The Hearing Aid Market in North America is predicted to reach USD 2.87 billion by 2029 from USD 2.11 billion in 2024 and is expected to grow at a CAGR of 6.3% during the forecast period. It captures 25% of the global market. Within North America, the hearing aid market in the United States is expected to lead the market.
The launch of innovative devices is majorly propelling the growth of the North American hearing aid market. Quick adoption of the latest technologies to launch innovative products is amplifying the growth rate of the market eventually. According to the National Library of Medicine report, hearing aid technology has significantly adopted new technologies in the past decade. The report also stated that it is going to have a promising future with the growing acceptance of wireless technology everywhere. Around 71% of the users are highly satisfied with the products launched with advanced technologies. For instance, the launch of various hearing aids such as two-way-calling. This system allows users to make a call without using a microphone. Companies are focusing on reducing noise and promoting high-quality hearing for the wearer.
An increasing number of people with auditory loss is boosting the growth rate of the North American hearing aid market. The rapidly growing prevalence of hearing loss every year is greatly influencing the market growth rate. According to the survey administered by the Centre for Disease Control and Prevention, around 40 million North Americans are facing hearing loss issues, and this number is growing at a robust rate every year. This means roughly 1 in 20 Americans are having hearing loss issues. Also, hearing loss among adults aged 18 years and below is growing, and the demand for innovative devices is surging eventually.
Ongoing support from Medical Tourism in developed countries is set to offer lucrative opportunities for market growth. Healthcare facilities are reducing surgical costs in ENT procedures and are showcasing lucrative opportunities for the market to grow in the coming years. Increasing prominence for the medical tourism industry in developed countries is likely to enhance the regional market growth. Recent studies show that a person suffering from hearing loss cannot lead a healthy and quality life. Hence, the demand for the hearing aid market has been growing at a higher rate in the past few years. In addition, the growing number of elderly people is anticipated to fuel the demand of the North American hearing aid market. Hearing aid devices show accuracy among older people as they have high levels of hearing loss.
However, negligence of the hearing loss issue, especially in rural areas, is majorly hindering the market growth rate. Along with this, the high requirement to invest more in manufacturing quality devices is slightly degrading the demand for the market. The availability of local brands at a lower price solely impacts the market growth and key players. Stringent rules and regulations imposed by government authorities are also negatively impacting the market growth rate.
Impact of COVID-19 on the North American hearing aid market:
The North American hearing aid market share was impacted negatively due to the spread of coronavirus at the end of 2019. Government authorities took various steps to curb the spread of COVID-19 across the countries; however, the effect was devastating in 2020 and 2021. All the schedules and treatment procedures were halted, which resulted in a 20% reduction in the sales of hearing aids in the United States in 2021. With all these odds, the market size is bouncing back at a higher rate from 2022.
This report has segmented and sub-segmented the North American hearing aid market into the following categories:
North America Hearing Aid Market - By Hearing Loss:
North America Hearing Aid Market - By Product:
North America Hearing Aid Market - By End-User:
North America Hearing Aid Market - By Country:
North American hearing aids market size is leading with the largest share and is expected to continue to grow at the same rate during the forecast period. Developed countries like the US and Canada are major contributors to the growth rate of the market in North America.
The U.S. has had a significant market share over the past couple of years with the launch of hearing aids with new features using the latest technological advancements. According to the World Health Organization (WHO), approximately 14-15% of the population is suffering from auditory loss. This is hugely impacting positively on the demand for the market. A growing number of ENT hospitals and clinics and the rapid adoption of the latest equipment are greatly influencing the demand for the US hearing aid market. United States Food and Drug Administration launched stringent rules and regulations to develop high-quality products at minimal expenses, which is anticipated to accelerate the market value. The emergence of the Internet of Things, even in remote areas, at a high accuracy rate, is likely to fuel the market demand in the US. Key market players' presence in the US is also to add fuel to the growth rate of the market.
Canada is expected to showcase the highest CAGR by the end of 2028. A growing number of people suffering from hearing loss is ascribed to bolster the demand of the market. In Canada, 6 out of 1000 children suffer from hearing loss. Rising disposable income is an additional factor to leverage the market growth rate in Canada. Approvals of new featured hearing aids from government regulations and increasing awareness through social media influencers are expected to surge the Canadian hearing aid market.
KEY MARKET PLAYERS:
Companies like G.N. Store Nord A/S (Denmark), Cochlear Limited (Australia), MED-EL (Austria), SeboTek Hearing Systems, Starkey Hearing Technologies, Inc. (U.S.), Widex (Denmark), William Demant Holding A/S (Denmark), LLC (U.S.), Sivantos Pte. Ltd. (Singapore), Sonova (Switzerland), and Zounds Hearing, Inc. (U.S.) are playing a promising role in the North America Hearing Aid Market.
In Canada, the aging population, increasing awareness about hearing health, and advancements in hearing aid technology are significant drivers of market growth.
The pandemic has led to a temporary decline in the market due to disruptions in manufacturing and distribution. However, the market is expected to recover as healthcare services normalize.
The aging population, increased prevalence of hearing loss, and a growing awareness of hearing health across different age groups contribute to market growth.
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