OTC Hearing Aid & Wireless Earbuds with Amplification Market

Report Description

OTC Hearing Aids and Wireless Earbuds with Amplification Market Outlook 2031

The global OTC hearing aids and wireless earbuds with amplification market size was valued at USD 1,882.5 Million in 2022 and is expected to reach USD 6,190.0 Million in 2031, expanding at a CAGR of 14.7% during the forecast period, 2023-2031.

Over-the-counter (OTC) hearing aids and wireless earbuds with amplification are devices designed to assist individuals with hearing difficulties. These products offer accessible and affordable solutions for people experiencing mild to moderate hearing loss or for those seeking enhanced audio experiences.

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OTC hearing aids are self-fitting devices that are purchased directly by consumers without a prescription or professional intervention. They provide amplification and sound processing capabilities to enhance ability of the user to hear and understand speech, environmental sounds, and other audio content.

OTC hearing aids typically come in the form of small and discreet devices that are worn comfortably in or behind the ear. Wireless earbuds with amplification serve a dual purpose.

In addition to their primary function as regular wireless earbuds for audio playback from smartphones or other devices, they also incorporate built-in amplification features. These earbuds are specifically designed to provide an adjustable volume boost, which allow users with mild hearing loss to hear and enjoy their audio content well.

OTC Hearing Aids and Wireless Earbuds with Amplification Market Macro-economic Factors

Technology Advancements

Rapid technological advancements are significantly impacting the global OTC hearing aids and wireless earbuds with amplification market in various ways. For instance, features such as noise cancellation, bluetooth connectivity, and personalized settings enhance the user experience and attract consumers.

These devices are increasingly becoming advanced and accessible with evolving technology, which increases the demand. Active noise cancellation and LE Audio are two examples of advanced technologies that improve the efficiency and effectiveness of these devices, which make them appealing to individuals with hearing impairments.

Additionally, advancements in manufacturing processes and materials lead to cost reductions that make OTC hearing aids and wireless earbuds affordable.

Disposable Income

High disposable income levels enable consumers to afford OTC hearing aids and wireless earbuds with amplification devices, which lead to increased market demand. When individuals have money available after meeting their essential needs, they are likely to allocate a portion of their income toward purchasing other products, such as OTC hearing aids and wireless earbuds with amplification.

For instance, in the US, the increased affordability drives the market, as it expands the potential customer base. Conversely, low disposable income levels limit consumer purchasing power and hinder the market growth. Therefore, the level of disposable income directly influences the market expansion potential for OTC hearing aids and wireless earbuds with amplification.

Competitive Environment

Intense competition in the OTC hearing aids and wireless earbuds with amplification market drives companies to innovate, improve product offerings, and optimize pricing strategies. Competing companies strive to differentiate themselves through unique features, superior performance, and competitive pricing to gain the market share.

For instance, integrating trending technology such as artificial intelligence and machine learning helps companies in stay ahead of their competitors. The competitive environment fosters market growth by purchasing manufacturers to invest in research and development, which leads to advancements in technology and product quality.

Additionally, the competition encourages companies to expand their distribution networks and penetrates new markets that result in increased sales opportunities.

Consumer Awareness and Education

Increased consumer awareness about hearing loss, available solutions, and the benefits of these devices impact the market. Education initiatives, public awareness campaigns, and informational resources help consumers understand the features, functionality, and suitability of OTC options.

For instance, 80% of people having disabling hearing loss are living in low or middle-income countries. They are not able to use these devices, due to lack of awareness and education. When consumers are well-informed, they are likely to seek out and purchase these products.

Furthermore, consumer education influences the recommendation of healthcare professionals, which expand the overall market by reaching untapped consumer segment and shape consumer perceptions about the effectiveness and reliability of OTC hearing aids and wireless earbuds with amplification.

OTC Hearing Aids and Wireless Earbuds with Amplification Market Dynamics

Major Drivers

Rising Prevalence of Hearing Loss

The increasing prevalence of hearing loss or disability among people is driving the market. Based on WHO Report 2021, more than 1.5 billion individuals globally have a certain level of hearing loss. By 2050, this number is anticipated to increase to 2.5 billion individuals. In addition, 430 million people across the globe, or around 5% of the global population, suffer from moderate or high levels of hearing loss. The number is projected to rise to over 700 million, or one in every ten individuals, by 2050.

According to WHO, the six WHO regions have different hearing loss prevalence rates, ranging from 3.1% in the Eastern Mediterranean region to 7.1% in the Western Pacific region. The Western Pacific region contributes the most, followed by the South-East Asia region, in terms of percentage.

In 2021, around 136.5 Million people were suffering from hearing loss in the Western Pacific region. All these factors are fueling the demand for OTC hearing aids and wireless earbuds with amplification across the globe.

Rise in Geriatric Population

The rise in the geriatric population across the globe is driving the OTC hearing aids and wireless earbuds with the amplification market. Around 65% of adults above 60 years of age are experiencing hearing loss, which increases the demand for OTC hearing aids and wireless earbuds with amplification.

The increasing prevalence of age-related hearing loss (ARHL) is anticipated to boost the market during the forecast period. Various factors are responsible for the development of age-related hearing loss (ARHL), including physical & environmental adversity, genetic predispositions, high susceptibility to physiological stresses, and changeable lifestyle behaviors.

The prevalence of hearing loss of moderate or high-grade severity rises exponentially with age on a global level, such as from 15.4% among individuals in their 60s to 58.2% among people over 90 years old. According to WHO, the prevalence of hearing loss among adults ranges from 10.9 to 17.6% among people in the 60–69 age group to 41.9 to 51.2% for people in the 80–89 age group, as well as 52.9 to 64.9% for people over 90.

Existing Restraints

The high price of OTC hearing aids is one of the major factors restricting the market. The average price of OTC hearing aids is around USD 1,600 to USD 3,000 per pair. Additionally, many insurance companies do not cover these devices, as they are not prescription goods. Hence, the majority of people depend on their own finances for devices, examinations, and services for maintaining these devices.

Hence, the high cost is one of the major restraints to the adoption of these devices among people. Audiologists offer specialized care for the diagnosis and treatment of hearing loss. The lack of audiologists is restraining the market across the globe.

According to the WHO, in the African region, around 78% of countries have fewer than one audiologist per one million people. In the Eastern Mediterranean region, more than ten audiologists per one million people are available.

Emerging Opportunities

The increasing number of favorable reimbursement and government policies related to OTC hearing aids are projected to fuel the market in the coming years. In the US, various government policies have changed and provided access of auditory loss assistive products to patients suffering from hearing loss, which boosted the adoption of OTC hearing aids across the country.

According to legislation signed by then-President Trump in 2017, the FDA had three years to create safety guidelines and regulations that permit the over-the-counter sale of devices to patients with mild to moderate hearing loss without first consulting an audiologist. These factors are anticipated to cause an increase in the adoption of these aids in the US.

In 2022, the FDA released an instruction that adults with mild to moderate hearing loss are able to purchase hearing aids at a store or online without a prescription, test, or audiologist assessment.

According to the FDA, the instruction is estimated to reduce average expenditures by as much as USD 3,000 per pair for the almost 30 million US-based consumers who suffer from hearing loss, including nearly 10 million adults under the age of 60. Additionally, several retailers are selling over-the-counter hearing aids by using online and offline channels, which are projected to propel the market in the coming years.

For instance, Hy-Vee is expected to sell OTC hearing aids through online channels in 34 locations across the US, including Kansas, Missouri, Wisconsin, Iowa, Minnesota, and Nebraska. Additionally, Hy-Vee is expected to provide hearing aids in 100 locations and offers four models ranging from USD 499.99 to USD 999.99. Walgreens is offering hearing aids both in-store and online for USD 799 in the US.

Scope of OTC Hearing Aids and Wireless Earbuds with Amplification Market Report

The report on the Global OTC Hearing Aids and Wireless Earbuds with Amplification Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

OTC Hearing Aids and Wireless Earbuds with Amplification Market Segment Insights

The Global OTC Hearing Aids and Wireless Earbuds with Amplification Market is segmented on the basis of type, sales channel and regions.

Type Segment Analysis

Based on type, the global OTC Hearing Aids and Wireless Earbuds with Amplification market is segmented into OTC hearing aids and wireless earbuds with amplification. The wireless earbuds with amplification segment is expected to dominate the market in 2022, owing to the discreet and versatile hearing assistance devices that combine audio playback and amplification capabilities, catering to individuals seeking enhanced hearing in a convenient and portable form.

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Sales Channel Segment Analysis

On the basis of sales channel, the global OTC Hearing Aids and Wireless Earbuds with Amplification market is segmented into online and offline. The offline segment is expected to hold a substantial share of the market during the forecast due to the preference for a personalized and hands-on shopping experience, where individuals can try on and receive expert guidance from professionals to select the most suitable devices for their hearing needs.

Regional Outlook

Based on regions, the OTC Hearing Aids and Wireless Earbuds with Amplification Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is growing at a rapid pace during the forecast period, due to the increasing prevalence of hearing loss and the availability of favorable government policies.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global OTC Hearing Aids and Wireless Earbuds with Amplification Market

• Historical, Current, and Projected Market Size in terms of Value and Volume

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global OTC Hearing Aids and Wireless Earbuds with Amplification Market