Iceland: Hearing Aid Market 2020

Hearing Aid Market Size in Iceland

The revenue of the hearing aid market in Iceland amounted to $X in 2018, declining by -X% 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). Over the period under review, hearing aid consumption continues to indicate an abrupt deduction. The pace of growth was the most pronounced in 2011 with an increase of X% year-to-year. Iceland hearing aid consumption peaked at $X in 2008; however, from 2009 to 2018, consumption remained at a lower figure.

Hearing Aid Exports

Exports from Iceland

Hearing aid exports from Iceland amounted to X units in 2018, increasing by X% against the previous year. Over the period under review, hearing aid exports continue to indicate a remarkable increase. The growth pace was the most rapid in 2009 with an increase of X% year-to-year. In that year, hearing aid exports attained their peak of X units. From 2010 to 2018, the growth of hearing aid exports remained at a somewhat lower figure.

In value terms, hearing aid exports totaled $X in 2018. In general, hearing aid exports continue to indicate skyrocketing growth. The growth pace was the most rapid in 2011 with an increase of X% y-o-y. Over the period under review, hearing aid exports attained their maximum in 2018 and are likely to see steady growth in the immediate term.

Exports by Country

Malaysia prevails in hearing aid exports structure, finishing at X units, which was approx. X% of total exports in 2018. China (X units) followed a long way behind the leaders.

Malaysia was also the fastest-growing in terms of the hearing aids (excl. parts and accessories) exports, with a CAGR of +X% from 2007 to 2018. At the same time, China (+X%) displayed positive paces of growth. From 2007 to 2018, the share of Malaysia and China increased by +X% and +X% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest hearing aid supplier from Iceland, comprising X% of global exports. The second position in the ranking was occupied by Malaysia ($X), with a X% share of global exports.

From 2007 to 2018, the average annual rate of growth in terms of value in China stood at +X%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+X% per year) and Iceland (+X% per year).

Export Prices by Country

The hearing aid export price in Iceland stood at $X per unit in 2018, rising by X% against the previous year. Over the period under review, the hearing aid export price continues to indicate a prominent increase. The growth pace was the most rapid in 2011 an increase of X% against the previous year. Over the period under review, the export prices for hearing aids (excl. parts and accessories) reached their peak figure at $X per unit in 2012; however, from 2013 to 2018, export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was China ($X per unit), while Malaysia amounted to $X per unit.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China.

Hearing Aid Imports

Imports into Iceland

Hearing aid imports into Iceland amounted to X units in 2018, declining by -X% against the previous year. Overall, hearing aid imports continue to indicate a measured setback. The pace of growth was the most pronounced in 2016 with an increase of X% y-o-y. Over the period under review, hearing aid imports reached their peak figure at X units in 2007; however, from 2008 to 2018, imports stood at a somewhat lower figure.

In value terms, hearing aid imports stood at $X in 2018. In general, hearing aid imports continue to indicate an abrupt deduction. The most prominent rate of growth was recorded in 2011 with an increase of X% year-to-year. Over the period under review, hearing aid imports attained their maximum at $X in 2008; however, from 2009 to 2018, imports remained at a lower figure.

Imports by Country

The U.S. represented the main importing country with an import of around X units, which resulted at X% of total imports. Germany (X units) ranks second in terms of the total imports with a X% share, followed by the UK (X%) and the Netherlands (X%). The following importers - Mexico (X units), Canada (X units), France (X units), Australia (X units), Japan (X units), India (X units), Switzerland (X units) and Poland (X units) - together made up X% of total imports.

From 2007 to 2018, average annual rates of growth with regard to hearing aid imports into the U.S. stood at +X%. At the same time, Mexico (+X%), the Netherlands (+X%), India (+X%), Poland (+X%), Australia (+X%), Japan (+X%), France (+X%), Canada (+X%), the UK (+X%) and Germany (+X%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. By contrast, Switzerland (-X%) illustrated a downward trend over the same period. From 2007 to 2018, the share of the U.S., the Netherlands, Mexico, India, the UK, Poland and Australia increased by +X%, +X%, +X%, +X%, +X%, +X% and +X% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($X) constitutes the largest market for imported hearing aids (excl. parts and accessories) into Iceland, comprising X% of global imports. The second position in the ranking was occupied by Germany ($X), with a X% share of global imports. It was followed by the UK, with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of value in the U.S. totaled +X%. In the other countries, the average annual rates were as follows: Germany (+X% per year) and the UK (+X% per year).

Import Prices by Country

In 2018, the hearing aid import price in Iceland amounted to $X per unit, declining by -X% against the previous year. In general, the hearing aid import price continues to indicate a mild decrease. The growth pace was the most rapid in 2014 when the import price increased by X% against the previous year. In that year, the import prices for hearing aids (excl. parts and accessories) reached their peak level of $X per unit. From 2015 to 2018, the growth in terms of the import prices for hearing aids (excl. parts and accessories) failed to regain its momentum.

There were significant differences in the average prices amongst the major importing countries. In 2018, the country with the highest price was France ($X per unit), while Mexico ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Switzerland, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform