Southern Asia: Hearing Aid Market 2022

Hearing Aid Market Size in Southern Asia

In 2021, after two years of decline, there was significant growth in the South Asian hearing aid market, when its value increased by 39% to $X. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Hearing Aid Production in Southern Asia

In value terms, hearing aid production expanded significantly to $X in 2021 estimated in export price. The total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -32.1% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 44%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Hearing Aid Exports

Exports in Southern Asia

In 2021, hearing aid exports in Southern Asia fell to X units, which is down by -9.6% compared with 2020. Over the period under review, exports, however, saw prominent growth. The growth pace was the most rapid in 2020 with an increase of 326% against the previous year. As a result, the exports reached the peak of X units, and then declined in the following year.

In value terms, hearing aid exports rose modestly to $X in 2021. Overall, exports, however, showed a modest expansion. The most prominent rate of growth was recorded in 2020 with an increase of 156% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Exports by Country

In 2021, India (X units) was the largest exporter of hearing aids (excl. parts and accessories) in Southern Asia, achieving 99.9% of total export.

India was also the fastest-growing in terms of the hearing aids (excl. parts and accessories) exports, with a CAGR of +10.1% from 2012 to 2021. India (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest hearing aid supplier in Southern Asia.

In India, hearing aid exports expanded at an average annual rate of +2.3% over the period from 2012-2021.

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2021, surging by 14% against the previous year. Overall, the export price, however, saw a abrupt downturn. The growth pace was the most rapid in 2019 when the export price increased by 21%. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 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 India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to -7.0% per year.

Hearing Aid Imports

Imports in Southern Asia

After two years of decline, overseas purchases of hearing aids (excl. parts and accessories) increased by 93% to X units in 2021. Over the period under review, imports recorded a prominent 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. Total imports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India prevails in imports structure, reaching X units, which was near 93% of total imports in 2021. The following importers - Sri Lanka (X units) and Pakistan (X units) - each finished at a 4.3% share of total imports.

Imports into India increased at an average annual rate of +11.7% from 2012 to 2021. At the same time, Pakistan (+32.6%) and Sri Lanka (+15.1%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +32.6% from 2012-2021. From 2012 to 2021, the share of India decreased by -3.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported hearing aids (excl. parts and accessories) in Southern Asia, comprising 86% of total imports. The second position in the ranking was held by Pakistan ($X), with a 6.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in India stood at +1.9%. In the other countries, the average annual rates were as follows: Pakistan (+24.9% per year) and Sri Lanka (+14.5% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per unit in 2021, with a decrease of -8.6% against the previous year. In general, the import price recorded a deep setback. The growth pace was the most rapid in 2019 when the import price decreased by -0.1%. Over the period under review, import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices stood 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 Pakistan ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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