Bangladesh: Hearing Aid Market 2022

Hearing Aid Market Size in Bangladesh

After two years of growth, the Bangladeshi hearing aid market decreased by -30.4% to $X in 2021. Over the period under review, consumption, however, posted a buoyant increase. Over the period under review, the market attained the peak level at $X in 2020, and then declined markedly in the following year.

Hearing Aid Exports

Exports from Bangladesh

Hearing aid exports from Bangladesh contracted to X units in 2021, reducing by -11.1% on 2020 figures. In general, exports showed a significant contraction. The pace of growth was the most pronounced in 2020 when exports increased by 13%. Over the period under review, the exports reached the maximum at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, hearing aid exports skyrocketed to $X in 2021. Overall, exports, however, showed a resilient increase. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Luxembourg (X units) was the main destination for hearing aid exports from Bangladesh, accounting for a 88% share of total exports. Moreover, hearing aid exports to Luxembourg exceeded the volume sent to the second major destination, Singapore (X units), sevenfold.

From 2015 to 2021, the average annual rate of growth in terms of volume to Luxembourg was relatively modest.

In value terms, Luxembourg ($X) emerged as the key foreign market for hearing aid exports from Bangladesh, comprising 99% of total exports. The second position in the ranking was held by Singapore ($X), with a 0.6% share of total exports.

From 2015 to 2021, the average annual growth rate of value to Luxembourg was relatively modest.

Export Prices by Country

In 2021, the average hearing aid export price amounted to $X per unit, growing by 61% against the previous year. Over the period under review, the export price recorded a significant increase. The growth pace was the most rapid in 2019 when the average export price increased by 194% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Luxembourg ($X per unit), while the average price for exports to Singapore stood at $X per unit.

From 2015 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (-54.6%).

Hearing Aid Imports

Imports into Bangladesh

In 2021, supplies from abroad of hearing aids (excl. parts and accessories) decreased by -44.5% to X units for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, saw strong growth. The pace of growth was the most pronounced in 2020 with an increase of 120%. As a result, imports attained the peak of X units, and then declined sharply in the following year.

In value terms, hearing aid imports declined dramatically to $X in 2021. Overall, imports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 108% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020, and then dropped significantly in the following year.

Imports by Country

India (X units), China (X units) and the United States (X units) were the main suppliers of hearing aid imports to Bangladesh, together comprising 61% of total imports. These countries were followed by Malaysia, Hong Kong SAR, the Netherlands and Switzerland, which together accounted for a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +334.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hearing aid suppliers to Bangladesh were India ($X), Switzerland ($X) and the Netherlands ($X), together comprising 28% of total imports. These countries were followed by the United States, Malaysia, China and Hong Kong SAR, which together accounted for a further 11%.

Malaysia, with a CAGR of +189.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average hearing aid import price stood at $X per unit in 2021, with an increase of 48% against the previous year. Over the period under review, the import price, however, continues to indicate a deep setback. The import price peaked at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Switzerland ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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