Republic of Korea: Hearing Aid Market 2024

Hearing Aid Market Size in Republic of Korea

The South Korean hearing aid market contracted modestly to $X in 2022, remaining relatively unchanged against the previous year. In general, consumption recorded a relatively flat trend pattern. Hearing aid consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Hearing Aid Production in Republic of Korea

In value terms, hearing aid production reduced to $X in 2022 estimated in export price. Overall, production, however, saw a slight descent. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Hearing Aid Exports

Exports from Republic of Korea

For the third consecutive year, South Korea recorded growth in overseas shipments of hearing aids (excl. parts and accessories), which increased by X% to X units in 2022. Over the period under review, exports posted a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, hearing aid exports rose significantly to $X in 2022. Overall, exports enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

The Philippines (X units), Vietnam (X units) and Poland (X units) were the main destinations of hearing aid exports from South Korea, with a combined X% share of total exports.

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

In value terms, the Philippines ($X), Vietnam ($X) and Poland ($X) constituted the largest markets for hearing aid exported from South Korea worldwide, with a combined X% share of total exports.

The Philippines, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average hearing aid export price amounted to $X per unit, approximately mirroring the previous year. Over the period under review, the export price, however, saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Singapore ($X per unit) and the United States ($X per unit), while the average price for exports to Vietnam ($X per unit) and Poland ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (X%), while the prices for the other major destinations experienced a decline.

Hearing Aid Imports

Imports into Republic of Korea

In 2022, the amount of hearing aids (excl. parts and accessories) imported into South Korea expanded rapidly to X units, picking up by X% against the previous year's figure. Overall, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, hearing aid imports totaled $X in 2022. In general, imports saw strong growth. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

China (X units), Vietnam (X units) and Singapore (X units) were the main suppliers of hearing aid imports to South Korea, together accounting for X% of total imports. Poland, Malaysia, Mexico, Denmark, the United States and Austria lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest hearing aid suppliers to South Korea were China ($X), Vietnam ($X) and Singapore ($X), together comprising X% of total imports. Poland, Malaysia, Mexico, Denmark, the United States and Austria lagged somewhat behind, together comprising a further X%.

Malaysia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average hearing aid import price stood at $X per unit in 2022, falling by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by X%. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Austria ($X per unit) and the United States ($X per unit), while the price for Denmark ($X per unit) and Singapore ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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