Republic of Korea - Hearing Aids (Excl. Parts And Accessories) - Market Analysis, Forecast, Size, Trends and Insights
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View PricingHearing Aid Price in South Korea - 2022
Contents:
- Hearing Aid Price in South Korea (CIF) - 2022
- Hearing Aid Price in South Korea (FOB) - 2022
- Hearing Aid Imports in South Korea
- Hearing Aid Exports in South Korea
Hearing Aid Price in South Korea (CIF) - 2022
In 2022, the average hearing aid import price amounted to $145 per unit, with a decrease of -6.2% against the previous year. Over the period under review, the import price continues to indicate a slight slump. The most prominent rate of growth was recorded in 2014 an increase of 16% against the previous year. As a result, import price attained the peak level of $187 per unit. From 2015 to 2022, the average import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($203 per unit), while the price for Mexico ($95 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+1.3%), while the prices for the other major suppliers experienced mixed trend patterns.
Hearing Aid Price in South Korea (FOB) - 2022
In 2022, the average hearing aid export price amounted to $150 per unit, waning by -3.7% against the previous year. Over the period under review, the export price continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2013 when the average export price increased by 40%. Over the period under review, the average export prices hit record highs at $302 per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($347 per unit), while the average price for exports to China ($66 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+6.1%), while the prices for the other major destinations experienced mixed trend patterns.
Hearing Aid Imports in South Korea
After three years of growth, supplies from abroad of hearing aids (excl. parts and accessories) decreased by -12.6% to 231K units in 2022. Overall, total imports indicated buoyant growth from 2019 to 2022: its volume increased at an average annual rate of +11.0% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +36.7% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 41% against the previous year. As a result, imports attained the peak of 264K units, and then shrank in the following year.
In value terms, hearing aid imports contracted rapidly to $34M in 2022. Over the period under review, total imports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +8.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +28.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 56%. As a result, imports reached the peak of $41M, and then contracted significantly in the following year.
| Import of Hearing Aid in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 5.9 | 7.4 | 13.9 | 11.0 | 23.1% |
| Vietnam | 2.7 | 4.1 | 7.1 | 5.7 | 28.3% |
| Poland | 1.4 | 2.1 | 5.2 | 4.1 | 43.1% |
| Singapore | 3.7 | 4.6 | 5.1 | 4.0 | 2.6% |
| Malaysia | 6.0 | 1.8 | 3.0 | 2.8 | -22.4% |
| Mexico | 2.6 | 2.0 | 2.8 | 2.3 | -4.0% |
| Denmark | 2.6 | 3.2 | 2.0 | 2.0 | -8.4% |
| Others | 1.4 | 1.0 | 1.8 | 1.5 | 2.3% |
| Total | 26.2 | 26.2 | 40.9 | 33.6 | 8.6% |
Top Suppliers of Hearing Aid to South Korea in 2022:
- China (82.5K units)
- Vietnam (28.1K units)
- Poland (27.9K units)
- Singapore (25.9K units)
- Malaysia (24.3K units)
- Mexico (23.8K units)
- Denmark (12.1K units)
Hearing Aid Exports in South Korea
In 2022, shipments abroad of hearing aids (excl. parts and accessories) decreased by -31.8% to 50K units for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2021 when exports increased by 184%. As a result, the exports reached the peak of 73K units, and then reduced dramatically in the following year.
In value terms, hearing aid exports reduced remarkably to $7.5M in 2022. Overall, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 220% against the previous year. As a result, the exports attained the peak of $11M, and then contracted markedly in the following year.
| Export of Hearing Aid in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Philippines | 104 | 1,100 | 5,416 | 3,239 | 214.6% |
| Vietnam | 492 | 633 | 2,595 | 1,552 | 46.7% |
| Poland | 142 | 174 | 1,679 | 1,004 | 91.9% |
| Singapore | 757 | 1,156 | 77.6 | 707 | -2.3% |
| China | 499 | 251 | 1,056 | 632 | 8.2% |
| United States | 364 | 151 | 395 | 269 | -9.6% |
| Malaysia | 94.0 | 75.9 | 160 | 95.5 | 0.5% |
| Others | 17.3 | 29.5 | 49.7 | 0.1 | -82.1% |
| Total | 2,470 | 3,570 | 11,429 | 7,499 | 44.8% |
Top Export Markets for Hearing Aid from South Korea in 2022:
- Philippines (20.6K units)
- Vietnam (9.9K units)
- China (9.6K units)
- Singapore (3.9K units)
- Poland (2.9K units)
- United States (2.3K units)
- Malaysia (0.9K units)
This report provides an in-depth analysis of the hearing aid market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 26601433 - Appliances for overcoming deafness (excluding parts and accessories)
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
-
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
-
3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
-
4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
-
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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