Selbyville, Delaware, May 08, 2023 (GLOBE NEWSWIRE) --
OTC hearing aids market value is forecasted to cross USD 590 million by 2032, according to a new research report by Global Market Insights Inc.
Higher prevalence of hearing loss among the elderly will complement the demand for OTC hearing aids. Older people are often prone to healthcare conditions, including otosclerosis, abrupt sensorineural hearing loss, age-related sensorineural degeneration, and age-related hearing loss (presbycusis). As a result, it is anticipated that the growing elderly population would increase gains for and adoption of over-the-counter hearing aids, fueling the expansion of the OTC hearing aids industry.
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Rising popularity of RIC hearing aids
OTC hearing aids market share from the RIC segment was more than 46% in 2022. The market is witnessing the introduction of new RIC hearing aids with advanced features. Technological developments in advanced digital OTC hearing aids promote automation & enable brands to offer multiple features that aid in better communication and hearing. Novel technologies that incorporate AI enables users to access deep neural network to process and improve sound quality.
High sales of self-fitting hearing aids
OTC hearing aids industry share from the self-fitting segment is expected to register over 8% CAGR between 2023 to 2032. Self-fitting hearing aids are programmed by the wearer and adjust themselves without the help of a hearing healthcare specialist. The software or mobile app that these devices often include enables users to customize the settings of their hearing aids based on their own tastes and requirements.
Self-fitting hearing aids give their wearers the freedom, independence, convenience, and personalization to adapt their devices to various listening situations. Users often have the option to switch between several settings or applications, such as music, noise, or silent modes, to enhance their hearing in various contexts.
Browse key industry insights spread across 180 pages with 349 market data tables & 18 figures & charts from the report, “OTC Hearing Aids Market Size By Product (Receiver in Canal (RIC), Completely-in-the-Canal (CIC)), By Type (Preset, Self-Fitting), By Distribution Channel (Brick & Mortar Stores, e-commerce) & Forecast, 2023-2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/otc-hearing-aids-market
Presence of brick & mortar stores in remote locations
Based on the distribution channel, OTC hearing aids industry share from the brick & mortar stores segment is anticipated to observe nearly 7.1% CAGR by 2032. Growth in the network and accessibility of retail businesses are principally responsible for sizeable market expansion. These physical stores are reachable even from remote locations, and they are expanding their geographic reach to include consumer electronics like hearing aids.
Prevalence of hearing loss in North America
North America accounted for nearly 47% share of the global OTC hearing aids market in 2022. It is projected that the high prevalence of hearing impairment, supportive laws, attractive total addressable market, rising product penetration rates, and increasing public knowledge of hearing aids will hasten the expansion of the local economy.
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Competitive landscape of the global OTC hearing aids industry
Eargo Inc., Lexie Hearing, MD Hearing, Audicus, Audien Hearing, Sony Corporation, WS Audiology, Nuheara Limited, NUVOMED, INC., Etymotic Research, Inc., Xiamen Melosound Technology Co. Ltd, and Austar Hearing Science & Technology (Xiamen) Co., Ltd., are some of the key players in the global OTC hearing aids market. Companies in the market are working on the initiatives like collaborations, partnerships, etc.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
