Hearing Aid Market

The global hearing aid market is projected to experience a decline in consumption trend over the next eight years, with a forecasted decrease in market volume to 136M units by 2030. In value terms, the market is anticipated to contract to $19.3B by the end of 2030. Production of hearing aids saw strong growth in 2022, hitting 156M units. Hearing aid imports peaked in 2022 at $6.2B, with the United States leading in imported market share. Meanwhile, hearing aid exports totaled $5.3B in 2022, with Poland, China, and Malaysia as key exporters. Average hearing aid export price increased to $81 per unit in 2022. Overall, the global hearing aid market is witnessing fluctuations in consumption, production, imports, and exports, with key countries playing significant roles in the market's dynamics.

Market Forecast

The hearing aid market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -0.4% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 136M units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market value to $19.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Hearing Aids (Excl. Parts And Accessories)

In 2022, global consumption of hearing aids (excl. parts and accessories) skyrocketed to 140M units, jumping by 57% against 2021 figures. Over the period under review, consumption posted resilient growth. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The global hearing aid market size skyrocketed to $15.9B in 2022, with an increase of 36% 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, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +73.8% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Consumption By Country

Poland (52M units) constituted the country with the largest volume of hearing aid consumption, accounting for 37% of total volume. Moreover, hearing aid consumption in Poland exceeded the figures recorded by the second-largest consumer, China (22M units), twofold. The United States (10M units) ranked third in terms of total consumption with a 7.2% share.

In Poland, hearing aid consumption increased at an average annual rate of +34.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+5.3% per year) and the United States (-3.2% per year).

In value terms, Poland ($4.4B) led the market, alone. The second position in the ranking was taken by the United States ($2B). It was followed by China.

In Poland, the hearing aid market increased at an average annual rate of +28.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the United States (-2.4% per year) and China (+4.9% per year).

In 2022, the highest levels of hearing aid per capita consumption was registered in Poland (1,366 units per 1000 persons), followed by Malaysia (144 units per 1000 persons), Canada (66 units per 1000 persons) and the UK (54 units per 1000 persons), while the world average per capita consumption of hearing aid was estimated at 18 units per 1000 persons.

From 2012 to 2022, the average annual growth rate of the hearing aid per capita consumption in Poland totaled +34.6%. In the other countries, the average annual rates were as follows: Malaysia (+12.6% per year) and Canada (+2.2% per year).

Production

World Production of Hearing Aids (Excl. Parts And Accessories)

In 2022, production of hearing aids (excl. parts and accessories) increased by 39% to 156M units, rising for the sixth consecutive year after three years of decline. In general, production continues to indicate strong growth. As a result, production reached the peak volume and is likely to continue growth in the immediate term.

In value terms, hearing aid production reduced modestly to $10.7B in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 15% against the previous year. Over the period under review, global production attained the peak level at $11.5B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Poland (64M units), China (35M units) and Malaysia (13M units), together comprising 71% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Poland (with a CAGR of +36.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Hearing Aids (Excl. Parts And Accessories)

In 2022, approx. 49M units of hearing aids (excl. parts and accessories) were imported worldwide; surging by 6.9% against 2021. Over the period under review, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, hearing aid imports totaled $6.2B in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +33.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 33% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (9.8M units), distantly followed by the UK (4.1M units), Poland (4M units), the Netherlands (3.7M units), Germany (3.3M units) and France (2.3M units) were the key importers of hearing aids (excl. parts and accessories), together generating 56% of total imports. Spain (1.8M units), Canada (1.7M units), Malaysia (1.7M units), India (1.5M units), Denmark (1.4M units), China (1.4M units) and Mexico (1.2M units) took a relatively small share of total imports.

Imports into the United States increased at an average annual rate of +5.4% from 2012 to 2022. At the same time, Poland (+38.9%), the Netherlands (+27.5%), Denmark (+18.9%), Spain (+18.8%), China (+17.2%), India (+13.1%), Malaysia (+11.7%), Canada (+11.3%), the UK (+7.3%), Mexico (+6.2%), Germany (+4.3%) and France (+3.9%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing importer imported in the world, with a CAGR of +38.9% from 2012-2022. From 2012 to 2022, the share of Poland, the Netherlands, Spain, Denmark and China increased by +7.6, +6.2, +2.2, +1.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2B) constitutes the largest market for imported hearing aids (excl. parts and accessories) worldwide, comprising 32% of global imports. The second position in the ranking was held by Germany ($486M), with a 7.8% share of global imports. It was followed by France, with a 7% share.

In the United States, hearing aid imports expanded at an average annual rate of +6.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+3.4% per year) and France (+8.6% per year).

Import Prices By Country

The average hearing aid import price stood at $128 per unit in 2022, falling by -6.4% against the previous year. Overall, the import price recorded a noticeable decline. The growth pace was the most rapid in 2021 when the average import price increased by 5.4% against the previous year. Global import price peaked at $156 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 the United States ($205 per unit), while Malaysia ($13 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+4.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Hearing Aids (Excl. Parts And Accessories)

In 2022, approx. 65M units of hearing aids (excl. parts and accessories) were exported worldwide; declining by -5.4% compared with 2021 figures. In general, exports, however, posted prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 90%. The global exports peaked at 68M units in 2021, and then fell in the following year.

In value terms, hearing aid exports contracted slightly to $5.3B in 2022. Over the period under review, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +32.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 35% against the previous year. As a result, the exports attained the peak of $5.4B, and then reduced in the following year.

Exports By Country

In 2022, Poland (16M units), China (14M units) and Malaysia (10M units) was the key exporter of hearing aids (excl. parts and accessories) in the world, constituting 62% of total export. The United States (4.1M units) ranks next in terms of the total exports with a 6.3% share, followed by the Philippines (6.2%), the Netherlands (5.7%) and Mexico (5.6%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Philippines (with a CAGR of +57.9%), while the other global leaders experienced more modest paces of growth.

In value terms, Poland ($1.5B) remains the largest hearing aid supplier worldwide, comprising 28% of global exports. The second position in the ranking was held by the Netherlands ($620M), with a 12% share of global exports. It was followed by the United States, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Poland amounted to +49.7%. In the other countries, the average annual rates were as follows: the Netherlands (+37.1% per year) and the United States (+8.8% per year).

Export Prices By Country

In 2022, the average hearing aid export price amounted to $81 per unit, picking up by 3.4% against the previous year. Overall, the export price, however, continues to indicate a abrupt contraction. The pace of growth was the most pronounced in 2015 when the average export price increased by 39% against the previous year. The global export price peaked at $176 per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($170 per unit), while Malaysia ($13 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+17.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform