Colombia: Hearing Aid Market 2022

Hearing Aid Market Size in Colombia

In 2021, the Colombian hearing aid market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption continues to indicate buoyant growth. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Hearing Aid Exports

Exports from Colombia

In 2020, shipments abroad of hearing aids (excl. parts and accessories) increased by 551% to X units, rising for the third consecutive year after two years of decline. Overall, exports posted a moderate increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, hearing aid exports skyrocketed to $X in 2020. Over the period under review, exports posted a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Switzerland (X units) was the main destination for hearing aid exports from Colombia, with a 79% share of total exports. Moreover, hearing aid exports to Switzerland exceeded the volume sent to the second major destination, Ecuador (X units), fivefold. The United States (X units) ranked third in terms of total exports with a 3.8% share.

From 2012 to 2020, the average annual rate of growth in terms of volume to Switzerland amounted to +111.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+8.9% per year) and the United States (-22.1% per year).

In value terms, Switzerland ($X) emerged as the key foreign market for hearing aid exports from Colombia, comprising 74% of total exports. The second position in the ranking was taken by Ecuador ($X), with a 15% share of total exports. It was followed by the United States, with a 6.8% share.

From 2012 to 2020, the average annual growth rate of value to Switzerland totaled +168.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+24.9% per year) and the United States (-6.9% per year).

Export Prices by Country

In 2020, the average hearing aid export price amounted to $X per unit, declining by -6.1% against the previous year. In general, the export price, however, posted buoyant growth. The growth pace was the most rapid in 2019 an increase of 77%. As a result, the export price attained the peak level of $X per unit, and then dropped in the following year.

There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was France ($X per unit), while the average price for exports to Ecuador ($X per unit) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to France (+34.8%), while the prices for the other major destinations experienced more modest paces of growth.

Hearing Aid Imports

Imports into Colombia

In 2021, approx. X units of hearing aids (excl. parts and accessories) were imported into Colombia; jumping by 85% against 2020 figures. In general, imports posted a prominent increase. The growth pace was the most rapid in 2018 when imports increased by 104%. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, hearing aid imports surged to $X in 2021. Overall, imports posted a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 146% against the previous year. Imports peaked in 2021 and are likely to continue growth in the immediate term.

Imports by Country

China (X units), Singapore (X units) and Australia (X units) were the main suppliers of hearing aid imports to Colombia, together comprising 66% of total imports.

From 2012 to 2021, the biggest increases were in China (with a CAGR of +33.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Denmark ($X) and China ($X) constituted the largest hearing aid suppliers to Colombia, with a combined 64% share of total imports. These countries were followed by Singapore, Mexico, Vietnam, the United States and Germany, which together accounted for a further 26%.

Among the main suppliers, Vietnam, with a CAGR of +26.7%, saw the highest growth rate of 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

The average hearing aid import price stood at $X per unit in 2021, declining by -11.5% against the previous year. Over the period under review, the import price showed a noticeable downturn. The most prominent rate of growth was recorded in 2018 an increase of 20%. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+2.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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