North American Hearing Aid Market 2019-2025
North American hearing aid market is growing at a CAGR of 4.0% during the forecast period. Hearing aids are the devices that are used for the improvement of the hearing capacity of a person. A rising aging population and an increasing number of accidental and natural hearing losses are also positively affecting the hearing aid market growth. Moreover, increased noise pollution is also contributing to the market growth. Various government rules and regulations concerning hearing aid in North America particularly in the US also contributes to the growth of the market in North America. FDA has set up various rules for hearing aid and safety. Both analog and digital hearing aids are available in the market in which most of the hearing aids are digital, and all are powered with a hearing aid battery. The digital hearing aids offer various advantages as compared to analog hearing aid including reduced noise and a clear distinction between speech signal and another spectrum, flexibility, extended frequency range, the possibility of connecting devices, and many others.
Moreover, rising R&D programs, technological advancement, and the introduction of miniature devices are driving market growth. The market is expected to grow considerably due to rising pool of patients affected by hearing loss and related disorders, along with growing geriatric population will further boost the demand for hearing aid in the North American region. The rising cases of deafness in North America are due to a variety of factors which includes genetic factors, ear infections, birth complications, rising noise pollution levels and so on. The market is segmented on the basis of product and end-user. Based on the product, the market is segmented into receiver-in-canal, behind-the-ear, in-the-canal, in-the-ear, and others. Based on the end-user, the market is segmented into pediatric and adult segments.
The prominent players functioning in the North American hearing aid market include Cochlear, Ltd., GN Store Nord A/S, Demant A/S, Audina Hearing Instruments, Inc., Sivantos, Pte. Ltd., Widex A/S, Sonova AG, Starkey Laboratories, Inc. In order to sustain in the market, these players adopt different strategies such as acquisition, merger, product launch, and geographical expansion and others. For instance, Med-el offers new hearing systems solutions, SYNCHRONY cochlear implant system, that replicates the sense of hearing for individuals who are not able to hear. Further, in July 2019, Med-el launches two new innovated and advanced products that are, SONNET 2 & MAESTRO 8 for the audio processing and for the best hearing quality.
The market study of the North American hearing aid market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
Secondary sources include:
The report is intended for hearing aid device manufacturers, R&D companies, medical research laboratories, investment companies, and government organizations for overall market analysis and competitive analysis. The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.
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