Latvia: Hearing Aid Market 2020

Hearing Aid Market Size in Latvia

The revenue of the hearing aid market in Latvia amounted to $X in 2018, rising 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). Overall, hearing aid consumption continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of X% year-to-year. Latvia hearing aid consumption peaked in 2018 and is likely to see steady growth in the near future.

Hearing Aid Exports

Exports from Latvia

In 2018, the amount of hearing aids (excl. parts and accessories) exported from Latvia stood at X units, jumping by X% against the previous year. Over the period under review, hearing aid exports continue to indicate remarkable growth. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. Over the period under review, hearing aid exports attained their maximum at X units in 2015; however, from 2016 to 2018, exports remained at a lower figure.

In value terms, hearing aid exports totaled $X in 2018. Overall, hearing aid exports continue to indicate an outstanding increase. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, hearing aid exports reached their maximum in 2018 and are expected to retain its growth in the near future.

Exports by Country

Malaysia dominates hearing aid exports structure, finishing at X units, which was near 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. While the share of Malaysia (+X p.p.) and China (+X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

In China, hearing aid exports expanded at an average annual rate of +X% over the period from 2007-2018. In the other countries, the average annual rates were as follows: Malaysia (+X% per year) and Latvia (+X% per year).

Export Prices by Country

The hearing aid export price in Latvia stood at $X per unit in 2018, rising by X% against the previous year. In general, the hearing aid export price continues to indicate outstanding growth. The pace of growth appeared the most rapid in 2017 an increase of X% year-to-year. Over the period under review, the export prices for hearing aids (excl. parts and accessories) attained their maximum at $X per unit in 2012; however, from 2013 to 2018, export prices failed to regain their momentum.

Prices varied noticeably by the country of origin; the country with the highest price was China ($X per unit), while Malaysia totaled $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 Latvia

In 2018, the amount of hearing aids (excl. parts and accessories) imported into Latvia amounted to X units, surging by X% against the previous year. In general, hearing aid imports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% year-to-year. Latvia imports peaked in 2018 and are likely to see steady growth in the near future.

In value terms, hearing aid imports amounted to $X in 2018. In general, hearing aid imports continue to indicate prominent growth. The pace of growth appeared the most rapid in 2011 when imports increased by X% y-o-y. Latvia imports peaked in 2018 and are expected to retain its growth in the immediate term.

Imports by Country

The U.S. represented the largest importer of hearing aids (excl. parts and accessories) in the world, with the volume of imports recording X units, which was approx. X% of total imports in 2018. Germany (X units) ranks second in terms of the total imports with a X% share, followed by the UK (X%) and the Netherlands (X%). 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) followed a long way behind the leaders.

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. While the share of the U.S. (+X p.p.), the Netherlands (+X p.p.), Mexico (+X p.p.), India (+X p.p.), the UK (+X p.p.), Poland (+X p.p.) and Australia (+X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($X) constitutes the largest market for imported hearing aids (excl. parts and accessories) into Latvia, comprising X% of global imports. The second position in the ranking was occupied by Germany ($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%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+X% per year) and the UK (+X% per year).

Import Prices by Country

In 2018, the hearing aid import price in Latvia amounted to $X per unit, growing by X% against the previous year. Overall, the hearing aid import price continues to indicate a strong increase. The most prominent rate of growth was recorded in 2016 when the import price increased by X% y-o-y. In that year, the import prices for hearing aids (excl. parts and accessories) attained their peak level of $X per unit. From 2017 to 2018, the growth in terms of the import prices for hearing aids (excl. parts and accessories) remained at a lower figure.

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