Over-The-Counter (OTC) Hearing Aids Market Size, Share, Industry Analysis, Trends, Growth, 2030

Over-The-Counter (OTC) Hearing Aids Industry Prospective:

The global over-the-counter (OTC) hearing aids market size was evaluated at $250 million in 2022 and is slated to hit $600 million by the end of 2030 with a CAGR of nearly 8% between 2023 and 2030. 

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Over-The-Counter (OTC) Hearing Aids Market: Overview

Over-the-counter (OTC) hearing aids are a new kind of hearing aids that customers can purchase directly from the shop. Furthermore, the equipment helps adults having mild to moderate hearing loss. For the record, OTC hearing aids assist in making sound louder so that adults having difficulty in hearing can listen, participate, and communicate totally while performing routine activities. Reportedly, the use of the device is regulated by medical authorities such as the U.S. Food & Drug Administration.       

Key Insights

• As per the analysis shared by our research analyst, the global over-the-counter (OTC) hearing aids market is projected to expand annually at the annual growth rate of around 8% over the forecast timespan (2023-2030)
• In terms of revenue, the global over-the-counter (OTC) hearing aids market size was evaluated at nearly $250 million in 2022 and is expected to reach $600 million by 2030.
• The global over-the-counter (OTC) hearing aids market is anticipated to grow rapidly over the forecast timeline owing to a prominent increase in noise pollution has led to a surge in the cases of age-related auditory impairment.
• In terms of product, the completely-in-the-canal segment is slated to register the highest CAGR over the forecast period.
• Based on the type, the preset segment is expected to dominate the segmental growth in the coming seven years.
• Based on the distribution channel, the e-commerce segment is anticipated to lead the segmental space in the forecasting years.
• Region-wise, the North American over-the-counter (OTC) hearing aids industry is projected to register the fastest CAGR during the forecast timespan.

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Over-The-Counter (OTC) Hearing Aids Market: Growth Factors

A surge in noise pollution across the globe to boost the global market trends over the forecast period

A prominent increase in noise pollution has led to a surge in the cases of age-related auditory impairment, thereby steering the global over-the-counter (OTC) hearing aids market demand. An immense rise in the aging population base prone to hearing loss and audibility is likely to generate huge demand for the product along with a surge in product sales. A surge in the acceptance of the product by individuals during the COVID-19 pandemic has contributed majorly to the global market proceeds. Apart from this, the products have reduced costs as compared to prescribed ones and hence are cost-efficient. This beneficial feature is likely to provide impetus to the expansion of the global market.

Launching of new products is likely to contribute immensely towards the expansion of both the healthcare sector and the market across the globe. For instance, in August 2023, Lucid Hearing, a key manufacturer of OTC hearing aids, introduced the Tala OTC hearing aids that are Bluetooth-compatible and can be wirelessly streamed.

Over-The-Counter (OTC) Hearing Aids Market: Restraints

Less know-how of advantages offered by products among individuals to restrict the global industry growth over 2023-2030

Lack of knowledge among individuals about the product benefits and social stigma associated with wearing hearing aids can halt the expansion of the global over-the-counter (OTC) hearing aids industry.  Furthermore, a large-scale rise in product import duties leading to huge product costs along with disruption in the supply chain activities can put brakes on the global industry expansion. Low awareness about moderate & mild hearing loss and lesser know-how about available treatment modes for overcoming the medical conditions related to hearing loss & low audibility in individuals can create big hurdles in the path of industry growth across the globe.

Over-The-Counter (OTC) Hearing Aids Market: Opportunities

A rise in the research programs carried out by private players & governments can help the global market explore new growth facets in the coming years

An increase in the research activities carried out by major players in developed countries such as the UK, Germany, the U.S., and France is likely to pave the way for humungous growth of the over-the-counter (OTC) hearing aids market across the globe. Moreover, governments of various countries globally are investing heavily in research projects related to the production of innovative & user-friendly products with newly added beneficial features. This will prop up product sales and market profitability in the coming years.

Over-The-Counter (OTC) Hearing Aids Market: Challenges

Non-availability of strong healthcare amenities in emerging economies can obstruct the industry growth rate in the coming decade 

The absence of strong healthcare infrastructure facilities in developing countries can retard the growth of the global over-the-counter (OTC) hearing aids industry. Non-uniformity in the government laws witnessed in different countries associated with product usage can pose a huge challenge for the global industry surge in the upcoming years. The lack of availability of skilled audiologists can impact the expansion of the global industry.

Over-The-Counter (OTC) Hearing Aids Market: Segmentation

The global over-the-counter (OTC) hearing aids market is sectored into the product, type, distribution channel, and region.                                                   

In product terms, the over-the-counter (OTC) hearing aids market across the globe is divided into receiver-in-canal and completely-in-the-canal segments. Furthermore, the completely-in-the-canal segment, which amassed about 57% of the global market share in 2022, is expected to register the fastest CAGR in the coming seven years. The expansion of the segment during 2023-2030 can be owing to favorable product features such as compact size and unobtrusiveness. Apart from this, the product offers end-users indiscernible support, thereby enhancing the demand for it.

Based on the type, the global over-the-counter (OTC) hearing aids industry is sectored into preset and self-fitting segments. Moreover, the preset segment, which dominated the segmental space in 2022, is anticipated to lead the forecast timeline. The segmental surge over the forecasting period can be due to the user-friendly features and easy operating characteristics of the product.   

Based on the distribution channel, the global over-the-counter (OTC) hearing aids market is divided into e-commerce and brick-and-mortar store segments. Furthermore, the e-commerce segment, which accounted for more than 53% of the global market share in 2022, is projected to steer the expansion of the segment in the upcoming years. The growth of the segment over the assessment period can be subject to a large-scale increase in the sale of OTC hearing aids through e-commerce websites that offer consumer electronic goods and medical devices. The changing consumer buying behavior and end-user convenience will steer the segmental surge.

Over-The-Counter (OTC) Hearing Aids Market: Report Scope

Over-The-Counter (OTC) Hearing Aids Market: Regional Insights

Europe is expected to retain its global market domination over the forecast timespan

Europe, which contributed nearly 50% of the global over-the-counter (OTC) hearing aids market earnings in 2022, is expected to be a leading region in the next couple of years. Moreover, the regional market expansion over the period from 2023 to 2030 can be attributed to a surge in cases of hearing loss, a prominent increase in the aging populace, and the large-scale presence of giant players in countries such as the UK, Germany, and France.

North American over-the-counter (OTC) hearing aids industry is predicted to record the fastest CAGR in the coming seven years. The growth of the industry in the region over the forecast timespan can be attributed to supportive government laws along with a rise in the cases of people suffering from mild auditory disorder in countries such as Canada and the U.S.

Asia-Pacific's over-the-counter (OTC) hearing aids market is slated to record a massive surge in the upcoming years owing to large-scale demand for the product in countries such as Japan and China along with a huge presence of key players and the presence of an aging population in the region.

Key Developments

• In the second half of 2023, Zepp Clarity, a smart hearing solutions firm owned by Zepp Health, a healthcare tech firm, introduced a new product line of OTC hearing aids referred to as Zepp Clarity Pixie, which is the next-gen premium hearing product. The new product offers a natural healing experience to those having mild to moderate hearing impairment.
• In September 2023, ELEHEAR, a key provider of AI-based hearing aids & audio solutions, launched its first OTC hearing aid instruments referred to as ELEHEAR Alpha and ELEHEAR Alpha Pro. These new devices make use of accumulated information from machine learning algorithms and make use of sound techniques. Reportedly, these devices are devised for individuals having hearing loss and include AI noise minimization & speech extracting applications.
• In October 2023, Audien Hearing, a key U.S. player in the OTC hearing aids sector, introduced the world’s first OTC hearing aid referred to as the ATOM ONE that can be availed for less than $100 and is FDA-compliant. Such strategic moves are likely to augment the growth of the over-the-counter (OTC) hearing aids market in the U.S. and provide great relief to individuals suffering from hearing loss.

Over-The-Counter (OTC) Hearing Aids Market: Competitive Space

The global over-the-counter (OTC) hearing aids market profiles key players such as:

• Eargo Inc.
• Audien Hearing
• Audicus
• GN Hearing A/S
• WS Audiology
• Etymotic Research Inc.
• Soundwave Hearing LLC
• Innerscope Hearing Technologies Inc.
• Lexie Hearing
• Sony Corporation
• Nuvomed Inc.
• Hangzhou AcoSound Technology Company Limited
• Nuheara Limited
• Xiamen Melosound Technology Company Limited
• Austar Hearing Science & Technology Company Limited.

The global over-the-counter (OTC) hearing aids market is segmented as follows:

By Product

• Receiver-in-Canal
• Completely-in-the-Canal

By Type

• Preset
• Self-Fitting

By Distribution Channel

• E-Commerce
• Brick-and-Mortar Store

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa