ECOWAS: Hearing Aid Market 2024

Hearing Aid Market Size in ECOWAS

The ECOWAS hearing aid market totaled $X in 2022, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Hearing Aid Production in ECOWAS

In value terms, hearing aid production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Hearing Aid Exports

Exports in ECOWAS

In 2022, overseas shipments of hearing aids (excl. parts and accessories) increased by X% to X units for the first time since 2017, thus ending a four-year declining trend. Overall, exports saw prominent growth. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, hearing aid exports fell to $X in 2022. Over the period under review, exports saw a significant expansion. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Guinea was the major exporter of hearing aids (excl. parts and accessories) in ECOWAS, with the volume of exports accounting for X units, which was near X% of total exports in 2022. Ghana (X units) held the second position in the ranking, distantly followed by Cote d'Ivoire (X units) and Mali (X units). All these countries together took approx. X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Ghana (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the largest hearing aid supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Guinea ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.

In Cote d'Ivoire, hearing aid exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Guinea (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, waning by X% against the previous year. Overall, the export price, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2021, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Hearing Aid Imports

Imports in ECOWAS

In 2022, the amount of hearing aids (excl. parts and accessories) imported in ECOWAS shrank rapidly to X units, declining by X% against the year before. Over the period under review, imports, however, posted prominent growth. The most prominent rate of growth was recorded in 2017 when imports increased by X%. The volume of import peaked at X units in 2021, and then shrank significantly in the following year.

In value terms, hearing aid imports plummeted to $X in 2022. In general, imports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of import peaked at $X in 2021, and then dropped remarkably in the following year.

Imports by Country

Ghana (X units) and Nigeria (X units) represented the largest importers of hearing aids (excl. parts and accessories) in 2022, finishing at near X% and X% of total imports, respectively. Cabo Verde (X units) ranks next in terms of the total imports with a X% share, followed by Burkina Faso (X%), Benin (X%), Cote d'Ivoire (X%) and Senegal (X%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cabo Verde (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hearing aid importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), together comprising X% of total imports.

Nigeria, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, which is down by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of X% against the previous year. The level of import peaked at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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