Report : US Hearing Aids Market Size and Forecast (2021 - 2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (OTC Hearing Aids and Prescription Hearing Aids), Product Type (Hearing Aid Devices and Hearing Implants), Technology (Digital Hearing Aids and Conventional Hearing Aids), Type of Hearing Loss (Sensorineural Hearing Loss and Conductive Hearing Loss), Patient Type (Adults and Pediatrics), and Distribution Channel (Pharmacies, Retail Stores, and Online)
US Hearing Aids Market: Key Insights
According to our new research study on "US Hearing Aids Market Forecast to 2031 – Country Analysis – by Type, Product Type, Technology, Type of Hearing Loss, Patient Type, and Distribution Channel," the market size is expected to grow from US$ 9.66 billion in 2023 to 14.66 billion by 2031; it is estimated to register a CAGR of 5.3% during 2023–2031.
The factors driving the hearing aids market include the increasing incidence of hearing loss among the US population and a surge in strategic initiatives by the market players. Furthermore, growing awareness pertaining to the newly launched technologically advanced hearing aids contributes to the growing US hearing aids market size. However, the high cost of customized and prescribed hearing aids is the major factor hindering the US hearing aids market growth.
Approval of Over-The-Counter Hearing Aids to Propel US Hearing Aids Market Growth During Forecast Period.
Earlier, people used to get hearing aids only by undergoing an expensive medical exam or by receiving a prescription from a professional who fits the device for the person. The US Food and Drug Administration (FDA) released a new regulation that cuts red tape by creating a new class of hearing aids in August 2022. The US FDA established a regulatory category for over-the-counter (OTC) hearing aids for adults to improve access to hearing aid technology and reduce its costs for millions of Americans. The FDA retained the reliance on “perceived mild-to-moderate hearing loss” as the primary measure for OTC hearing aids. This action enables users with mild to moderate hearing loss to purchase OTC hearing aids directly from online retailers or stores without needing an audiology exam, prescription, or a custom fitting by an audiologist.
The rule ensures the safety and effectiveness of OTC hearing aids and their sale in traditional retail stores and online, making them more widely available nationwide. This new regulatory category will help people have convenient access to an array of safe and cost-effective hearing aids from their neighborhood store or online. With the recent access to OTC hearing aids, people with mild to moderate hearing loss have a more affordable treatment option.
OTC hearing aids are now marketed at significantly reduced prices, with some devices sold for only US$ 500 or less per ear. Sony CRE-C10 and CRE-E10 are available on the Sony website and at Amazon, Best Buy, and other retailers across the country. The FDA estimates the new rule could save ~US$ 2,800 a pair. The new OTC rule applies only to certain kinds of hearing aids, and these devices are only for adults with mild to moderate loss of hearing. People with severe hearing loss and those under 18 still need a prescription.
Due to strict FDA rules, the number of players is scarce in the hearing aids industry. However, the market is expected to open up, and more companies will foray into the market. Experts also believe that existing manufacturers will develop low-cost OTC devices in addition to their existing offerings. Additionally, a surge is expected to be witnessed in the demand for OTC hearing aids by consumers suffering from mild to moderate hearing loss. This action promotes innovation and competition in the hearing aid technology market. It unleashes the American industry's power to improve the technology in a way that will help solve the enormous burden of disability caused by hearing loss. Therefore, these factors are expected to propel the growth of the hearing aids market during the forecast period.
US Hearing Aids Market: Segmental Overview
The “US hearing aids market” is segmented by type, product type, technology, type of hearing loss, patient type, and distribution channel. Based on type, the US hearing aids market has been bifurcated into OTC hearing aids and prescription hearing aids. The prescription hearing aids segment held a larger market share in 2023, and the OTC hearing aids segment is anticipated to register a higher CAGR during the forecast period.
Based on product type, the US hearing aids market has been bifurcated into hearing aid devices and hearing implants. In terms of technology, the market is differentiated into digital hearing aids and conventional hearing aids. By type of hearing loss, the market is bifurcated into sensorineural hearing loss and conductive hearing loss. Based on patient type, the market is divided into adults and pediatrics. By distribution channel, the market is segmented into pharmacies, retail stores, and online.
US Hearing Aids Market: Competitive Landscape and Key Developments
Starkey Laboratories Inc., Audina Hearing Instruments Inc, Sebotek Hearing Systems LLC, Earlens Corp, GN Store Nord As, Cochlear Ltd, WS Audiology AS, Sonova Holding AG, Sonic Innovations Inc, and Amplifon Hearing Health Care Corp. are a few key companies operating in the US hearing aids market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities. Some inorganic strategies adopted by the players operating in the US hearing aids market are given below:
- In March 2021, Earlens Corporation partnered with ENT Partners. This partnership will result in the expansion of Earlens hearing aids nationwide.
- In September 2022, WSA entered into a partnership agreement with Sony Corporation. The partnership aims to develop and supply new products and services in the over-the-counter hearing aid market, beginning with the US.
A few of the recent developments in the US hearing aids market are mentioned below:
- In May 2022, WS Audiology’s brand Signia launched its new Styletto AX Hearing aid that comes in an award-winning design and is preferred by 8 out of 10 people; it features on-the-go charging.
- In January 2021, GN Hearing introduced ReSound Key to its ReSound hearing aids portfolio. Its new features include rechargeability of up to 30 hours, direct streaming using iOS and Android devices, and state-of-the-art Bluetooth Low Energy.
- In October 2022, Lexie Hearing launched the Lexie B2 hearing aids, powered by Bose, adjoining a third hearing aid model to its audiologist-quality hearing aid products. The second-generation device has been developed in partnership with Bose.
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