Nigeria: Hearing Aid Market 2022

Hearing Aid Market Size in Nigeria

The Nigerien hearing aid market surged to $X in 2021, with an increase of 33% 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). In general, consumption enjoyed a prominent expansion. Hearing aid consumption peaked in 2021 and is expected to retain growth in the near future.

Hearing Aid Exports

Exports from Nigeria

In 2021, shipments abroad of hearing aids (excl. parts and accessories) decreased by -2.8% to X units, falling for the second consecutive year after two years of growth. Overall, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 282% against the previous year. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, hearing aid exports contracted to $X in 2021. Over the period under review, exports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2016 with an increase of 206% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020, and then fell in the following year.

Exports by Country

Cote d'Ivoire (X units) was the main destination for hearing aid exports from Nigeria, with a 77% share of total exports. Moreover, hearing aid exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Poland (X units), fivefold. The third position in this ranking was held by Germany (X units), with a 4.3% share.

From 2012 to 2021, the average annual growth rate of volume to Cote d'Ivoire totaled +24.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+48.0% per year) and Germany (+27.7% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for hearing aid exports from Nigeria, comprising 83% of total exports. The second position in the ranking was taken by the UK ($X), with a 5.5% share of total exports. It was followed by Poland, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value to Cote d'Ivoire amounted to +16.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-6.9% per year) and Poland (+74.1% per year).

Export Prices by Country

The average hearing aid export price stood at $X per unit in 2021, waning by -12.4% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hearing aid export price increased by +27.6% against 2019 indices. The pace of growth was the most pronounced in 2013 an increase of 71% against the previous year. The export price peaked at $X per unit in 2020, and then declined in the following year.

Prices varied noticeably country of destination: the country with the highest price was the UK ($X per unit), while the average price for exports to South Africa ($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 the UK (+51.1%), while the prices for the other major destinations experienced more modest paces of growth.

Hearing Aid Imports

Imports into Nigeria

In 2021, imports of hearing aids (excl. parts and accessories) into Nigeria skyrocketed to X units, rising by 32% on the year before. Over the period under review, imports recorded a prominent expansion. The growth pace was the most rapid in 2014 with an increase of 236% against the previous year. Over the period under review, imports attained the peak figure at X units in 2019; afterwards, it flattened through to 2021.

In value terms, hearing aid imports surged to $X in 2021. Overall, imports recorded a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 256% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, the United States (X units) constituted the largest hearing aid supplier to Nigeria, accounting for a 31% share of total imports. Moreover, hearing aid imports from the United States exceeded the figures recorded by the second-largest supplier, Poland (X units), twofold. The third position in this ranking was held by Estonia (X units), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +73.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+52.7% per year) and Estonia (0.0% per year).

In value terms, the United States ($X) constituted the largest supplier of hearing aid to Nigeria, comprising 31% of total imports. The second position in the ranking was held by Poland ($X), with a 13% share of total imports. It was followed by Estonia, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +64.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+89.8% per year) and Estonia (0.0% per year).

Import Prices by Country

The average hearing aid import price stood at $X per unit in 2021, shrinking by -3.8% against the previous year. Overall, the import price saw a noticeable slump. The pace of growth was the most pronounced in 2017 an increase of 24% 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.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+24.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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