Singapore: Hearing Aid Market 2022

Hearing Aid Market Size in Singapore

The Singaporean hearing aid market rose significantly to $X in 2021, with an increase of 12% against the previous year. In general, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +77.5% against 2015 indices. Hearing aid consumption peaked in 2021 and is likely to see gradual growth in years to come.

Hearing Aid Production in Singapore

In value terms, hearing aid production reduced to $X in 2021 estimated in export price. In general, production posted strong growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 42% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then shrank modestly in the following year.

Hearing Aid Exports

Exports from Singapore

For the fifth consecutive year, Singapore recorded growth in overseas shipments of hearing aids (excl. parts and accessories), which increased by 11% to X units in 2021. In general, exports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 40%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, hearing aid exports expanded markedly to $X in 2021. The total export value increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when exports increased by 29%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for hearing aid exports from Singapore, with a 36% share of total exports. Moreover, hearing aid exports to the United States exceeded the volume sent to the second major destination, Poland (X units), twofold. The third position in this ranking was taken by Japan (X units), with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +13.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+32.6% per year) and Japan (+4.7% per year).

In value terms, the United States ($X) remains the key foreign market for hearing aid exports from Singapore, comprising 36% of total exports. The second position in the ranking was taken by Poland ($X), with a 15% share of total exports. It was followed by Japan, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+29.8% per year) and Japan (+2.5% per year).

Export Prices by Country

In 2021, the average hearing aid export price amounted to $X per unit, dropping by -2.7% against the previous year. Overall, the export price saw a perceptible setback. The most prominent rate of growth was recorded in 2013 an increase of 35%. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2021, the highest price was recorded for prices to Germany ($X per unit) and Turkey ($X per unit), while the average price for exports to Australia ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (-2.1%), while the prices for the other major destinations experienced a decline.

Hearing Aid Imports

Imports into Singapore

In 2021, hearing aid imports into Singapore expanded to X units, picking up by 3.9% compared with the previous year. In general, imports, however, showed a perceptible decline. The growth pace was the most rapid in 2016 with an increase of 31%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, hearing aid imports rose remarkably to $X in 2021. Over the period under review, imports, however, showed a noticeable descent. The growth pace was the most rapid in 2016 when imports increased by 46%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The Philippines (X units), Malaysia (X units) and China (X units) were the main suppliers of hearing aid imports to Singapore, together comprising 58% of total imports.

From 2012 to 2021, the biggest increases were in the Philippines (with a CAGR of +154.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hearing aid suppliers to Singapore were the Philippines ($X), Malaysia ($X) and China ($X), together comprising 58% of total imports.

In terms of the main suppliers, the Philippines, with a CAGR of +363.2%, recorded the highest growth rate of 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 average hearing aid import price amounted to $X per unit, with an increase of 7.3% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2018 an increase of 17% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Indonesia ($X per unit) and France ($X per unit), while the price for China ($X per unit) and Switzerland ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+1.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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