The Hearing Aid Market in North America size is predicted to grow USD 2.55 billion by 2027 from USD 1.88 billion in 2022 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.
Increasing awareness over the availability of various smart devices in the medical sector is a key driving factor for market growth. Rising investments in the development of new products are lavishing the demand of the market. Besides, hearing aids are becoming popular due to its effective treatment procedure for hearing loss is enhancing the growth rate of the market. The emergence of wireless technology is also an attribute for the market to grow. The rising popularity of smart hearing aids devices is additionally boosting up the demand of this market. Government investments on the development of new products with modern technology are lavishing the growth rate of the market.
However, the cost of advanced featured devices is a bit expensive, where ordinary people cannot afford them, slowly restraining the market demand. The shortage of skilled labor in manufacturing innovative designs is hampering the growth rate of the market. Stringent rules and regulations by the governments, lack of standardization, and fluctuations in the prices of final products are majorly inhibiting the demand of the market.
On-going research in developing innovative products with the latest technology and also to reduce the cost of final products is to surge growth opportunities for the market. The rise in support from private organizations is also escalating the demand of the market. Increasing spending on healthcare is leveraging the growth rate of the market. Furthermore, the growing prevalence of wireless/smart devices is promoting the demand of the market. Increasing new entry-level players and focusing on increasing productivity elevates themarket's growth rate in North America.
This report has been segmented and sub-segmented the North American hearing aid market into the following categories:
By Hearing Loss:
Geographically, Regionally, North America was occupied the largest and majority of the share in the global 2020. The market is expected to dominate the region throughout the review period. It is attributed due to factors like the growing aging population, an increasing number of the occurrence rate of natural and accidental hearing loss. The market in North America is also due to increasing cases of deafness occurrence, which involves ear infections, genetic factors, and raises in noise pollution fuel the market growth. Also, an increase in the geriatric population is one major factor that accelerates market growth.
The Hearing Aid Market in the United States is the most influential regional market in North American market. Rise in the introduction of innovative hearing aids devices with advanced technology is a significant factor propelling the growth of this market in the United States. Growing demand for convenient and comfort hearing aids is making the shares of the market to expand. The U.S. is expected to dominate the hearing aid market of this region due to growing research and development; product development of the devices, mergers, and acquisitions of the key players fuel the U.S. market growth. New hearing devices coming into the market with key players advanced technologies and increasing demand for comfort hearing devices are swelling the US market over the period.
The Canadian Hearing Aid Market is estimated to have the fastest growth rate from the past few years and is to have significant growth opportunities in the coming years. Increasing capital income in this country is ascribed to bolster the demand for the North American market. Factors like usage of earphones or headphones, Bluetooth usage with huge volume, and loud voices are hiking the growth rate of the market in this country. However, the cost of these devices and lack of standardization are hampering the growth. Increasing disposable income is expected to bolster the hearing aids market growth over the analysis period.
KEY MARKET PLAYERS:
Companies like GN 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.
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