Latin America Over-the-counter (otc) Hearing Aids Market Size & Outlook
Latin America over-the-counter (otc) hearing aids market, 2018-2030 (US$M)
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Latin America over-the-counter (otc) hearing aids market highlights
- The Latin America over-the-counter (otc) hearing aids market generated a revenue of USD 68.5 million in 2023.
- The market is expected to grow at a CAGR of 6% from 2024 to 2030.
- In terms of segment, canal hearing aids was the largest revenue generating product in 2023.
- Behind-the-Ear Hearing Aids is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 68.5 million |
| Market revenue in 2030 | USD 102.6 million |
| Growth rate | 6% (CAGR from 2023 to 2030) |
| Largest segment | Canal hearing aids |
| Fastest growing segment | Behind-the-Ear Hearing Aids |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | In-the-Ear Hearing Aids, Receiver-in-the-Ear Hearing Aids, Behind-the-Ear Hearing Aids, Canal Hearing Aids |
| Key market players worldwide | PatientPop, GN Store Nord A/S, Sony Group Corp, Audicus, Lexie Hearing |
Other key industry trends
- In terms of revenue, Latin America region accounted for 6.2% of the global over-the-counter (otc) hearing aids market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 407.1 million by 2030.
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Over-The-Counter (OTC) Hearing Aids Market Scope
Over-The-Counter (OTC) Hearing Aids Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America over-the-counter (otc) hearing aids market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to over-the-counter (otc) hearing aids market will help companies and investors design strategic landscapes.
Canal hearing aids was the largest segment with a revenue share of 32.85% in 2023. Horizon Databook has segmented the Latin America over-the-counter (otc) hearing aids market based on in-the-ear hearing aids, receiver-in-the-ear hearing aids, behind-the-ear hearing aids, canal hearing aids covering the revenue growth of each sub-segment from 2018 to 2030.
Latin America holds significant growth potential for OTC hearing aids. Poor socioeconomic conditions and geographic differences hamper the growth of OTC hearing aids market across the region. The penetration rate of hearing aids is low in the region owing to lack of awareness about them.
Presence of a large elderly population is contributing to an increase in the prevalence of hearing loss in Latin America. According to recent WHO estimates, Latin America and the Caribbean region account for around 9% of the global count of individuals with hearing loss.
The adoption of hearing aids is still low due to poor awareness and knowledge about these devices. Increase in number of government initiatives for detecting hearing loss, rise in elderly population, and growth in need for technologically advanced devices to help people with hearing impairment are expected to drive the market in Latin America.
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Our clientele includes a mix of over-the-counter (otc) hearing aids market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America over-the-counter (otc) hearing aids market, including forecasts for subscribers. This continent databook contains high-level insights into Latin America over-the-counter (otc) hearing aids market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America over-the-counter (otc) hearing aids market size, by country, 2018-2030 (US$M)
Latin America Over-The-Counter (OTC) Hearing Aids Market Share, 2023 & 2030 (US$M)
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