Over-The-Counter Hearing Aids Market Will Reach US$ 4.8 Billion By 2031, Growing At A CAGR Of 5.4 Percent Between 2022 And 2031

In 2021, the market for Over-The-Counter Hearing Aids worldwide was worth $ 1.6 billion US dollars. WMR Group projects that the market will reach US$ 4.8 billion by 2031, growing at a CAGR of 5.4 percent between 2022 and 2031.

Industry Overview:

A hearing aid is an electronic device used to improve hearing in people who have hearing loss or auditory nerve damage. Hearing loss is a serious condition that interferes with patients' daily activities, and if left untreated, the patient may develop other serious conditions such as anxiety, depression, low self-esteem, decreased mobility, dementia, and falls. Hearing aid adoption is projected to increase as the incedences of hearing loss is rising. According to 2020 WHO reports on deafness and hearing loss, approximately 1.1 billion young people (aged 12-35 years) are at risk of hearing loss as a result of noise exposure in recreational settings.

Over-the-counter (OTC) hearing aids are a new type of device that consumers can buy without a doctor's prescription. The devices are designed for adults who have mild to moderate hearing loss. According to the FDARA, over-the-counter hearing aids are designed to assist adults with apparent mild to moderate hearing loss. Consumers should keep in mind, however, that hearing loss can be a symptom of underlying health problems such as diabetes, cardiovascular disease, or chronic kidney disease.

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Key players :

operating in the Over-The-Counter Hearing Aids Market include Audicus, Bose, Cochlear Ltd, Demant A/S, Eargo Inc., GN Store Nord A/S, Jabra, Lively, MD Hearing, MED-EL, RION Co., Ltd., Sonova, Starkey and WS Audiology among others. Demant A/S held the market revenue leadership position. This company's presence in the fields of hearing devices and cochlear implants, as well as its expanded geographical presence, are some of the key factors contributing to its dominance. The company announced the launch of new groundbreaking hearing aid technology in four hearing aid brands in November 2020: Oticon, Philips Hearing Solutions, Bernafon, and Sonic.

Market Segmentation:

Based upon the Product Type in the Over-The-Counter Hearing Aids market is segmented in In-the-Ear Hearing Aids, Receiver-in-the-Ear Hearing Aids, Behind-the-Ear Hearing Aids and Canal Hearing Aids. The Canal Hearing Aids type dominated the Over-The-Counter Hearing Aids market in 2021. Canal Hearing Aids segment rises due to their feature an invisible design, which fits completely inside the ear canal. The design helps to reduce external noises, which is expected to drive device acceptance. Moreover, growing R&D initiatives undertaken by the prominent stakeholders in order to enhance their performance and growing preference for invisible devices by the young generation are some of the key factors, which are anticipated to increase their recognition.

Based on the Technology, the Over-The-Counter Hearing Aids market is segmented into Digital Hearing Aids and Analog Hearing Aids. In the Technology segment the most dominant market is Digital Hearing Aids which acquires the largest Over-The-Counter Hearing Aids market share in 2021. This segment is driven due to the to greater flexibility in hearing aid programming. Furthermore, the microchip in these devices aids in the analysis of speech and other environmental sounds.

Distribution Channels segment of Over-The-Counter Hearing Aids market is further bifurcated into OTC (Over the Counter), Medical Channel/ Hospitals Pharmacies, and Private Practice/ Retail Pharmacies. In 2021, the Medical Channel/Hospital Pharmacies segment accounted for the lion's share of the global market. Favorable health reimbursement for hearing implant surgeries and rising penetration of hearing implants may boost this segment's growth, as Well as over Hearing Aids, is high in hospitals due to an increase in the number of patients attending for treatment.

By Product Type
• In-the-Ear Hearing Aids
• Receiver-in-the-Ear Hearing Aids
• Behind-the-Ear Hearing Aids
• Canal Hearing Aids
By Technology
• Digital Hearing Aids
• Analog Hearing Aids
By Distribution Channel
• OTC (Over the Counter)
• Medical Channel/ Hospitals Pharmacies
• Private Practice/ Retail Pharmacies

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Another important element influencing the market's growth is projected to be the rising prevalence of hearing loss among adults worldwide. 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 need ear and hearing treatment. According to the report, 1.1 billion people aged between 12 and 35 are at risk of developing the ailment 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.

Further boosting their acceptance is anticipated to be the simple, no-prescription availability of these gadgets through brick-and-mortar and online businesses. If neglected, hearing loss can lead to additional dangerous disorders like anxiety, sadness, low self-esteem, impaired mobility, dementia, and falls. Hearing loss is a serious ailment that impacts patients' daily activities. Thus, it is anticipated that easy access to these gadgets will help patients' conditions and, as a result, their acceptance.

Market Dynamics:

The global Over-The-Counter Hearing Aids market is increasing due to the growing incidences of hearing loss among adults globally and introduced of the 'Establishing Over-the-Counter Hearing Aids' rule by FDA in order to improve access to effective and safe hearing aids for people with mild to moderate hearing loss by 2022. In addition, the FDA issued guidelines and regulations for device manufacturers. The guidelines are expected to establish a new category of these devices for people suffering like disorders in a convenient and cost-effective way, thus facilitating the demand for Over-The-Counter Hearing Aids. According to the WHO, 466 million people worldwide suffer from disabling hearing loss, accounting for approximately 6.1% of the global population. Furthermore, it is predicted that this figure will rise to around 1.5 billion by 2050, owing primarily to an increase in the elderly population.

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