Over-The-Counter Hearing Aids Market (By Product Type; By Technology Type: Digital Hearing Aids, Analog Hearing Aids) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

The global over-the-counter hearing aids market was surpassed at USD 1.16 billion in 2022 and is expected to hit around USD 2.00 billion by 2032, growing at a CAGR of 5.62% from 2023 to 2032.

Report Highlights

• By product type, canal hearing aids segment held the largest share of 33.04% in 2022. 
• By technology type, the digital technology segment held the largest share of 92.13% in 2022. 
• North America dominated the market in 2022 with a share of 35.22%. 

The availability of advanced devices in the market combined with the rising prevalence of mild and moderate hearing loss among the population globally is expected to contribute to the market growth.

The growth of the market is attributed to the increasing prevalence of this disorder among the population. According to an article by National Institute on Deafness and Other Communication Disorders dated March 2021, more than 37.5 million people in the U.S. had some trouble hearing which is expected to drive the demand for these devices. Moreover, the rising geriatric population base globally is expected to further drive the demand for the devices as the prevalence of the condition increases with age.

Favorable government initiatives undertaken by governments in order to increase awareness about the devices is expected to further drive the demand for the devices during the forecast period. In October 2021, FDA passed an order wherein FDA formally approved a new class of over-the-counter (OTC) hearing aids for patients suffering from mild to moderate hearing loss. Under this law, consumers will be able to buy these devices from stores or online retailers without the need for prescriptions. The law is also expected to reduce the prices of the devices. The FDA has established regulations and guidelines for the manufacturers wherein the manufacturers need to ensure the devices are safe and effective for people with the condition. The manufacturers also need to set standards for the packaging wherein they need to specify the benefits of the devices, patients who can benefit from the devices along with the warnings and information the patients need to know before buying these devices.

Moreover, partnerships and other initiatives undertaken by the key players is expected to drive the growth of the market during the forecast period. Several players in the market entered the new segment of the devices by launching innovative products. For instance, in October 2022, Lucid Hearing launched a range of behind-the-ear OTC hearing aids, which are available in various styles, fits, and battery options while catering to a range of budgets.

Product Type Insights

By product type, canal hearing aids segment held the largest share of 33.04% in 2022. The devices feature an invisible design, which fits completely inside the ear canal. The design helps to eliminate external noises which is expected to drive the adoption of these devices. Moreover, increasing R&D initiatives undertaken by the key players in order to improve their performance and rising demand for invisible devices by the younger population are some of the key factors, which are expected to boost their acceptance.  

Behind-the-ear segment is anticipated to witness lucrative growth during the forecast period owing to the advantages offered by these devices such as feedback management, noise reduction, and multiple listening environments which is expected to drive demand for these devices. Moreover, the devices can be modified by connecting with external sound sources and are Bluetooth compatible which enables wireless connectivity. Further, the devices offer higher amplification and feature larger battery life, which is expected to further contribute to the demand for behind-the-ear devices.

Technology Type Insights

By technology type, the digital technology segment held the largest share of 92.13% in 2022. These devices are programmable and convert sound waves into digital signals, which help to produce exact duplication of sound. The devices allow the conversion of complex sound during amplification. This helps improve the performance of the device in certain situations such as the reduction of background noise which is expected to drive the acceptance of the devices, thereby contributing to the growth of the segment.

The segment is also projected to witness the fastest growth during the forecast period owing to greater flexibility in hearing aid programming. Moreover, the microchip in these devices helps to analyze speech and other environmental sounds. This increases the effectiveness of the devices thereby, further driving the demand for these devices during the forecast period. Further, the incorporation of Bluetooth helps to deliver wireless connectivity to the devices.

Regional Insights

North America dominated the market in 2022 with a share of 35.22%. The availability of favorable government policies and higher incidence of hearing disorders among the population in the region are expected to be key factors driving the growth of the market. For instance, according to an article by National Institute on Deafness and other Communicable Disorders, about 18% of the population between the age of 20-69 suffer from speech frequency hearing loss in one or both ears. The article also states that more than 28 million people could benefit from hearing aids as of 2021, which is expected to contribute to the growth of the market in the region.

Asia Pacific region is projected to witness growth during the forecast period. Factors such as the increasing geriatric population base in countries such as India and Japan is expected to drive the market as the prevalence of hearing disorders increases with age. Moreover, government initiatives undertaken in order to increase awareness about the condition is expected to further boost the regional market growth. For instance, the National Program for Prevention & Control of Deafness by the Indian Government aims to prevent avoidable hearing loss, identify, diagnose and treat ear problems, rehabilitate people suffering from the condition, etc.

Key Players

• Eargo Inc.
• Jabra
• Bose
• MD Hearing
• Lively
• Audicus

Market Segmentation

• By Product Type Outlook
• In-the-Ear Hearing Aids
• Receiver-in-the-Ear Hearing Aids
• Behind-the-Ear Hearing Aids
• Canal Hearing Aids
• By Technology Type Outlook
• Digital Hearing Aids
• Analog Hearing Aids
• By Regional Outlook 
• North America

• U.S.

• Canada

• Europe

• Germany

• U.K.

• France

• Italy

• Spain

• Denmark

• Asia Pacific

• Japan

• China

• India

• Australia

• South Korea

• Latin America

• Brazil

• Mexico

• Argentina

• MEA

• South Africa

• Saudi Arabia

• UAE