Latin America and the Caribbean: Hearing Aid Market 2022

Hearing Aid Market Size in Latin America and the Caribbean

The Latin American hearing aid market was estimated at $X in 2021, increasing by 10% against the previous year. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The level of consumption peaked in 2021 and is likely to continue growth in years to come.

Hearing Aid Production in Latin America and the Caribbean

In value terms, hearing aid production rose to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.2% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 20%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Hearing Aid Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of hearing aids (excl. parts and accessories) decreased by -10.3% to X units, falling for the second consecutive year after eight years of growth. Over the period under review, exports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2018 with an increase of 25%. The volume of export peaked at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, hearing aid exports expanded sharply to $X in 2021. Overall, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2016 when exports increased by 68%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Mexico (X units) represented roughly 98% of total exports in 2021.

Mexico was also the fastest-growing in terms of the hearing aids (excl. parts and accessories) exports, with a CAGR of +7.3% from 2012 to 2021. From 2012 to 2021, the share of Mexico decreased by -1.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) also remains the largest hearing aid supplier in Latin America and the Caribbean.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico amounted to +9.0%.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per unit, growing by 20% against the previous year. Overall, the export price posted a slight increase. The most prominent rate of growth was recorded in 2016 when the export price increased by 40% against the previous year. The level of export peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for Mexico amounted to +1.6% per year.

Hearing Aid Imports

Imports in Latin America and the Caribbean

In 2021, the amount of hearing aids (excl. parts and accessories) imported in Latin America and the Caribbean rose notably to X units, picking up by 7.1% compared with the previous year's figure. Total imports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -18.1% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 21% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, hearing aid imports surged to $X in 2021. Total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -19.7% against 2019 indices. The pace of growth was the most pronounced in 2019 when imports increased by 50% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Brazil (X units), distantly followed by Mexico (X units), Colombia (X units), Chile (X units), Panama (X units) and Argentina (X units) represented the main importers of hearing aids (excl. parts and accessories), together generating 89% of total imports. Peru (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Peru (with a CAGR of +14.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hearing aid importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Argentina ($X), together accounting for 63% of total imports. Panama, Colombia, Chile and Peru lagged somewhat behind, together accounting for a further 27%.

In terms of the main importing countries, Colombia, with a CAGR of +9.3%, 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

In 2021, the import price in Latin America and the Caribbean amounted to $X per unit, increasing by 8.7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 23% against the previous year. As a result, import price reached the peak level of $X per unit. From 2020 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Argentina ($X per unit), while Mexico ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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