Original title: Analysis of China's hearing aid industry in 2022. The accelerating population aging has created a huge demand market, and the industry has broad development prospects. "Picture"
1. Overview
1 and definition
A hearing aid is a small amplification device used by hearing-impaired patients to improve their hearing. Hearing aids can improve the intelligibility of human voices in environmental sounds through computer chip processing. Although they cannot restore normal hearing, amplifying sounds through hearing aids can indirectly improve hearing, thus maintaining the language understanding ability of hearing-impaired patients. It is an important auxiliary treatment device for hearing-impaired patients.
2, classification
There are many types of hearing aids, which can be divided into box-type hearing aids , behind-the-ear hearing aids , in-the-ear hearing aids , open hearing aids and spectacle-type hearing aids according to the wearing method; according to the conduction method, they can be divided into air conduction hearing aids and bone conduction hearing aids.
Main classifications of hearing aids
Source: Compilation of public information
2. industry chain analysis
1, industrial chain
The upstream of the hearing aid industry chain is the parts and components link, which mainly includes chips, power supplies, microphones, amplifiers, casings, etc.; the midstream is the hearing aid production and supply link; the downstream is the sales link, which mainly includes medical institutions, dealers, pharmacies, supermarkets, e-commerce platforms, etc.
Hearing aid industry industry chain diagram
Source: Compilation of public information
2, downstream analysis
Hearing-impaired people are the main demand for hearing aids. Among them, the elderly have damaged hearing functions due to the degradation of physical functions, becoming the "main force" of the hearing-impaired people in my country. According to statistics, in 2010, the number of people with hearing impairment in my country was approximately 210 million, and this number will increase to approximately 260 million by 2020, an increase from 2010. As the aging of my country's population continues to accelerate, this number will continue to grow, bringing broad market demand to my country's hearing aid industry.
Changes in the number of hearing-impaired people in China from 2010 to 2020
Source: Compilation of public information
3. Current status of the industry
1, output
With the continuous development of my country's economy in recent years, residents' consumption level has improved, residents' consumption ability of hearing aids has also continued to increase. Coupled with the continuous acceleration of my country's aging process, the growing elderly population has brought a huge demand market to my country's hearing aid industry and promoted the development of my country's hearing aid industry. According to data, my country's hearing aid output in 2021 will be 27.493 million units, with a year-on-year increase of 514.4%.
China's hearing aid production and growth rate from 2015 to 2021
Source: Compilation of public information
2. Market size
From the perspective of industry market size, thanks to the growth of downstream demand, the overall market size of my country's hearing aid industry has shown an upward trend in recent years. According to data, the market size of my country's hearing aid industry in 2021 will be 6.112 billion yuan, a year-on-year increase of 5%.
Market size of China’s hearing aid industry from 2015 to 2021
Source: Compilation of public information
From the perspective of market structure, in the overall hearing aid market size in my country, behind-the-ear hearing aids are hearing aids have the largest scale, reaching 2.023 billion yuan in 2020, accounting for 34.75% of the overall market size; followed by deep ear canal hearing aids, with a market size of 1.838 billion yuan, accounting for 31 .58%; then there are box-type hearing aids, with a market size of 1.543 billion yuan, accounting for 26.51%; deep-ear canal hearing aids are smaller, only 417 million yuan, accounting for only 7.16% of the market.
Market structure distribution of China's hearing aid industry in 2020
Source: Compilation of public information
3, approval status
Hearing aid products belong to the medical device industry, and its regulatory system is relatively strict. has established strict management systems in product registration, production and circulation. According to State Food and Drug Administration statistics: As of the end of November 2022, a total of 221 hearing aid products in my country have been registered with the State Food and Drug Administration's approval, including 217 domestic hearing aid products and 4 imported hearing aid products.
The number of hearing aid products that have received SFDA approval in China
Note: The data is as of the end of November 2022, the same as below
Source: State Food and Drug Administration, compiled by Huajing Industrial Research Institute
From the perspective of regional distribution, my country's hearing aid industry has formed two major industrial clusters in East China and South China. Among them, Shanghai, Jiangsu, and Zhejiang are dominated by foreign-funded enterprises, including HT4 Oticon , Sonova, Witech, Siwantuo, Starkey and other foreign brand factories; hearing aid companies in Guangdong Province include Jinhao Medical, Shenzhen Shenrui, Tianle Hearing, Aodi Acoustics, Jie Yuda Electronics, etc.; in addition, there are production bases in Fujian for HTX Xinsheng, Ostar, Fulikangtai and other brands.
Regional distribution of the number of registration approvals for hearing aids in China
Source: State Food and Drug Administration, compiled by Huajing Industrial Research Institute
3, export trade
China's hearing aids are mainly export-oriented, and the export scale is much larger than the import scale. With the continuous development of my country's hearing aid industry this year, the export scale of the industry has also continued to grow. According to data, as of October 2022, my country's hearing aid export volume was 11.5528 million units, a year-on-year decrease of 1.5%; the export value was US$316 million, a year-on-year increase of 2.6%.
China’s hearing aid export trade situation from 2017 to 2022
Source: General Administration of Customs of China, Huajing Industry Research According to the export distribution compiled by the institute, from January to October 2022, the top three regions in my country's hearing aid export volume were the United States, the Netherlands and the United Kingdom, accounting for 28.4%, 19.7% and 13.3% respectively.
Regional distribution of China’s hearing aid export value from January to October 2022
Source: China General Administration of Customs, compiled by Huajing Industry Research Institute
4. Key enterprises
Huizhou Jinhao Medical Technology Co., Ltd. was established in 2011. The company mainly focuses on the research and development, production and sales of hearing aids. In 2021, the company's hearing aid export sales accounted for 11.75% of the country's domestic hearing aid export sales. It is a key listed enterprise in my country's hearing aid industry. According to data, the company's hearing aid business revenue in 2021 will be 156 million yuan, a year-on-year increase of 1.04%, and the gross profit margin will be 43.04%.
Jinhao Medical Hearing Aid Business Revenue from 2017 to 2021
Source: Company bulletin, compiled by Huajing Industrial Research Institute
5. Development Trends
Currently, the aging of our country is deepening, and the elderly are more likely to have hearing loss problems. As the average age of the population increases, the proportion of hearing loss will increase. In addition, hearing loss in our country is getting younger and younger, and most people are not aware of their hearing problems, which may affect their speech development and even lead to social rejection and self-isolation. Most of my country's mid-to-high-end hearing aid products with better performance are monopolized by foreign companies. Therefore, local brands have important market value and social significance in my country through independent research and development and production of high-level hearing aids. As the domestic hearing aid market encounters the monopoly of foreign brands, domestic brands continue to seek breakthroughs and are frequently favored by capital. This is a major opportunity for domestic brands in my country's hearing aid industry. The competitiveness of domestic brands in the mid-to-high-end market may be improved.Moreover, the current market penetration rate of hearing aids in my country is relatively low. Therefore, in the future, with the improvement of the competitiveness of domestic brands and the strengthening of consumer education by brand companies, the penetration rate of my country's hearing aid market will be improved, and the market will also be expanded accordingly.
Original title: Analysis of China's hearing aid industry in 2022. The aging of the population has spawned a huge demand market, and the industry has broad prospects for development. "Picture"
Huajing Industrial Research Institute conducted a study on the development status of China's hearing aid industry, the industry upstream and downstream industry chain , the competition landscape and key enterprises. Conduct in-depth analysis to minimize corporate investment risks and operating costs, and improve corporate competitiveness; and use a variety of data analysis technologies to predict industry development trends so that companies can seize market opportunities in a timely manner; for more details, please pay attention to the "2023-2028 China Hearing Aid Industry Market In-depth Analysis and Investment Strategy Research Report" published by Huajing Industrial Research Institute.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-