North America Hearing Care Devices Market Size, Share & Industry Trends Analysis Report By Product, By End User (Home-use, Ambulatory Surgical Centers (ASCs), and Hospitals & Clinics), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Hearing Care Devices Market would witness market growth of 4.5% CAGR during the forecast period (2022-2028).
In recent years, the hearing care devices industry has seen many technological improvements. Speech recognition in challenging listening conditions, speech differentiation in noisy & reverberant situations, listening and processing sound from television or telephone, and identifying a specific sound from a distance are all features of the cochlear implants currently available. Acoustic scene classifiers are also included in hearing aids, which classify & identify any sound based on the background noise, speech in calm or noisy environment, music, wind, and a variety of other factors.
Moreover, rising public awareness about hearing loss & hearing aid devices is anticipated to act as a catalyst for the progress of the market, as increased public awareness about hearing loss and the benefits of devices to people with hearing impairment is expected to increase demand, which will positively impact the market's growth. For example, the World Health Organization (WHO) & respective countries commemorate World Hearing Day on March 3rd each year to promote awareness of hearing loss & safe listening, and WHO provides a specific grant to anyone who wants to organize a program on these topics. As a result of greater knowledge of hearing loss, awareness about hearing devices is predicted to rise, & the market for hearing devices is expected to develop as a result of this trend.
Some of the key causes attributed to this region's significant position in the across the world include the growing sales volume of hearing devices, as well as the strong adoption of less apparent devices for more aesthetic appeal & new product launches.
Because of the high prevalence of hearing loss, the presence of robust healthcare infrastructure, & greater awareness and acceptance of hearing aid devices in the region. The hearing loss & tinnitus is extremely frequent in Canadian adults, particularly men, and more than half of Canadians have a hearing health issue, such as audiometrically evaluated hearing loss, tinnitus (previous year), or both. According to the same source, hearing loss is more widespread in elderly people in Canada, and as the population ages, the burden of hearing loss is predicted to rise, even more, fuelling expansion in the studied market in the region. Hence, as a result of the high existence of hearing loss in the region, the hearing aids market in the region is likely to increase significantly over the next years.
The US market dominated the North America Hearing Care Devices Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,687.8 million by 2028. The Canada market is anticipated to grow at a CAGR of 6.8% during (2022 - 2028). Additionally, The Mexico market would display a CAGR of 5.9% during (2022 - 2028).
Based on Product, the market is segmented into Hearing Aids and Hearing Implants. Based on End User, the market is segmented into Home-use, Ambulatory Surgical Centers (ASCs), and Hospitals & Clinics. Based on Type of hearing loss, the market is segmented into Conductive Hearing Loss and Sensorineural Hearing Loss. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include WS Audiology, Cochlear Ltd., Intricon Corporation, Starkey laboratories, Inc., GN Store Nord A/S (GN Hearing A/S), Sonova Holding AG, William Demant Holding A/S, Amplifon SpA (Ampliter N.V.), and MED-EL GmbH.
Scope of the Study
Market Segments Covered in the Report:
- Hearing Aids
- Hearing Implants
By End User
- Ambulatory Surgical Centers (ASCs)
- Hospitals & Clinics
By Type of hearing loss
- Conductive Hearing Loss
- Sensorineural Hearing Loss
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- WS Audiology
- Cochlear Ltd.
- Intricon Corporation
- Starkey laboratories, Inc.
- GN Store Nord A/S (GN Hearing A/S)
- Sonova Holding AG
- William Demant Holding A/S
- Amplifon SpA (Ampliter N.V.)
- MED-EL GmbH