Asia: Hearing Aid Market 2022

Hearing Aid Market Size in Asia

The Asian hearing aid market expanded markedly to $X in 2021, picking up by 7.6% against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in the immediate term.

Hearing Aid Production in Asia

In value terms, hearing aid production expanded remarkably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 14%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Hearing Aid Exports

Exports in Asia

Hearing aid exports skyrocketed to X units in 2021, picking up by 32% against the year before. Over the period under review, exports enjoyed a resilient increase. The growth pace was the most rapid in 2019 with an increase of 37% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, hearing aid exports surged to $X in 2021. Overall, exports saw a buoyant increase. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China was the key exporting country with an export of around X units, which resulted at 60% of total exports. Singapore (X units) held the second position in the ranking, followed by Vietnam (X units) and Malaysia (X units). All these countries together held near 36% share of total exports. The Philippines (X units) took a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to hearing aid exports from China stood at +5.4%. At the same time, the Philippines (+89.1%), Malaysia (+59.2%), Vietnam (+24.0%) and Singapore (+6.2%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in Asia, with a CAGR of +89.1% from 2012-2021. Malaysia (+11 p.p.), Vietnam (+8.3 p.p.) and the Philippines (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -10.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest hearing aid supplying countries in Asia were Singapore ($X), Vietnam ($X) and China ($X), together comprising 85% of total exports. Malaysia and the Philippines lagged somewhat behind, together accounting for a further 14%.

Among the main exporting countries, the Philippines, with a CAGR of +77.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per unit in 2021, picking up by 13% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 25% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the Philippines ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+5.7%), while the other leaders experienced a decline in the export price figures.

Hearing Aid Imports

Imports in Asia

In 2021, the amount of hearing aids (excl. parts and accessories) imported in Asia skyrocketed to X units, growing by 34% against 2020. Total imports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hearing aid imports surged to $X in 2021. Total imports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +73.8% against 2015 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X units), Japan (X units), the Philippines (X units), Singapore (X units) and China (X units) was the major importer of hearing aids (excl. parts and accessories) in Asia, comprising 64% of total import. Israel (X units) held a 5.2% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (5.1%) and Turkey (5%). South Korea (X units), Saudi Arabia (X units), Cyprus (X units), Hong Kong SAR (X units) and Taiwan (Chinese) (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Philippines (with a CAGR of +53.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hearing aid importing markets in Asia were Japan ($X), Singapore ($X) and Israel ($X), with a combined 46% share of total imports. These countries were followed by India, China, the Philippines, South Korea, Saudi Arabia, Turkey, Malaysia, Hong Kong SAR, Taiwan (Chinese) and Cyprus, which together accounted for a further 41%.

In terms of the main importing countries, the Philippines, with a CAGR of +39.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, reducing by -7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the import price increased by 10% against the previous year. The level of import peaked at $X per unit in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Saudi Arabia ($X per unit), while Cyprus ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+21.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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