- Published on 10 July 2017
Switzerland’s Sonova considers the Asia-Pacific region to be the greatest potential hearing aids market worldwide and is determined to increase operations in the coming years, according to a company statement in the annual report released in mid-June.
Xinhua News Agency reported on the annual statements and highlighted that Sonova is pursuing a long-term growth strategy in the Asia-Pacific region. This region contributed about 10% to the group’s sales in 2016-2017 and has seen significant growth in sales. China has been central to growth as it plays an increasingly important role through the sale of hearing solutions via private specialist stores and chains.
The potential for growth in China is considered to be significant. It is thought that about 60 million people in the country have hearing loss, while no more than 5% have been fitted with hearing aids. Importantly, the Chinese population is aging which may further increase demand over time.
According to Sonova CEO Lukas Braunschweiler, one of the reasons for the low fitting rates could be “insufficient knowledge of the treatment options available for hearing loss.” “We are using our educational work to help raise awareness, step by step,” he added. Sonova currently has operation centers in China and Vietnam.
The annual report further stated concerning the Asia-Pacific region that South Korea and Singapore are also showing strong growth, while Australia and New Zealand, which are stable, highly developed markets, are nonetheless still growing steadily.
Source: Xinhua; Sonova