South Korea Over-the-counter (otc) Hearing Aids Market Size & Outlook
South Korea over-the-counter (otc) hearing aids market, 2018-2030 (US$M)
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South Korea over-the-counter (otc) hearing aids market highlights
- The South Korea over-the-counter (otc) hearing aids market generated a revenue of USD 21.3 million in 2023 and is expected to reach USD 35.9 million by 2030.
- The South Korea market is expected to grow at a CAGR of 7.7% 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.
Over-the-counter (otc) hearing aids market data book summary
| Market revenue in 2023 | USD 21.3 million |
| Market revenue in 2030 | USD 35.9 million |
| Growth rate | 7.7% (CAGR from 2023 to 2030) |
| Largest segment | Canal hearing aids |
| Fastest growing segment | Behind-the-Ear Hearing Aids |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, South Korea accounted for 1.9% of the global over-the-counter (otc) hearing aids market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan over-the-counter (otc) hearing aids market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 82.1 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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South Korea 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 32.86% in 2023. Horizon Databook has segmented the South Korea 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.
Higher prevalence of hearing loss or impairment among the elderly population is the key factor for the growth of the hearing aid market in South Korea. The number of hearing loss cases is increasing which is anticipated to increase the demand for hearing aids. However, market penetration rate of hearing devices is still significantly low in this country.
This is a lower percentage than in several European countries, where over 75% of individuals who use hearing aids have them in both ears. In addition, technological advancements, government initiatives, and insurance policies designed to increase population awareness are contributing to market growth.
According to the KoreaTrak 2021 study, 11% of hearing aid owners received full funding, while nearly half (48%) received partial funding. In contrast, the majority of non-owners in the survey believed that no funding was available or were unaware of any funding opportunities.
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Target buyers of South Korea over-the-counter (otc) hearing aids market databook
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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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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea over-the-counter (otc) hearing aids market, including forecasts for subscribers. This country databook contains high-level insights into South Korea over-the-counter (otc) hearing aids market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea over-the-counter (otc) hearing aids market size, by product, 2018-2030 (US$M)
South Korea Over-The-Counter (OTC) Hearing Aids Market Share, 2023 & 2030 (US$M)
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