The North American hearing aid market is anticipated to grow at a CAGR of 5.5% during the forecast period. A hearing aid is a device that is specially designed to improve the hearing ability of people suffering from hearing loss or related problems. There are varieties of products available in the market which are introduced by hearing aid market players. These hearing aids can’t restore normal hearing; however, they provide enough support to hear considerably and clearly. The innovative hearing aids designed by the market players aid in improving hearing by amplifying soft sounds, enabling patients to hear sounds that were difficult to hear before. Hearing aids available in the market contains a microphone to collect sounds from the environment and convert it to digital code which is then analyzed and customized according to hearing loss and amplified into the ear. Both analog and digital hearing aids are available in the market in which most hearing aids are digital, and all are powered by a hearing aid battery. The rise in the geriatric population and the rising number of natural and accidental hearing loss incidences are expected to boost the North American hearing aid market soon.

Impact of COVID-19 Pandemic on North American Hearing Aid Market 

The COVID-19 pandemic negatively impacted the North American hearing aid market. During COVID-19, as of May 2020, 212 countries had been impacted by the pandemic, and the governments of these countries had ordered nationwide lockdowns which disrupted the operations of several industries. The North American Hearing Aid market is affected by the COVID-19 pandemic due to the halt in the supply chain and operation of several organizations. However, as the COVID-19 situation normalizes, the North American hearing aid market started to recover as lockdowns were lifted and industrial operations were normalized after the recovery.

Segmental Outlook 

The North American hearing aid market is segmented based on product and end-user. Based on the product, the market is further segmented into receiver-in-canal, behind-the-ear, in-the-canal, in-the-ear, and others. Based on the end-user, the market is further segmented as pediatrics and adults.

North American Hearing Aid Market Share by End-User, 2021 (%)

Adults Segment Holds a Prominent Share in the North American Hearing Aid Market

Based on the end-user, the adult segment is expected to grow at a significant rate during the forecast period. This is attributed to the increasing aging population especially in developed economies and adults being mostly affected by these hearing problems. Poor lifestyles are also a major factor affecting the market. According to the World Health Organization, 2021, over 1 billion young adults are at risk of permanent, avoidable hearing loss due to unsafe listening practices globally. Additionally, according to the National Institute on Deafness and Other Communication Disorders (NIDCD), about 2% of adults aged 45 to 54 have disabling hearing loss.

Country Outlook

The North American hearing aid market is further segmented based on the country including the US, and Canada. The US holds a prominent share in the North American hearing aid market. The major factor driving the growth of the market in the country is the increasing cases of hearing loss as well as the growing geriatric population in the country. According to the National Institute on Deafness and Other Communication Disorders (NIDCD), one in eight people in the US (13%, or 30 million) aged 12 years or older has hearing loss in both ears, based on standard hearing examinations.

Market Players Outlook

The major companies serving the North American hearing aid market include Cochlear, Ltd., Demand A/S, GN Store Nord A/A, Sivantos Pte., Ltd., and Widex A/S, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, geographical expansion, and collaborations to stay competitive in the market. For instance, in October 2020, Starkey (US) partnered with OrCam Technologies (Israel) to provide assistive technologies to hearing and visually impaired people. This partnership enhanced OrCam’s ability to apply the advanced computer vision and machine learning methods that they had developed to transmit the visual world through audio, in collaboration with Starkey’s Livio Edge AI hearing aids.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the North American hearing aid market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.