Ecuador: Hearing Aid Market 2022

Hearing Aid Market Size in Ecuador

In 2021, after two years of growth, there was significant decline in the Ecuadorian hearing aid market, when its value decreased by -10% to $X. Overall, the total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +72.7% against 2016 indices. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Hearing Aid Production in Ecuador

In value terms, hearing aid production declined sharply to $X in 2021 estimated in export price. In general, the total production indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +79.1% against 2018 indices. The growth pace was the most rapid in 2020 with an increase of 52%. As a result, production reached the peak level of $X, and then shrank markedly in the following year.

Hearing Aid Exports

Exports from Ecuador

In 2021, exports of hearing aids (excl. parts and accessories) from Ecuador fell remarkably to X units, waning by -82.1% on 2020. Over the period under review, exports showed a dramatic slump. The pace of growth appeared the most rapid in 2019 when exports increased by 3.6% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, hearing aid exports reduced notably to $X in 2021. In general, exports faced a significant contraction. The pace of growth was the most pronounced in 2020 with an increase of 33% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Panama (X units) was the main destination for hearing aid exports from Ecuador, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Panama amounted to -27.9%.

In value terms, Panama ($X) emerged as the key foreign market for hearing aid exports from Ecuador.

From 2012 to 2021, the average annual growth rate of value to Panama totaled -30.4%.

Export Prices by Country

In 2021, the average hearing aid export price amounted to $X per unit, surging by 13% against the previous year. Over the period under review, the export price, however, saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2020 when the average export price increased by 83% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Panama.

From 2012 to 2021, the rate of growth in terms of prices for Switzerland amounted to -0.2% per year.

Hearing Aid Imports

Imports into Ecuador

After two years of decline, purchases abroad of hearing aids (excl. parts and accessories) increased by 114% to X units in 2021. Over the period under review, imports enjoyed a temperate increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, hearing aid imports surged to $X in 2021. In general, imports, however, recorded a mild shrinkage. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Singapore (X units) and Denmark (X units) were the main suppliers of hearing aid imports to Ecuador, with a combined 62% share of total imports. These countries were followed by the United States, Mexico, the Netherlands, Vietnam, Switzerland, Australia and Sweden, which together accounted for a further 25%.

From 2012 to 2021, the biggest increases were in Vietnam (with a CAGR of +55.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X), Singapore ($X) and China ($X) were the largest hearing aid suppliers to Ecuador, together accounting for 44% of total imports. These countries were followed by the Netherlands, the United States, Vietnam, Mexico, Australia, Switzerland and Sweden, which together accounted for a further 46%.

Among the main suppliers, Vietnam, with a CAGR of +94.1%, saw 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 average hearing aid import price amounted to $X per unit, declining by -12.5% against the previous year. Over the period under review, the import price showed a abrupt curtailment. The pace of growth appeared the most rapid in 2015 an increase of 15%. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+26.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :