Cyprus: Hearing Aid Market 2020

Hearing Aid Market Size in Cyprus

The revenue of the hearing aid market in Cyprus amounted to $X in 2018, increasing by X% 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). Overall, hearing aid consumption continues to indicate a measured increase. The most prominent rate of growth was recorded in 2012 with an increase of X% y-o-y. Over the period under review, the hearing aid market attained its peak figure level in 2018 and is likely to see steady growth in the immediate term.

Hearing Aid Exports

Exports from Cyprus

Hearing aid exports from Cyprus amounted to X units in 2018, coming down by -X% against the previous year. Over the period under review, hearing aid exports continue to indicate an abrupt contraction. The most prominent rate of growth was recorded in 2009 when exports increased by X% against the previous year. Cyprus exports peaked at X units in 2007; however, from 2008 to 2018, exports remained at a lower figure.

In value terms, hearing aid exports totaled $X in 2018. Overall, hearing aid exports continue to indicate a moderate slump. The most prominent rate of growth was recorded in 2010 when exports increased by X% y-o-y. Cyprus exports peaked at $X in 2007; however, from 2008 to 2018, exports failed to regain their momentum.

Exports by Country

Malaysia prevails in hearing aid exports structure, recording X units, which was approx. X% of total exports in 2018. China (X units) followed a long way behind the leaders.

Malaysia was also the fastest-growing in terms of the hearing aids (excl. parts and accessories) exports, with a CAGR of +X% from 2007 to 2018. At the same time, China (+X%) displayed positive paces of growth. Malaysia (+X p.p.) and China (+X p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest hearing aid supplier from Cyprus, comprising X% of global exports. The second position in the ranking was occupied by Malaysia ($X), with a X% share of global exports.

From 2007 to 2018, the average annual rate of growth in terms of value in China stood at +X%. In the other countries, the average annual rates were as follows: Malaysia (+X% per year) and Cyprus (-X% per year).

Export Prices by Country

In 2018, the hearing aid export price in Cyprus amounted to $X per unit, surging by X% against the previous year. In general, the hearing aid export price continues to indicate strong growth. The pace of growth appeared the most rapid in 2008 an increase of X% year-to-year. Cyprus export price peaked in 2018 and is expected to retain its growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was China ($X per unit), while Malaysia stood at $X per unit.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China.

Hearing Aid Imports

Imports into Cyprus

In 2018, the hearing aid imports into Cyprus stood at X units, falling by -X% against the previous year. In general, hearing aid imports continue to indicate a drastic curtailment. The growth pace was the most rapid in 2012 with an increase of X% y-o-y. Over the period under review, hearing aid imports reached their peak figure at X units in 2007; however, from 2008 to 2018, imports failed to regain their momentum.

In value terms, hearing aid imports amounted to $X in 2018. Overall, hearing aid imports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2010 when imports increased by X% year-to-year. Over the period under review, hearing aid imports reached their peak figure in 2018 and are expected to retain its growth in the near future.

Imports by Country

In 2018, the U.S. (X units) was the main importer of hearing aids (excl. parts and accessories), achieving X% of total imports. Germany (X units) occupied the second position in the ranking, followed by the UK (X units) and the Netherlands (X units). All these countries together held near X% share of total imports. Mexico (X units), Canada (X units), France (X units), Australia (X units), Japan (X units), India (X units), Switzerland (X units) and Poland (X units) followed a long way behind the leaders.

Imports into the U.S. increased at an average annual rate of +X% from 2007 to 2018. At the same time, Mexico (+X%), the Netherlands (+X%), India (+X%), Poland (+X%), Australia (+X%), Japan (+X%), France (+X%), Canada (+X%), the UK (+X%) and Germany (+X%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. By contrast, Switzerland (-X%) illustrated a downward trend over the same period. The U.S. (+X p.p.), the Netherlands (+X p.p.), Mexico (+X p.p.), India (+X p.p.), the UK (+X p.p.), Poland (+X p.p.) and Australia (+X p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($X) constitutes the largest market for imported hearing aids (excl. parts and accessories) into Cyprus, comprising X% of global imports. The second position in the ranking was occupied by Germany ($X), with a X% share of global imports. It was followed by the UK, with a X% share.

In the U.S., hearing aid imports expanded at an average annual rate of +X% over the period from 2007-2018. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+X% per year) and the UK (+X% per year).

Import Prices by Country

In 2018, the hearing aid import price in Cyprus amounted to $X per unit, increasing by X% against the previous year. Over the period under review, the hearing aid import price continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2008 when the import price increased by X% y-o-y. Over the period under review, the import prices for hearing aids (excl. parts and accessories) reached their peak figure in 2018 and is likely to continue its growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2018, the country with the highest price was France ($X per unit), while Mexico ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Switzerland, while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform