India: Hearing Aid Market 2022

Hearing Aid Market Size in India

In 2021, the Indian hearing aid market increased by 53% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Hearing Aid Production in India

In value terms, hearing aid production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +5.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 26%. Over the period under review, production reached the maximum level at $X in 2020, and then shrank in the following year.

Hearing Aid Exports

Exports from India

In 2021, the amount of hearing aids (excl. parts and accessories) exported from India dropped to X units, shrinking by -9.6% compared with 2020. In general, exports, however, saw a resilient expansion. The pace of growth was the most pronounced in 2020 when exports increased by 327% against the previous year. As a result, the exports attained the peak of X units, and then dropped in the following year.

In value terms, hearing aid exports rose modestly to $X in 2021. Overall, exports, however, continue to indicate a notable expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 158% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

The United States (X units) was the main destination for hearing aid exports from India, accounting for a 58% share of total exports. Moreover, hearing aid exports to the United States exceeded the volume sent to the second major destination, Bangladesh (X units), sixfold. Nepal (X units) ranked third in terms of total exports with a 7.4% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+34.1% per year) and Nepal (+32.9% per year).

In value terms, the largest markets for hearing aid exported from India were Singapore ($X), the United States ($X) and Nepal ($X), with a combined 61% share of total exports. These countries were followed by Bangladesh, Bulgaria, Malaysia, Sri Lanka, Democratic Republic of the Congo and Australia, which together accounted for a further 19%.

Among the main countries of destination, Democratic Republic of the Congo, with a CAGR of +51.1%, saw the highest growth rate of 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

In 2021, the average hearing aid export price amounted to $X per unit, growing by 14% against the previous year. Over the period under review, the export price, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 21% against the previous year. The export price peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Hearing Aid Imports

Imports into India

In 2021, supplies from abroad of hearing aids (excl. parts and accessories) increased by 98% to X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports saw a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, hearing aid imports skyrocketed to $X in 2021. In general, total imports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X units), the Philippines (X units) and Malaysia (X units) were the main suppliers of hearing aid imports to India, with a combined 60% share of total imports.

From 2012 to 2021, the biggest increases were in the Philippines (with a CAGR of +212.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Singapore ($X) and the Philippines ($X) constituted the largest hearing aid suppliers to India, together accounting for 51% of total imports.

In terms of the main suppliers, the Philippines, with a CAGR of +202.6%, recorded 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

The average hearing aid import price stood at $X per unit in 2021, reducing by -7.8% against the previous year. Over the period under review, the import price showed a abrupt shrinkage. The growth pace was the most rapid in 2019 a decrease of -1.7% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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