North America Hearing Aid Market

Growing obese population is driving the market growth

Market CAGR hearing aid is being driven by the rising prevalence of hearing disorders. A person who is obese has an abnormally high level of fat in their body, which could be harmful to their health. The market's growth can be associated to the rising use of hearing aids, rising public awareness of technologically sophisticated tools for treating hearing loss and deafness, and rising rates of hearing loss due to an aging population. 

It is a technologically advanced sector that has witnessed the introduction of unique goods including hearing aids that are invisible, smart-linked, AI- and Bluetooth-enabled, and work with both Android and iOS. For instance, Phonak unveiled the world's first waterproof rechargeable hearing aid, the Audéo Life, in August 2021.

As a result, hearing aid manufacturers are enhancing the user experience for patients with new functions and technologies, which is anticipated to drive market expansion in the upcoming years. According to the National Institute on Deafness and Other Communicable Disorders, 15% of Americans who are 18 years of age and older have hearing loss. 

The FDA proposed creating a new class of inexpensive over-the-counter (OTC) hearing aids in October 2021. This created a new source of income for companies trying to get into the OTC hearing aid market. The U.S. hearing aids industry is expected to benefit long-term from such significant governmental and regulatory assistance.

In both established and emerging economies, hearing service offices and general healthcare service organizations of local governments place a strong emphasis on the early detection of deafness and the distribution of hearing aids to individuals. Healthcare infrastructure in these nations is increasing quickly as the healthcare industry in developing economies moves towards privatization. 

The demand for these gadgets and associated diagnostic services is growing as a result of education efforts and public health awareness initiatives. The healthcare sector has been significantly impacted by the COVID-19 outbreak. Many hospitals were at capacity for beds.

To better distribute resources, several elective treatments were also delayed or canceled. The Hearing Industries Association (HIA) forecasts a 20% fall in hearing aid sales in the United States in 2020. The reason for this was a drop in the volume of audiology consultations. Major manufacturers' goods sales plummeted as a result. Despite all of these challenges, the COVID-19 situation is beginning to normalize, which is helping the hearing aids industry as well as other medical sectors gain ground. Thus, driving the North America Hearing Aid market revenue.

The aging demographic in North America is a primary driver of the Global North America Hearing Aid Market Industry. As the population ages, the prevalence of hearing loss increases significantly. By 2024, the market is projected to reach 12.5 USD Billion, largely due to the growing number of individuals aged 65 and older who require hearing assistance. This trend is expected to continue, with estimates suggesting that by 2035, the market could expand to 25 USD Billion. The increasing awareness of hearing health among older adults further propels demand for hearing aids, indicating a robust growth trajectory for the industry.

Technological innovations are reshaping the Global North America Hearing Aid Market Industry, enhancing the functionality and appeal of hearing aids. Recent advancements include the integration of artificial intelligence and Bluetooth connectivity, allowing users to connect their devices seamlessly to smartphones and other gadgets. These innovations not only improve user experience but also attract a younger demographic, thereby expanding the market. The continuous evolution of hearing aid technology suggests a potential for sustained growth, contributing to the projected CAGR of 6.5% from 2025 to 2035. As technology becomes more sophisticated, consumer adoption rates are likely to increase.

There is a notable increase in healthcare awareness regarding hearing loss and its implications, which serves as a significant driver for the Global North America Hearing Aid Market Industry. Educational campaigns and initiatives by health organizations are fostering a better understanding of hearing health, encouraging individuals to seek solutions for hearing impairments. This heightened awareness is likely to lead to increased demand for hearing aids, as more people recognize the importance of addressing hearing loss. Consequently, this trend is expected to support the market's growth, aligning with the anticipated expansion to 25 USD Billion by 2035.

Government initiatives aimed at improving access to hearing healthcare are playing a crucial role in the Global North America Hearing Aid Market Industry. Various programs and policies are being implemented to subsidize hearing aids and promote their use among underserved populations. For instance, some states have enacted legislation to require insurance coverage for hearing aids, thereby reducing financial barriers for consumers. Such initiatives not only enhance accessibility but also stimulate market growth. As these government efforts continue to evolve, they are likely to contribute to the projected CAGR of 6.5% from 2025 to 2035, fostering a more inclusive hearing healthcare landscape.

The rising incidence of hearing disorders among various age groups is a critical factor driving the Global North America Hearing Aid Market Industry. Factors such as exposure to loud noises, increased use of personal audio devices, and other lifestyle choices contribute to hearing loss. This trend is particularly concerning among younger populations, leading to a greater demand for hearing aids. As awareness of these issues grows, more individuals are likely to seek treatment, thereby expanding the market. The anticipated growth trajectory suggests that the market could reach 25 USD Billion by 2035, reflecting the urgent need for effective hearing solutions.

By region, the study provides market insights into North America. The US Hearing Aid market area will dominate this market. The dominance of the U.S. market in this area can be ascribed to improvements in hearing aid technology as well as an increase in ear-related clinics and hospitals. Children in the US and Canada frequently have hearing loss. In Canada, five out of every 1,000 newborns had hearing loss. The American public now has better access to hearing aids thanks to the U.S. Food and Drug Administration's minimal expenses for hearing problems

Further, the major countries studied in the market report are The US and Canada.

Figure 2 NORTH AMERICA HEARING AID MARKET SHARE BY REGION 2022 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

Canada’s Hearing Aid market accounts for the second-largest market share due to the low cost of bariatric surgery and the rise in the number of diabetes people. The market growth rate in Canada is being accelerated by rising capital income, expanding earphone and headphone use, and Bluetooth uses with loud volume and loud voices. The percentage of Canadians who wear hearing aids is only 5%. However, due to rising consumer awareness of hearing aids, an increase in the number of product launches, and government regulatory approval of the devices, demand will rise during the projection period. 

The majority of people with hearing impairment are between the ages of 20 & 60, according to the Canada Community Health Survey. These age groups' schooling, employment, and self-confidence are all impacted by this issue. The market is favored by Canada's expanding use of invisible hearing aids.

Leading market players are investing heavily in research and development to expand their product lines, which will help the North America Hearing Aid market, grow even more. Market players are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, North America Hearing Aid industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the North America Hearing Aid industry to benefit clients and increase the market sector. In recent years, the North America Hearing Aid industry has offered some of the most significant advantages to medicine. Major players in the North America Hearing Aid market, including Sonova (Switzerland), Cochlear Ltd (Australia), GN Store Nord A/S (Denmark), Sivantos Pte.

Ltd (Singapore), Arphi Electronics Private Limited (India), Demant A/S (Denmark), Starkey (US), WIDEX INDIA PRIVATE LIMITED (Denmark), Zounds Hearing (US), SeboTek Hearing Systems, LLC (US), Audina Hearing Instruments, Inc. (US), and Microson (Spain), and others, are attempting to increase market demand by investing in research and development operations.

A manufacturer of medical devices, Cochlear Ltd. (Cochlear) provides consumers with implantable hearing solutions. The company creates, produces, and sells electronic implanted hearing devices. The company makes hearing aids for those who have ear nerve damage-related hearing loss. 

Cochlear implant systems, bone conduction systems, acoustic implants, bone-anchored prosthetics, and wireless accessories such wireless tiny microphones, phone clips, and television streamers are some of its main products. In North America and Europe, it has production facilities and regional distribution hubs. 

The corporation operates in the Americas, the Middle East, Asia-Pacific, and Europe. The business markets its goods through local offices, distributors, agents, and subsidiaries. The headquarters of Cochlear is located in Sydney, New South Wales, Australia. In February 2023, Cochlear announced that it will now support Audio Streaming for Hearing Aids (ASHA) on compatible Fire TV devices for those using hearing implants in advance of International Cochlear Implant Day (February 25, 2023). The development marks the first time that a smart TV set will feed sound directly to a sound processor for a hearing implant.

Advanced hearing care products are developed, produced, and sold by Sonova Holding AG (Sonova). Its main products include custom in-the-ear (ITE), receiver-in-canal (RIC), and behind-the-ear (BTE) hearing aids, as well as FM systems, miniature wireless communication systems, hearing protection items, and invisible extended-wear hearing aids. Through its channel partners, it provides hearing solutions to both adults and children who have severe hearing loss. Among other brands, Sonova Group sells goods under the Phonak, Unitron, Advanced Bionics, AudioNova, Sennheiser, and Hansaton names. 

The business works in numerous nations in Europe, the Middle East, Africa, the Americas, and Asia-Pacific with the help of subsidiaries and a network of independent distributors. Staefa, Switzerland serves as the home base for Sonova. In August 2022, One of the top national chains of audiological care clinics in China, the HYSOUND Group, will be acquired by Sonova Holding AG, a prominent provider of hearing care solutions.

The HYSOUND Group will add almost 200 clinics in more than 20 provinces and more than 70 cities throughout China, considerably expanding Sonova's store footprint and direct consumer access in this quickly expanding market.