The over-the-counter hearing aids market size is estimated to be USD 1,252.4 million in 2022 and is expected to witness a CAGR of 5.91% during the forecast period 2023-2033. Increasing rates of mild and moderate hearing loss among adults around the world and the FDA’s recent approval of over-the-counter hearing aids are projected to drive the market growth in near future. Furthermore, rising awareness of hearing aids and high adoption of smart hearing aids are other factors supporting the market growth. However, high price of hearing aids is predicted to limit market growth.

Increasing rates of mild and moderate hearing loss among adults around the world is expected to propel the market growth during the projected period. For instance, according to a DownToEarth article, 2.5 million individuals worldwide are predicted to have mild to severe hearing loss by the year 2050 and would require ear and hearing treatment. According to the report, 1.1 billion people aged between 12 and 35 are at risk of developing the problem as a result of prolonged exposure to loud noises in recreational situations. This information is predicted to increase demand for the devices during the forecast period.

FDA’s recent approval of over-the-counter hearing aids is predicted to fuel the market growth during the forecast period. In order to increase access to efficient and secure hearing aids for the population with mild to moderate hearing loss, the U.S. FDA published the “Establishing Over-the-Counter Hearing Aids” rule in August 2022. This is predicted to play a significant role in the market’s expansion throughout the course of the forecast year. The FDA provided standards and guidance for the device manufacturers as well. The law is predicted to create a new category of these devices for those with these disorders in a practical and affordable manner, which is anticipated to further propel market expansion.

Segmentation

By Product

The market is categorized into receiver-in-the-ear hearing aids, in-the-ear hearing aids, canal hearing aids, and behind-the-ear hearing aids. In 2022, the canal hearing aids segment accounted for the highest revenue share due to the increase their popularity includes the leading players’ expanding R&D efforts to enhance their performance and the younger population’s growing need for invisible technologies. The devices have a perfectly invisible design that fits within the ear canal. These devices are predicted to become more popular due to the design’s ability to reduce outside noise. The behind-the-ear segment is predicted to experience profitable growth throughout the forecast period due to benefits offered by these devices, such as feedback management, noise reduction, and varied listening environments. The devices also support Bluetooth, allowing for wireless connectivity, and can be modified by pairing with external sound sources. Additionally, the devices provide greater amplification and have longer-lasting batteries, which are projected to significantly increase demand for behind-the-ear devices.

By Technology

The market is segmented into analog hearing aids and digital hearing aids. In the global market, the digital hearing aids segment accounted for the largest revenue share in 2022 owing to fact that these programmable devices transform sound waves into digital impulses, enabling precise sound duplication. During amplification, the devices enable the conversion of complex sound. This enhances the device’s performance in some circumstances, such as the decrease of background noise, which is anticipated to increase consumer acceptance of the devices and support the segment’s expansion. The segment is also anticipated to grow at the fastest rate during the projection period due to more flexibility in hearing aid programming. The microchip in these devices also assists in the analysis of speech and other environmental sounds. As a result, the devices’ effectiveness rises, further boosting their demand during the predicted period. Additionally, the addition of Bluetooth enables the devices to receive wireless connectivity.

Regional Markets

In 2022, North America region accounted for the highest revenue in the over-the-counter hearing aids market and is expected to maintain its dominance during the forecast period. This is attributed to presence of supportive government regulations and higher prevalence of hearing problems among the local population. For instance, the National Institute on Deafness and other Communicable Disorders reports that between the ages of 20 and 69, approximately 18% of people have speech frequency hearing loss in either one or both ears. According to the article, by 2021, more than 28 million people could use hearing aids, which is anticipated to fuel industry expansion in the area. The Asia Pacific region is predicted to grow during the projected period. The market is anticipated to be driven by factors such as the growing elderly population in countries such as India and Japan as the frequency of hearing diseases rises with age. Additionally, it is projected that government attempts to raise awareness of the condition would further spur regional market expansion. For instance, the Indian Government’s National Program for Prevention & Control of Deafness strives to identify, diagnose, and cure ear issues, and to rehabilitate those who are deaf.

Competitor Insights

Some of the key players operating in the over-the-counter hearing aids market are Jabra, Eargo Inc., Bose, Lively, Sonova Group, SeboTek Hearing Systems, LLC, Earlens Corporation, Elkon Private Ltd., Audicus, MD Hearing, and Cochlear Ltd.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• For instance, Jabra declared Jabra Enhance Plus was accessible both online and offline in October 2022. With the use of in-ear gadgets called Jabra Enhance Plus, consumers can take calls and listen to music while also improving their hearing.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including product and technology from 2022 to 2033.

Report Scope:

Segmentation: Over-The-Counter Hearing Aids Market Report 2022 – 2033

Product (Revenue, USD Million), 2022 – 2033

• Receiver-in-the-Ear Hearing Aids
• In-the-Ear Hearing Aids
• Canal Hearing Aids
• Behind-the-Ear Hearing Aids

Technology (Revenue, USD Million), 2022 – 2033

• Analog Hearing Aids
• Digital Hearing Aids

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA