The wheel is making noise as my speed increases. I'm pretty sure the bearings need replacing.
Bearing failure is common. Hub Bearings tend to make humming type noises as they start to fail. The noise usually gets louder or quieter during turning. This is because more or less stress is put on the bearing. In extreme conditions, the hub will separate from the bearing. This can be very dangerous if it happens while driving. I suggest seeking help from a qualified mechanic, such as one from YourMechanic, to help you confirm the cause of the noise and replace any wheel bearings if necessary.