The North American hearing aid market is expected to witness significant growth over the forecast period. This is attributed to the increasing number of accidental and natural hearing losses. Further, novel technological advancements in the 3D printing that has qualified the procedure of creating 3D images of defective ear canals to deliver the perfect hearing aid device or treatment to the patients also drive the market growth. Moreover, rising noise pollution is also propelling the growth of the market across the region.
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Some of the trends that impact the market are changing retailer eco-system, technological innovation, and government making changes, among others. In the US, the Over-the-Counter Hearing Aid Act of 2017 has been approved by the FDA that allows the consumers to directly purchase hearing aids over the counter without a prescription. In the UK, in April 2019, in National Health Program, it has been announced that IQbuds BOOST will be available; in which an intelligent hearable device can be prescribed for someone with mild to moderate hearing loss as part of a national healthcare program. The emergence of new innovative products and the cost of hearing aids, this trend will continue as s governments’ aspect to save money without compromising their country’s health standards.
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North American hearing aid has several market players operating and providing products and services. Some of 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., among many others. These players are significantly contributing to the market and have around 40% during the forecast period. Some of the strategies that are majorly being adopted include new products and services offering, expansion, mergers & acquisitions among others.
Current Market Trends Covered in the market report:
- Shifting of consumer preferences from traditional methods to advanced, developed alternatives.
- Adults end-user segment will account for significant growth in the market.
- The new technological innovations will be the key strategy of the players.
- US will register a significant growth rate in North American hearing aid market.
North American hearing aid Market – Segmented
By Product
- Receiver-in-Canal
- Behind-the-Ear
- In-the-Canal
- In-the-Ear
- Others
By End-user
- Adults
- Pediatric
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