The OTC hearing aids Market will amass substantial gains over 2023-2032, led by the rising prevalence of hearing impairment globally.
As per WHO, by 2050, 2.5 billion people will suffer from a certain degree of hearing impairment, with at least 700 million individuals requiring hearing rehabilitation. At present, over 1 billion young adults are facing a threat of permanent and preventable hearing loss owing to unsafe listening practices and exposure to excessively loud noise.
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The increasing risk of hearing loss among adults and the elderly can be attributed to the presence of various risk factors such as smoking, sudden sensorineural hearing loss, chronic diseases, and otosclerosis. Moreover, the growing geriatric population worldwide and its higher susceptibility to age-related sensorineural degeneration necessitate the use of hearing aids and rehabilitation. According to the UN's Department of Economic & Social Affairs, the global geriatric population will more than double between 2021 and 2050, rising from 761 million to more than 1.5 billion.
The OTC hearing aids market is categorized based on product, type, distribution channel, and region.
Based on product, the market is classified into RIC, CIC, and others. The demand for receiver-in-the- (RIC) devices is set to increase over 2032 due to ongoing technological breakthroughs in smart and AI-enabled OTC hearing aids. For instance, in April 2023, JIUYEE, an emerging manufacturer of hearing aids in China, unveiled an innovative device, JIUYEE Real Pro Bluetooth Intelligent Hearing Aid with advanced features revolutionizing patient experience.
By type, the industry is segmented into self-fitting and preset hearing aids. The self-fitting OTC hearings market valuation will grow significantly over 2032 due to benefits such as personalized experience. The software in these devices allows individuals to operate the unit with the help of a mobile app based on their personal needs. Self-fitting aids offer exceptional flexibility, convenience, and independence to users, enabling them to switch settings such as noisy, music, or quiet modes for an optimum user experience.
With regards to distribution channel, the OTC hearing aids industry share from brick & mortar stores is set to grow substantially by 2032. The increasing expansion of retail networks worldwide will boost the sale of OTC hearing devices. Moreover, brick & mortar stores are placed widely across rural and urban areas offering accessibility even in distant locations. Several retail giants are expanding their geographic footprint to address the rising demand for goods and commodities, which will favor market growth through 2032.
In the regional landscape, the Asia Pacific OTC hearing aids market was worth over USD 48 million in 2022. APAC will emerge as a major hub for OTC hearing aids due to the growing focus on accessibility and affordability of healthcare. Moreover, the increased awareness regarding hearing impairment and ongoing technological innovations will boost the market growth.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Industry coverage
1.2 Market scope & definitions
1.3 Base estimates & working
1.3.1 Data collection
1.4 Forecast parameters
1.5 COVID-19 impact analysis at global level
1.6 Data validation
1.7 Data sources
1.7.1 Primary
1.7.2 Secondary
1.7.2.1 Paid sources
1.7.2.2 Unpaid sources
Chapter 2 Executive Summary
2.1 OTC hearing aids industry 3600 synopsis, 2018-2032
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Type trends
2.1.4 Distribution channel trends
2.1.5 Regional trends
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