Report Update Nov 1, 2024

Colombia - Hearing Aids (Excl. Parts and Accessories) - Market Analysis, Forecast, Size, Trends and Insights

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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

Frequently Asked Questions (FAQ) :

What are the largest markets for hearing aids (excl. parts and accessories) in the world?

South Africa constituted the country with the largest volume of hearing aid consumption, accounting for 36% of total volume. Moreover, hearing aid consumption in South Africa exceeded the figures recorded by the second-largest consumer, the United States, fourfold. China ranked third in terms of total consumption with a 7% share.

What are the largest producers of hearing aids (excl. parts and accessories) in the world?

The country with the largest volume of hearing aid production was China, accounting for 41% of total volume. Moreover, hearing aid production in China exceeded the figures recorded by the second-largest producer, Poland, fivefold. Indonesia ranked third in terms of total production with a 5% share.

What are the leading suppliers of hearing aids (excl. parts and accessories) to Colombia?

In value terms, the largest hearing aid suppliers to Colombia were Singapore, Denmark and Australia, together accounting for 58% of total imports. These countries were followed by China, Mexico, the Netherlands and Malaysia, which together accounted for a further 22%.

What are the leading importers of hearing aids (excl. parts and accessories) from Colombia?

In value terms, Switzerland remains the key foreign market for hearing aid exports from Colombia, comprising 72% of total exports. The second position in the ranking was occupied by Ecuador, with an 18% share of total exports.

What is the average export price for hearing aids (excl. parts and accessories) in Colombia?

In 2021, the average hearing aid export price amounted to $107 per unit, reducing by -49.2% against the previous year.

What is the average import price for hearing aids (excl. parts and accessories) in Colombia?

In 2021, the average hearing aid import price amounted to $82 per unit, waning by -32.3% against the previous year.

This report provides an in-depth analysis of the hearing aid market in Colombia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 26601433 - Appliances for overcoming deafness (excluding parts and accessories)

Country coverage:

Colombia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Colombia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023