Market size was estimated at USD 398.5 million in 2024 and is projected to attain USD 801.9 million in 2037, surging at a CAGR of 6% during the forecast period i.e. 2025 to 2037. In 2025, the industry size of OTC hearing aids is assessed at USD 422.4 million.

The market has grown massively owing to the innovation in technologies, regulatory changes, and shifts in consumer preference. The major online retail platforms are also making it easier to reach broader markets. Therefore, the need for convenience, cost-effectiveness, and advanced features in hearing aid products will increase with time.

Furthermore, the growth is essentially driven by a higher incidence rate of age-related hearing loss and a further increasing need for even more affordable, friendly hearing solutions. For instance, in March 2023, according to the reports of the U.S. Food & Drug Administration, approximately 30 million adults in the U.S. suffer from partial or some degree of hearing impairments. In addition, technological innovations such as bluetooth connectivity, rechargeable batteries, and much-enhanced sound processing are creating customer interest. For instance, in October 2024, Apple made AirPods Pro 2 as a low-cost hearing aid. It has an updating software that will transform millions of its AirPods into the FDA-approved hearing aid.


Over-the-Counter Hearing Aids Market
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OTC Hearing Aids sector: Growth Drivers and Challenges

Growth Drivers

  • Technological advancements in hearing aids: Development in the field of hearing aid technology has improved functionalities to make them effective and user-friendly. The introduction of digital signal processing (DSP) has made sound more dominant and crystal clear. It has further reduced background noise and personalizes the hearing experience. For instance, in June 2024, Synopsys, Inc. announced that Oticon has taped out part of its next-generation digital signal processor (DSP) chipset for hearing-aid devices. Thus, hearing aids have emerged as much more programmable with solutions for a great variety of hearing impairments with better overall user comfort.
  • Increased awareness of hearing health: The more individuals realize how untreated hearing loss can affect overall health, the more awareness for hearing aids has been increasing. The public health campaigns and media coverage informed society of the need for early diagnoses and treatment thus persuading individuals, especially in aging populations, to seek hearing solutions earlier. For instance, in March 2024, Signia unveiled a stigma-busting awareness campaign that aimed to fight social stigma around hearing loss and empower hearing care. This shift in awareness will make people readily adopt the use of hearing aids, proactively manage their hearing health, and thus lead to over-the-counter (OTC) hearing aids market growth.

Challenges

  • Variable quality and efficacy: The availability of products at low-cost prices often results in unreliable performance. Moreover, a lack of standardized legislation and quality control by hundreds of manufacturers that pour into the over-the-counter (OTC) hearing aids market market disrupts the growth. Without proper monitoring, some apparatuses may fail to meet the minimum standards for clarity in hearing experiences, resulting in less-than-optimal auditory experiences for its users. This inconsistency dents consumer trust, which means limited widespread adoption of OTC hearing aids since some potential buyers might feel that these devices are less effective or unreliable than professionally fitted ones.
  • Insurance coverage and reimbursement issues: For the over-the-counter hearing aids market, insurance coverage and reimbursement are a significant challenge since most insurance plans do not include it. Furthermore, it comes under the classification of hearing aids as consumer electronics rather than as medical devices, which limits their options for reimbursement. This can make the barrier to OTC hearing aids harder to climb over, for individuals with more severely impaired hearing or fixed income as it may be difficult to afford the up-front cost. Thus, a lack of insurance coverage could push the over-the-counter (OTC) hearing aids market a bit slower and inhibit entry for a significant part of the potential users.

Over-the-Counter (OTC) Hearing Aids Market: Key Insights

Base Year

2024

Forecast Year

2025-2037

CAGR

6%

Base Year Market Size (2024)

USD 398.5 million

Forecast Year Market Size (2037)

USD 801.9 million

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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OTC Hearing Aids Segmentation

Product (Receiver in canal (RIC), Completely-in-the-canal (CIC), Earbuds, Other products)

Based on the product, the receiver in canal (RIC) segment is projected to dominate over-the-counter (OTC) hearing aids market share of over 34.2% by 2037, owing to its capacity to offer a higher comfort level, discreet design, and developed performance attributes. In addition, the RIC model offers a balance of high-quality sound processing with user-friendly design, making it appealing to a wide cross-section of consumers. For instance, in October 2023, Phonak introduced the RIC line, ActiveVent receiver through its new platform, Lumity to widen its existing portfolio. Furthermore, Bluetooth connectivity and rechargeable batteries are also widely utilized in RIC hearing aids, convincing mature and price-sensitive customers, and further energizing the demand in the OTC market.

Type (Preset, Self-fitting)

The preset hearing aids segment will witness a lucrative opportunity of dominating the over-the-counter hearing aids market, throughout 2037. This growth is attributable to the ease of use and its affordability. In addition, preset hearing aids are equipped with preprogrammed settings given for typical profiles of hearing loss, making them very appropriate for people who suffer from relatively mild hearing impairments. For instance, in November 2024, Rexton announced the Rexton Reach inoX-CIC Li, a rechargeable completely-in-canal (CIC) hearing aid. With its instant-fit design, fits into the ear canal, proving fitting for use by people afflicted with mild to moderate hearing loss who require discretion and rechargeability.

Our in-depth analysis of the global OTC hearing aids market includes the following segments:

Products

  • Receiver in canal (RIC)
  • Completely-in-the-canal (CIC)
  • Earbuds
  • Other products

Type

  • Preset
  • Self-fitting

Distribution Channel

  • Brick & Mortar Stores
  • E-commerce

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OTC Hearing Aids Industry - Regional Synopsis

North America Market Statistics

North America over-the-counter (OTC) hearing aids market is set to account for revenue share of more than 42.8% by the end of 2037. The growing awareness about hearing loss has increased with better technology. Moreover, the consumer's inclination toward alternatives to prescription hearing aids, which are relatively expensive and require professionals to be fitted is fueling the market growth. However, FDA approval of OTC hearing aids has also increased the market growth by opening up more avenues for making these products consumable to the greater public.

In the U.S., the regulatory landscape is changing the dynamism in the OTC hearing aid market. The FDA in October 2022 established OTC hearing aid regulation which has stimulated market growth. Under the legislation, adults with mild to moderate hearing loss can buy hearing aids over the counter or from the store without necessarily going to an audiologist or getting a prescription. This has made hearing aids more accessible to and affordable for a greater section of the population than before, especially those who would have otherwise avoided or could not afford the traditional ones.

The increasing aging population in Canada with an ever-rising prevalence of age-related hearing loss is one major reason the over-the-counter (OTC) hearing aids market is growing. The key players are focusing on expanding their operations in hearing aid solutions through collaborations and leveraging expertise. For instance, in December 2023, Amplifon has grown over 130 stores across Canada and remains on an expansion course. In addition, it has acquired Living Sounds Hearing Centre, Alberta which operates 20 clinics throughout the province.

Asia Pacific Market Analysis

Asia Pacific is rapidly expanding in the over-the-counter (OTC) hearing aids market owing to the growing concerns over hearing loss clubbed with the growing capacity of people affording hearing aid solutions. In addition, increased awareness of the need to treat hearing loss, with noise pollution in societies. Therefore, as familiarity grows and regulatory frameworks are updated, OTC hearing aids will be a very practical solution for filling in the gap in accessibility with the growing demand for hearing solutions.

China OTC hearing aids market is stimulated by the advancements in hearing aid technologies. For instance, in October 2024, Sonova planned to expand its AI-powered hearing aids in China to cater to the needs of the population suffering from hearing impairment to render efficient solutions. Thus, OTC hearing aids are not only cheap but also accessible to self-diagnose thus addressing major unmet needs. The trend is further backed by rising digital literacy and increasing e-commerce penetration, making it easier for customers to buy OTC hearing aids online.

In India, the major growth driver of the over-the-counter hearing aids market is the demand for cost-effective healthcare solutions. Thus, market players are focusing on relentless innovations and advancements in hearing aids. For instance, in February 2024, Starkey announced the launch of its innovative Genesis AI hearing aids in India. This is a cutting-edge hearing solution designed to address the increasing prevalence of hearing loss in India. This is further fueled by the escalating rate of age-related hearing loss, which demands these more inexpensive, self-adjustable hearing aids.

Research Nester
Over-the-Counter Hearing Aids Market Share
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Companies Dominating the OTC Hearing Aids Landscape

    The competitive environment in the over-the-counter (OTC) hearing aids market is witnessing a remarkable transformation. This change is largely driven by the focus of manufacturers, and tech-driven companies to consumer-centric hearing aid solutions. Furthermore, the increasing prevalence of e-commerce platforms by companies to expand their reach is fueling market growth. For instance, in November 2022, GN expanded its Jabra Enhance hearing offering with Lively. It rebranded to Jabra Enhance and launched JabraEnhance.com as an online destination for better hearing, enabling consumers to discover, buy, and receive hearing care from home.

    Here’s the list of some key players:

    • Eargo Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Audicus
    • Audien Hearing
    • Austar Hearing Science and Technology Co. Ltd.
    • Starkey
    • Sonova Holding AG
    • SoundWave Hearing, LLC
    • Nuvomed Inc.
    • Neuheara Limited
    • InnerScope Hearing Technologies Inc.
    • MD Hearing

In the News

  • In July 2024, Concha Labs launched its FDA-cleared Concha Sol Hearing Aids, an OTC solution that enables users to personalize their hearing profiles in a matter of minutes using their iPhones.
  • In April 2023, Softone Speech and Hearing Clinics Private Limited released Re-Hear, India's first ultra-modern hearing machine with advanced capabilities. It is a rechargeable and affordable device and can be connected to phones.

 

Author Credits:  Radhika Pawar


  • Report ID: 6704
  • Published Date: Nov 18, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of the OTC hearing aids market was estimated at over USD 398.5 million.

The market size of the OTC hearing aids market is projected to cross USD 801.9 million by the end of 2037 expanding at a CAGR of 6% during the forecast period i.e., between 2025–2037.

The major players in the market are Sonova Holding AG, GN Hearing A/S, Audien Hearing, Audicus, Eargo Inc., and others.

Based on product, the receiver in canal (RIC) segment is anticipated to garner the largest market share of 34.2% by 2037 and display lucrative growth opportunities during 2025–2037.

The market in North America is projected to hold the largest market share of 42.8% by the end of 2037 and provide more business opportunities in the future.
Over-the-Counter Hearing Aids Market Report Scope
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