Market Overview:
The North America hearing aid market size is expected to reach USD 14.48 billion by 2032, expected to grow at a CAGR of 6.0% during the forecast period.
Industry Overview
A hearing aid is a tiny sound-amplifying device designed to be worn in or behind the ear. As the name implies, the primary function of hearing aids is to improve hearing by making sounds audible to individuals with hearing loss. Owing to their design, hearing aids can help individuals hear in both quiet and noisy situations. These aids have three main components: a microphone, speaker, and amplifier. After receiving the sound through a microphone, the sound waves are converted into electrical signals and sent to the amplifier. The power of the signals is then increased by the amplifier and sent to the ear through a speaker. To cater to the diverse needs of individuals, hearing aids come in a variety of shapes, sizes, and types. Before suggesting a hearing aid, healthcare professionals perform a thorough checkup to rule out correctable causes of hearing loss.
Key Market Players
The North America hearing aid market is characterized by intense competition. Industry participants compete on various factors like strategic collaborations, product differentiation, and technological advancements. Besides, companies are continuously investing in top technologies to introduce new features like noise cancellation. Some of the major market players include:
- Adicus
- Audina hearing Instrument Inc
- Eargo. Inc,
- Earlens Corporation
- Jabra
- Lively hearing corporation
- MD hearing
- Sebotek hearing system, LLC
- Starkey laboratories
- WS Audiology
Segmental Analysis
North America Hearing Aid Market, Type Outlook (Revenue – USD Billion, 2019-2032)
- Conductive hearing loss
- Sensorineural hearing loss
North America Hearing Aid Market, Product Outlook (Revenue – USD Billion, 2019-2032)
- Hearing aid devices
- Receiver in the ear
- Behind the ear
- Canal hearing
- Other hearing devices
- Hearing implants
- Cochlear implant
- Bone anchor
North America Hearing Aid Market, Patient Outlook (Revenue – USD Billion, 2019-2032)
- Adults
- Pediatrics
The research study offers a thorough examination of all the major segments and sub-segments of the market. The market segmentation is primarily based on product, type, patient, technology, and region. With the rising prevalence of hearing loss due to the aging demographic, the adult patients segment is projected to grow at the highest CAGR. Besides, the hearing aid devices segment held the largest revenue share in 2023.
Recent Developments in Hearing Aid Technology:
- Starkey Partners with OrCam Technologies (October 2020):
Starkey partnered with OrCam Technologies to create a groundbreaking solution for both hearing and visually impaired individuals. This collaboration utilizes advanced computer vision and machine learning methods to enhance the visual world through audio. The result was the integration of OrCam technology with Starkey’s Livio Edge hearing aids, helping users experience an enriched world by translating visual cues into sound. - Lexie Hearing Launches Lexie B2 Hearing Aids (October 2022):
Lexie Hearing introduced the Lexie B2 hearing aids as part of their collaboration with Bose. This product was designed to meet the growing demand for high-quality, affordable hearing aids. The collaboration aimed to leverage Bose’s sound technology to provide a better hearing experience and make advanced hearing solutions more accessible to consumers.
The hearing aid device, an electronic instrument designed to enhance auditory capabilities for individuals experiencing hearing loss, holds significant scope, particularly within the geriatric population. This device becomes crucial as age-related hearing impairment becomes prevalent, impacting not only the elderly but also war veterans who may have hearing loss due to various factors, including myopia.