Over-The-Counter (OTC) Hearing Aids Market: Trends, Growth, and Opportunities
The global over-the-counter hearing aids market size is expected to reach USD 1.74 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.60% over the forecast period. The key factors driving the market growth include the rise in the prevalence of auditory impairment, technological advancements, and the launch of new products. Favorable government initiatives undertaken by governments to increase awareness about the devices is expected to further drive the demand for the devices during the forecast period. In October 2021, FDA passed an order wherein the FDA approved a new class of over-the-counter (OTC) hearing aids for patients suffering from mild to moderate impairment. Under this law, consumers will be able to buy these devices from stores or online retailers without the need for prescriptions. The law is also expected to reduce the prices of the devices. The FDA has established regulations and guidelines for the m...