China: Hearing Aid Market 2022

Hearing Aid Market Size in China

The Chinese hearing aid market contracted modestly to $X in 2021, reducing by -3.2% against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, consumption reached the peak level of $X, and then dropped slightly in the following year.

Hearing Aid Production in China

In value terms, hearing aid production reduced slightly to $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 8.1% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Hearing Aid Exports

Exports from China

In 2021, hearing aid exports from China soared to X units, jumping by 16% compared with 2020. In general, total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -18.0% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 27% against the previous year. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, hearing aid exports soared to $X in 2021. Overall, exports showed a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), the Netherlands (X units) and the UK (X units) were the main destinations of hearing aid exports from China, together accounting for 45% of total exports. These countries were followed by Japan, Malaysia, India, Hong Kong SAR, Vietnam, Germany, Poland, the Philippines, Iraq and Spain, which together accounted for a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +75.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hearing aid exported from China were the United States ($X), the Netherlands ($X) and the UK ($X), together accounting for 58% of total exports. These countries were followed by Malaysia, Japan, Vietnam, Germany, Spain, Hong Kong SAR, India, Poland, the Philippines and Iraq, which together accounted for a further 24%.

In terms of the main countries of destination, Malaysia, with a CAGR of +78.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average hearing aid export price stood at $X per unit in 2021, rising by 24% against the previous year. In general, the export price, however, continues to indicate a pronounced slump. The pace of growth appeared the most rapid in 2020 when the average export price increased by 28% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Iraq ($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 Malaysia (+8.8%), while the prices for the other major destinations experienced more modest paces of growth.

Hearing Aid Imports

Imports into China

In 2021, after three years of decline, there was significant growth in purchases abroad of hearing aids (excl. parts and accessories), when their volume increased by 96% to X units. In general, imports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2016 when imports increased by 134%. Over the period under review, imports reached the peak figure at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, hearing aid imports surged to $X in 2021. Overall, imports posted a remarkable increase. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Denmark (X units), Vietnam (X units) and Singapore (X units) were the main suppliers of hearing aid imports to China, together comprising 98% of total imports.

From 2012 to 2021, the biggest increases were in Denmark (with a CAGR of +23.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Denmark ($X) constituted the largest supplier of hearing aid to China, comprising 60% of total imports. The second position in the ranking was held by Singapore ($X), with a 20% share of total imports. It was followed by Vietnam, with a 16% share.

From 2012 to 2021, the average annual growth rate of value from Denmark totaled +19.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-5.0% per year) and Vietnam (+11.3% per year).

Import Prices by Country

The average hearing aid import price stood at $X per unit in 2021, falling by -11.8% against the previous year. Overall, the import price continues to indicate a noticeable descent. The pace of growth appeared the most rapid in 2020 when the average import price increased by 25%. Over the period under review, average import prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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