Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) — The “U.S. Hearing Aids Market Size, Share & Trends Analysis Report by Product Type (BTE, Canal Hearing Aids), Technology (Digital, Analog), Sales Channel (Retail Stores, E-pharmacy), and Segment Forecasts, 2024-2030” report has been added to ResearchAndMarkets.com’s offering.
The U.S. hearing aids market size is anticipated to reach USD 3.01 billion by 2030 and is growing at a CAGR of 5.7%
This growth is attributable to the increasing adoption of technologically advanced hearing aid devices and the rising prevalence of hearing loss among the geriatric population in the country.
The U.S. population is aging faster than ever before, which is causing an increase in the number of adults with hearing loss. According to the National Council on Aging, Inc., hearing impairment affects approximately 60.7 million Americans aged 12 and older, with 15.5% of adults aged 20 and above experiencing some hearing loss. Among individuals aged 65 and older, 31.1% suffer from hearing loss, increasing to 40.3% among those aged 75 and older.
Globally, around 70 million people have complete hearing loss, while studies suggest that 28.8 million American adults could benefit significantly from wearing hearing aids. However, despite the prevalence of hearing loss, only 16% of individuals aged 20-69 and 30% of those aged 70 and above have ever used a hearing aid. Moreover, hearing loss rates in the United States are projected to nearly double by 2060.
The healthcare industry has become subject to increasing regulatory scrutiny, and one recent development is the establishment of guidelines for over-the-counter (OTC) hearing aids by the U.S. Food and Drug Administration (FDA). Manufacturers of hearing aids must comply with regulations set forth by the FDA under the FD&C Act, covering device standards like adverse event reporting, labeling, and electronic product regulations.
Notably, these regulations extend to OTC hearing aids, outlining criteria for labeling, performance, and design. The FD&C Act specifies sections such as 21 CFR 800.30 for OTC hearing aids and 21 CFR 801.422 for prescription hearing aids, ensuring adherence to labeling requirements. Adhering to these regulations guarantees the availability of safe and efficient hearing aids, promoting informed choices among consumers.
U.S. Hearing Aids Market Report Highlights
- Based on product type, the behind-the-ear hearing aid segment dominated the market with the highest revenue share of 39.94% in 2023. This is due to their features like high durability and robustness, easy to handle, and is suitable for all age groups
- The canal hearing aids segment is expected to grow at a significant CAGR over the forecast period as they offer natural sound quality, reduced wind noise, improved directionality, and comfort & convenience
- Based on sales channels, the e-pharmacy segment is expected to witness a moderate CAGR over the forecast period owing to the established network of online sales platforms
- Based on technology, the digital hearing aid segment dominated the market with a share of 95.19% due to its features such as long-term adaptability, speech enhancement, feedback suppression, comfort, and discretion
- In January 2024, Eargo, Inc. launched Eargo SE, a self-fitting, rechargeable, over-the-counter in-canal hearing aid with a new ear tip design
Companies Featured
- Sonova
- Audicus
- Starkey Laboratories, Inc.
- Audina Hearing Instruments, Inc.
- Eargo, Inc.
- GN Store Nord A/S
- MDHearing
- WS Audiology
- Horentek Hearing Diagnostics
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $2.04 Billion |
| Forecasted Market Value (USD) by 2030 | $3.01 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | United States |
Key Topics Covered:
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Segment Definitions
1.2.1. Product Type
1.2.2. Technology
1.2.3. Sales Channel
1.2.4. Estimates and Forecasts Timeline
1.3. Research Methodology
1.4. Information Procurement
1.5. Information or Data Analysis
1.6. Market Formulation & Validation
1.7. Model Details
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Product Type Outlook
2.2.2. Technology Outlook
2.2.3. Sales Channel Outlook
2.3. Competitive Insights
Chapter 3. U.S. Hearing Aids Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/ancillary Market Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.3. U.S. Hearing Aids Market Analysis Tools
3.3.1. Industry Analysis – Porter’s
3.3.2. PESTEL Analysis
Chapter 4. U.S. Hearing Aids Market: Product Type Estimates & Trend Analysis
4.1. Product Type Market Share, 2023 & 2030
4.2. Segment Dashboard
4.3. U.S. Hearing Aids Market by Product Type Outlook
4.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the Following
4.4.1. In-the-ear Hearing Aids
4.4.2. Receiver-in-the-ear Hearing Aids
4.4.3. Behind-the-ear Hearing Aids
4.4.4. Canal Hearing Aids
Chapter 5. U.S. Hearing Aids Market: Technology Estimates & Trend Analysis
5.1. Technology Market Share, 2023 & 2030
5.2. Segment Dashboard
5.3. U.S. Hearing Aids Market by Technology Outlook
5.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the Following
5.4.1. Digital Hearing Aid
5.4.2. Analog Hearing Aid
Chapter 6. U.S. Hearing Aids Market: Sales Channel Estimates & Trend Analysis
6.1. Sales Channel Market Share, 2023 & 2030
6.2. Segment Dashboard
6.3. U.S. Hearing Aids Market by Sales Channel Outlook
6.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the Following
6.4.1. Retail Sales
6.4.1.1. Market Estimates and Forecasts 2018 to 2030 (USD Million)
6.4.1.2. Company Owned
6.4.1.3. Independent Retail
6.4.2. E-pharmacy
6.4.3. Others
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, by Key Market Participants
7.2. Company/Competition Categorization
7.3. Vendor Landscape
7.3.1. List of Key Distributors and Channel Partners
7.3.2. Key Customers
7.3.3. Key Company Heat Map Analysis, 2023
7.4. Company Profiles
7.4.1. Company Overview
7.4.2. Financial Performance
7.4.3. Product Benchmarking
7.4.4. Strategic Initiatives
For more information about this report visit https://www.researchandmarkets.com/r/g33e26
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