Finland: Hearing Aid Market 2022

Hearing Aid Market Size in Finland

The Finnish hearing aid market soared to $X in 2021, with an increase of 26% 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, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -7.1% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Hearing Aid Exports

Exports from Finland

Hearing aid exports from Finland skyrocketed to X units in 2021, surging by 111% compared with the previous year's figure. Overall, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 686%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, hearing aid exports shrank rapidly to $X in 2021. In general, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 1,233% against the previous year. Over the period under review, the exports hit record highs at $X in 2020, and then contracted markedly in the following year.

Exports by Country

The UK (X units) was the main destination for hearing aid exports from Finland, accounting for a 91% share of total exports. Moreover, hearing aid exports to the UK exceeded the volume sent to the second major destination, Estonia (X units), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the UK was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+26.8% per year) and Switzerland (+19.1% per year).

In value terms, Switzerland ($X), the UK ($X) and Estonia ($X) constituted the largest markets for hearing aid exported from Finland worldwide, with a combined 77% share of total exports.

Among the main countries of destination, Estonia, with a CAGR of +30.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average hearing aid export price stood at $X per unit in 2021, declining by -95.1% against the previous year. In general, the export price faced a dramatic setback. The most prominent rate of growth was recorded in 2018 an increase of 71% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Switzerland ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+3.0%).

Hearing Aid Imports

Imports into Finland

In 2021, the amount of hearing aids (excl. parts and accessories) imported into Finland soared to X units, picking up by 48% compared with 2020 figures. Overall, imports saw prominent growth. The pace of growth was the most pronounced in 2018 with an increase of 63%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, hearing aid imports rose slightly to $X in 2021. Over the period under review, total imports indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -39.2% against 2018 indices. The pace of growth appeared the most rapid in 2018 with an increase of 53%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the Netherlands (X units) constituted the largest supplier of hearing aid to Finland, accounting for a 69% share of total imports. Moreover, hearing aid imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Denmark (X units), sixfold. Poland (X units) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume from the Netherlands totaled +933.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+1.6% per year) and Poland (-0.1% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of hearing aid to Finland, comprising 45% of total imports. The second position in the ranking was held by Denmark ($X), with an 18% share of total imports. It was followed by Germany, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands stood at +224.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (-4.5% per year) and Germany (+6.8% per year).

Import Prices by Country

The average hearing aid import price stood at $X per unit in 2021, with a decrease of -29.8% against the previous year. Overall, the import price saw a deep slump. The growth pace was the most rapid in 2017 when the average import price increased by 8.4%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :