The Hearing Aid Market in North America is predicted to reach 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.
YOY growth in the number of people suffering from hearing problems in North American countries is one of the key factors propelling the hearing aid market in this region. Nearly 14% of people are suffering from hearing problems in the U.S. As per the study, the person with hearing problems not using hearing aid devices leads to an increased risk of social isolation, anxiety, and auditory processing problems.
YOY growth in the aging population diagnosing with hearing loss is another major factor driving the North American hearing aid market. More and more people are experiencing ear-related problems with increasing age which is seen mainly in older people, which reduces the quality of life and has been linked to depression, dementia, and a worsened risk of falls. According to the National Institute on Deafness and Other Communication Disorders, in the U.S., nearly one in three people over 60 have a hearing loss problem.
Growing awareness around hearing aids and the rising adoption rate of these devices in North American countries are accelerating the growth rate of the North American hearing aid market. Many manufacturers advertise their hearing aid devices and explain the inbuilt features and how it is used for hearing loss problems. Some factors that increase the adoption rate are increasing access to hearing aid devices, reducing stigma toward ear-level devices, and increasing ear-related knowledge in the population.
Technological advancements are also favoring the market growth. The introduction of digital signal processing (DSP) into hearing aids is the most used technology in this device. Hearing aids also use technology such as artificial intelligence (A.I.), which uses a deep neural network to process sound. Recently these advanced hearing aids come with a smartphone app. By using, users can adjust smartphones, such as monitoring battery life and adjusting the user for convenient use. In addition, advanced feature such as waterproofing, digital noise reduction, and personalized design, in some cases, all drives the market forward.
Furthermore, increasing awareness of the availability of various smart devices in the medical sector and rising investments in developing new products support market growth. Besides, hearing aids are becoming popular due to their effective treatment for hearing loss. Furthermore, the emergence of wireless technology, the growing popularity of smart hearing aids devices and government investments in developing new products with modern technology further propel the market growth in this region.
However, high costs associated with a hearing aid that is technologically well-advanced, the lack of health insurance reimbursement for hearing rehabilitative services, and the need for more research on the impact of hearing loss treatment are a few of the major factors hampering the hearing aid market growth in North America. The lack of skilled professionals and poor investment support for R&D further restrain the market growth. In addition, stringent rules and regulations by the governments, lack of standardization, and fluctuations in final product prices are further inhibiting North America's market growth.
This report has segmented and sub-segmented the North American hearing aid market into the following categories:
By Hearing Loss:
Geographically, North America occupied the largest share of the global market in 2021. The domination is expected to continue throughout the forecast period owing to favorable factors such as the growing aging population, an increasing occurrence rate of natural and accidental hearing loss, increasing cases of deafness occurrence, which involves ear infections, genetic factors, and increasing noise pollution.
The Hearing Aid Market in the United States is the most influential regional market in the North American market. The domination of the U.S. market in this region can be attributed to the technological advancements in hearing aid devices and the increasing number of clinics and hospitals related to ear problems. In U.S. and Canada, hearing loss is common in children. In Canada, nearly five children in 1,000 are born with hearing loss. The U.S. Food and Drug Administration issued minimal costs for hearing disorders, improving access to hearing aids in America.
The Canadian hearing aid market is estimated to have a healthy growth rate during the forecast period. Increasing capital income, growing usage of earphones or headphones, Bluetooth usage with huge volume, and loud voices are hiking the market growth rate in Canada. In Canada, only 5 percent of people use hearing aid devices. However, the demand will increase during the forecast period due to increasing people's awareness about hearing aids, increasing number of product launches, and regulatory approval for devices by the government. According to the Canada Community Health Survey, most people with hearing impairment are between 20 and 60 years old. This problem in these age groups affects education, job, and self-confidence. The growing adoption of invisible hearing aid in Canada is favoring the market. Most people in this region feel insecure about wearing a visible hearing aid; they think they might treat in various ways if they wear a hearing aid device. The key players operating in North America are focusing on manufacturing various types of invisible hearing aids with advanced features, infection free, and with fewer side effects. These hearing aids are made for all age groups. Canada's government has started investing in the hearing aid sector because most people only suffer from hearing problems from an early age. However, the cost of these devices and the lack of standardization hamper the growth. Over the analysis period, increasing disposable income is expected to bolster the hearing aids market growth.
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.
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