U.S. Over-The-Counter Hearing Aids Market Trends Analysis Report 2024-2030: Affordability And Technological Advancements Make OTC Hearing Aids A Preferred Choice

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The "U.S. Over-the-Counter Hearing AIDSmarket Size, Share & Trends Analysis Report By Product, By Technology, By Distribution Channel, And Segment Forecasts, 2024 - 2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. Over-the-Counter hearing aids market size is anticipated to reach USD 1.16 billion by 2030 and is anticipated to expand at a CAGR of 9.03% from 2024 to 2030

The factors driving market growth include affordability, accessibility, and technological advancements. Over-the-Counter (OTC) hearing aids have gained popularity due to their lower cost compared to prescription hearing aids.

Hearing loss or impairment is a common condition in the U.S. Various infections, such as meningitis, measles, and middle ear infections, also cause hearing loss. Moreover, excess cerumen, bone abnormalities in the middle ear, and conditions such as acoustic neuromas, Meniere's disease, and head trauma can lead to mild hearing loss. As per a Forbes Health survey on hearing loss in June 2023, around 25.4 million people aged 12 and older in the U.S. are suffering from mild hearing loss.
Furthermore, high-volume speakers and exposure to loud sounds are also contributing to the growing prevalence of perceived sound loss in the younger generation. As per the U.S. Department of Health & Human Services, 12.5% of people aged 6 to 19 years and 17% of those aged 20 to 69 years are at risk of developing hearing loss due to excessive exposure to recreational loud music. This is anticipated to further drive the demand for hearing aids in the coming years.
Furthermore, the demand for Digital Signal Processing (DSP) technology, which allows OTC hearing aids to analyze and manipulate sound waves more effectively than analog models, is increasing. This helps provide clearer sound quality & noise reduction and has features such as directional microphones that focus on speech coming from a specific direction. Advancements have led to the miniaturization of devices, which are now smaller and more discreet. This makes them more comfortable to wear and less noticeable, potentially addressing aesthetic concerns for some users.
U.S. Over-the-Counter Hearing Aids Market Report Highlights

• Based on product, the canal hearing aids segment dominated the market in 2023. On the other hand, behind-the-ear hearing aids segment is expected to witness the fastest growth over the forecast period. This can be attributed to advantages such as ease of handling and high preference by the young population.
• Based on technology, digital hearing aids dominated the market in 2023. These devices are technologically advanced and eliminate background noise, thus providing enhanced hearing experience.
• Based on distribution channels, the retail stores segment dominated the market in 2023. However, the online segment is predicted to have the fastest growth during the forecast period owing to an increase in penetration of e-commerce channels across the globe and higher adoption.
• In January 2024, Eargo, two new completely in-canal OTC hearing aids, LINK by Eargo and Eargo SE, to address changing consumer needs regarding experience, design, and functionality.

Company Profiles

• Eargo Inc.
• GN Store Nord A/S (Jabra)
• Bose Corporation
• MDHearing
• Audicus
• Sony Corporation
• Starkey Laboratories, Inc. (Start Hearing)
• hearX IP (Pty) Ltd. (Lexie)
• Sonova
• WSAudiology
• Nuheara Limited
• Audien Hearing
• Novidan

Key Attributes:

Report Attribute	Details
No. of Pages	140
Forecast Period	2023 - 2030
Estimated Market Value (USD) in 2023	$586.1 Million
Forecasted Market Value (USD) by 2030	$1160 Million
Compound Annual Growth Rate	9.0%
Regions Covered	United States

Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/Ancillary Market Outlook
3.1.2.1. Global audiology devices market
3.1.2.2. Global hearing aids market
3.2. Market Trends and Outlook
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.1.1. Low cost compared to prescription hearing aids
3.3.1.2. Increasing number of people with hearing loss
3.3.1.3. Technological advancements
3.3.1.4. Growing geriatric population
3.3.1.5. Increase in awareness and accessibility
3.3.2. Market Restraint Analysis
3.3.2.1. Presence of social stigma
3.3.2.2. Limitations of OTC hearing aids
3.4. Regulatory Framework
3.5. Pricing Analysis, by Key Brands
3.6. Business Environment Analysis Tools
3.6.1. Industry Analysis - Porter's Five Forces Analysis
3.6.2. PESTEL Analysis
Chapter 4. U.S. OTC Hearing Aids Market Volume Estimates & Forecasts, 2018-2030 (Units)
Chapter 5. U.S. OTC Hearing Aids Market, By Product Type, 2018-2030 (USD Million)
5.1. U.S. OTC Hearing Aids Market: Product Type Segment Dashboard
5.2. Product Type Movement & Market Share Analysis, 2023 & 2030
5.3. U.S. OTC Hearing Aids Market Size & Forecast and Forecasts, By Product Type, 2018 - 2030 (USD Million)
5.4. Canal Hearing Aids
5.5. Behind-The-Ear Hearing Aids
5.6. Receiver-In-The-Ear Hearing Aids
5.7. In-The-Ear Hearing Aids
Chapter 6. U.S. OTC Hearing Aids Market, By Technology, 2018-2030 (USD Million)
6.1. U.S. OTC Hearing Aids Market: Technology Segment Dashboard
6.2. Technology Movement & Market Share Analysis, 2023 & 2030
6.3. U.S. OTC Hearing Aids Market Size & Forecast and Forecasts, By Technology (USD Million)
6.4. Digital Hearing Aid
6.5. Analog Hearing Aid
Chapter 7. U.S. OTC Hearing Aids Market, By Distribution Channel, 2018-2030 (USD Million)
7.1. U.S. OTC Hearing Aids Market: Distribution Channel Segment Dashboard
7.2. Distribution Channel Movement & Market Share Analysis, 2023 & 2030
7.3. U.S. OTC Hearing Aids Market Size & Forecasts, By Distribution Channel (USD Million)
7.4. U.S. OTC Hearing Aids Volume Estimates and Forecasts, By Distribution Channel (Units)
7.5. Retail Stores
7.6. Online
7.7. Audiology Offices
Chapter 8. Competitive Landscape
8.1. Participant's overview
8.2. Financial Performance
8.3. Product Benchmarking
8.4. Company Categorization
8.5. Company Market Position Analysis
8.6. Estimated Company Market Share Analysis (%), 2023
8.7. Strategy Mapping
8.7.1. Expansion
8.7.2. Acquisition
8.7.3. Collaborations
8.7.4. Others

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