Dominican Republic: Hearing Aid Market 2022

Hearing Aid Market Size in the Dominican Republic

The Dominican hearing aid market skyrocketed to $X in 2021, surging by 66% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption enjoyed buoyant growth. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Hearing Aid Exports

Exports from the Dominican Republic

In 2021, exports of hearing aids (excl. parts and accessories) from the Dominican Republic amounted to X units, with an increase of 10% on the year before. Over the period under review, exports posted a strong expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 300% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, hearing aid exports skyrocketed to $X in 2021. Overall, exports posted a strong increase. The most prominent rate of growth was recorded in 2018 when exports increased by 165% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Poland (X units) was the main destination for hearing aid exports from the Dominican Republic, accounting for a 89% share of total exports. Moreover, hearing aid exports to Poland exceeded the volume sent to the second major destination, the United States (X units), eightfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Poland amounted to +17.5%.

In value terms, Poland ($X) remains the key foreign market for hearing aid exports from the Dominican Republic, comprising 77% of total exports. The second position in the ranking was held by the United States ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Poland amounted to +12.8%.

Export Prices by Country

In 2021, the average hearing aid export price amounted to $X per unit, picking up by 7.6% against the previous year. Over the period under review, the export price, however, faced a abrupt contraction. The growth pace was the most rapid in 2014 an increase of 86% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (-4.3%), while the prices for the other major destinations experienced a decline.

Hearing Aid Imports

Imports into the Dominican Republic

In 2021, supplies from abroad of hearing aids (excl. parts and accessories) increased by 46% to X units, rising for the second consecutive year after three years of decline. Overall, imports showed a buoyant expansion. The growth pace was the most rapid in 2014 when imports increased by 64%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, hearing aid imports surged to $X in 2021. In general, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by 84%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

Denmark (X units), the United States (X units) and China (X units) were the main suppliers of hearing aid imports to the Dominican Republic, together accounting for 80% of total imports. Mexico, Australia and Panama lagged somewhat behind, together comprising a further 13%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of +32.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X), Australia ($X) and the United States ($X) appeared to be the largest hearing aid suppliers to the Dominican Republic, together comprising 72% of total imports.

Australia, with a CAGR of +53.2%, recorded 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

In 2021, the average hearing aid import price amounted to $X per unit, rising by 22% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.8%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Australia (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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