Summary

In United States, the aging population is a significant driver for the hearing aids market. As people age, the prevalence of hearing loss tends to increase, creating a growing market for hearing aid devices. Disposable income levels in a population can influence the willingness and ability of individuals to invest in hearing aids. As disposable income rises, people may be more inclined to purchase higher-end or technologically advanced hearing aid devices. On-going research and development efforts in the field of audiology and hearing aid technology contribute to the introduction of innovative products. Companies investing in R&D to address the evolving needs of consumers can gain a competitive edge in the market. Collaborations between hearing aid manufacturers and other healthcare providers or technology companies can lead to innovative solutions. Strategic partnerships may result in the development of integrated healthcare ecosystems that benefit individuals with hearing loss. Selling over-the-counter (OTC) hearing aids without a prescription can reduce their average cost, according to the U.S. FDA's final rule on the subject. Retailers nationwide, including Walgreens, CVS, and others, will begin offering these over-the-counter hearing aids for USD 799 under this regulation, as opposed to the higher price range of USD 2,000 to USD 8,000 offered by medical professionals. This wide range in price is due to a number of factors, including the type of hearing aid, the features it offers, and the provider. The cost of hearing aids also varies depending on the features they offer. Some hearing aids come with features such as Bluetooth connectivity, tinnitus masking, and remote control. These features can add to the cost of the hearing aids. There is a growing movement to make over-the-counter (OTC) hearing aids available in the United States. According to the World Health Organisation (WHO), auditory loss is a common disorder, especially in developed countries. In the U.S., nearly 14–15% of the total population, or 48 million citizens, suffer from some degree of hearing loss.

According to the research report "United States Hearing Aids Market Overview, 2028," published by Bonafide Research, the United States Hearing Aids market was valued around USD 300 Million in 2022. Digital signal processing (DSP) continued to advance; enabling more sophisticated and personalized features in hearing aids. These include noise reduction algorithms, speech enhancement, and the ability to adapt to different listening environments. Hearing aids with Bluetooth connectivity became increasingly popular. This feature allows users to wirelessly connect their hearing aids to smartphones, tablets, and other devices, enabling streaming of phone calls, music, and other audio directly to the hearing aids. The market saw a rise in the popularity of rechargeable hearing aids. These devices use built-in batteries that can be easily recharged, providing a more convenient and environmentally friendly alternative to traditional disposable batteries. Smart hearing aids, equipped with AI capabilities, gained traction. These devices could learn from user preferences, adapt to different listening situations, and even provide health monitoring features. According to 2021 research from the National Institute for Deafness, approximately more than 28 million adults in the United States have hearing loss that could benefit from using hearing aids. However, over 15% of people between the ages of 20 and 69 who need hearing aids actually use them. This is due to a number of factors, including the high cost of hearing aids, the stigma associated with hearing loss, and a lack of awareness about the benefits of hearing aids. The Over-the-Counter Hearing Aid Act of 2017 paved the way for the introduction of OTC hearing aids. This regulatory change aimed to increase accessibility and affordability by allowing certain hearing aids to be sold directly to consumers without the need for a prescription.

Based on product the market is categorized into Behind-the-ear Hearing Aids, Receiver-in-the-ear Hearing Aids, In-the-ear Hearing Aids, Canal Hearing Aids and Other Hearings Aid Devices. BTE hearing aids are known for their versatile design. They consist of a small casing placed behind the ear, connected to an earmold or earpiece. This design allows for various customization options to suit individual preferences and comfort. BTE hearing aids are suitable for a wide range of hearing loss, from mild to severe. The design allows for more powerful amplification, making them effective for individuals with significant hearing impairments. BTE hearing aids are well-suited for incorporating wireless connectivity features. Many models can connect to smartphones, TVs, and other devices, providing users with seamless integration into their daily lives. BTE hearing aids typically have more space for larger batteries, resulting in longer battery life. This is an attractive feature for users who prefer not to change batteries frequently. The BTE design is known for its robustness and durability. The casing behind the ear protects the sensitive electronic components, making BTE hearing aids a reliable choice for many users. Furthermore the market is categorising into Digital and Analog based on application. Analog hearing aids are generally considered more affordable than their digital counterparts. This cost factor can be a significant consideration, especially for individuals who may not have access to comprehensive insurance coverage or for those who are price-sensitive. Analog hearing aids are known for their durability and reliability. The absence of complex digital components can make them less prone to malfunctions, and they may require less maintenance over time. Users who do not require or desire advanced connectivity features (such as Bluetooth connectivity to smartphones or other devices) might find Analog hearing aids sufficient for their needs. In remote or underserved areas where access to hearing healthcare services is limited, Analog hearing aids might still be available and used due to their simplicity and ease of maintenance.

Considered in this report:
• Geography: United States
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• United States Hearing Aids market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product
• Behind-the-ear Hearing Aids
• Receiver-in-the-ear Hearing Aids
• In-the-ear Hearing Aids
• Canal Hearing Aids
• Other Hearings Aid Devices (Bone Conduction Hearing Aids, Implantable Hearing Devices)

By Technology
• Digital
• Analogy

By Patient Type
• Adults
• Pediatrics

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Hearing Aids industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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