Over-the-Counter Hearing Aids Market Share

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.