North America Hearing Aids Market Revenue to cross US$ 15,452.97 million by 2030

At 5.3% CAGR, North America Hearing Aids Market is Speculated to be worth US$ 15,452.97 million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America hearing aids market was valued at US$ 10,222.81 million in 2022 and is expected to reach US$ 15,452.97 million by 2030, registering a CAGR of 5.3% from 2022 to 2030. Technological innovations in hearing aids and rising incidence of hearing loss are among the critical factors attributed to the North America hearing aids market expansion.

Over the last ten years, hearing aids have been transformed entirely. These once-basic hearing aids have become multifunctional medical instruments and are projected to evolve further. These latest devices in the market are moving from a basic to a complex digital assistant. They are capable of carrying out tasks beyond only correcting hearing and offering services far beyond their reach. Integrating artificial intelligence (AI) and machine learning in hearing devices is becoming a popular trend in the market. The advent of AI is leading to the development of in-built smart services for patients, such as adaptive sound and active noise cancellation. New technology, such as machine learning, multimodal signal processing, and mobile health technology, is expected to improve speech enhancement, individual fitting, and communication training, thus offering better support for all hearing-impaired patients, including older patients with disabilities or declining cognitive skills. Manufacturers of both OTC and prescription hearing aids are working toward manufacturing hearing aids that are virtually invisible and include capabilities such as Bluetooth streaming, rechargeable batteries, directional microphones, and background noise reduction. As per a 2022 survey titled "Hearing Aid Benefit and Satisfaction Results from the MarkeTrak, technological advancements in hearing aids, including rechargeable batteries, noise-canceling AI, and wireless connectivity, are becoming increasingly widespread. Modern hearing technology has also updated the way hearing care is provided. In the past, wearers would often live with uncalibrated and outdated technology. Now, hearing technology providers such as Widex provide digitally supported care. Virtual consultations, predictive data analytics, and automated calibration help offer the wearers a significantly improved experience. Thus, all the factors above are anticipated to drive the hearing aids market growth.

On the contrary, high cost of customized and prescribed hearing aids hampers the growth of North America hearing aids market.

Based on type, the North America hearing aids market is bifurcated into prescription hearing aids and OTC hearing aids. The prescription hearing aids segment held 98.2% market share in 2022, amassing US$ 10,038.68 million. It is projected to garner US$ 12,018.02 million by 2030 to expand at 2.3% CAGR during 2022-2030.

In terms of product type, the North America hearing aids market is bifurcated into hearing aid devices and hearing implants. The hearing aid devices segment held 75.7% share of North America hearing aids market in 2022, amassing US$ 7,736.84 million. It is projected to garner US$ 11,942.26 million by 2030 to expand at 5.6% CAGR during 2022-2030. Furthermore, the hearing aid devices segment is subsegmented into behind-the-ear (BTE) hearing aid, in-the-ear (ITE) hearing aid, receiver-in-the-ear (RITE) hearing aid, canal hearing aid, and others. Additionally, the hearing implants segment is bifurcated into cochlear implants and bone conduction implants.

By technology, the North America hearing aids market is bifurcated into conventional hearing aids and digital hearing aids. The conventional hearing aids segment held 81.5% share of North America hearing aids market in 2022, amassing US$ 6,303.80 million. It is projected to garner US$ 9,112.69 million by 2030 to expand at 4.7% CAGR during 2022-2030.

Based on type of hearing loss, the North America hearing aids market is bifurcated into sensorineural hearing loss and conductive hearing loss. The sensorineural hearing loss segment held 70.5% share of North America hearing aids market in 2022, amassing US$ 7,203.53 million. It is projected to garner US$ 11,054.68 million by 2030 to expand at 5.5% CAGR during 2022-2030.

By patient type, the North America hearing aids market is bifurcated into adults and pediatric. The adults segment held 72.7% share of North America hearing aids market in 2022, amassing US$ 7,430.17 million. It is projected to garner US$ 11,487.34 million by 2030 to expand at 5.6% CAGR during 2022-2030.

Based on distribution channel, the North America hearing aids market is categorized into pharmacies, retail stores, and online. The pharmacies segment held 72.5% share of North America hearing aids market in 2022, amassing US$ 7,413.60 million. It is projected to garner US$ 9,824.14 million by 2030 to expand at 3.6% CAGR during 2022-2030.

Based on country, the North America hearing aids market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 86.4% share of North America hearing aids market in 2022. It was assessed at US$ 8,835.83 million in 2022 and is likely to hit US$ 13,494.46 million by 2030, exhibiting a CAGR of 5.4% during 2022-2030.

Key players operating in the North America hearing aids market are Starkey Laboratories Inc., Audina Hearing Instruments Inc, Sebotek Hearing Systems LLC, Earlens Corp, GN Store Nord AS, Cochlear Ltd, WS Audiology AS, Sonova Holding AG, Sonic Innovations Inc, and Amplifon Hearing Health Care Corp., among others.