World's leading hearing care provider eyes China as growth powerhouse

GENEVA — Sonova, one of world's largest providers of hearing care solutions, foresees China as the greatest potential market worldwide and is determined on an ever closer cooperation in the years ahead, a latest report by the company said on Friday.

In its annual report following a shareholders' meeting on Tuesday, Sonova, an internationally active Swiss company headquartered in Stafa, Switzerland, says it's pursuing a long-term growth strategy in the Asia-Pacific region, which contributed about 10 percent to its sales in 2016-2017 and has achieved significant sales growth in recent years.

China, in particular, is playing an increasingly important role due to the sale of hearing solutions via private specialist stores and chains.

Though one of the leading global markets, China still shows a vast potential in market penetration, the reports says, adding that an estimated 60 million people in China suffer from hearing loss, but a mere five percent own hearing aids.

One of the reasons behind that could be attributed to "insufficient knowledge of the treatment options available for hearing loss," say Sonova CEO Lukas Braunschweiler. "We are using our educational work to help raise awareness, step by step."

The Sonova's operation centers in China and Vietnam manufacture products for the entire world. The facility in Suzhou, China, was already producing around one million units of behind-the-ear hearing aids ten years ago. Now production has since increased several times over.

Developing and marketing hearing aids equipment and cochlear implants worldwide, Sonova recorded sales of 2.4 billion Swiss francs ($2.46 billion) in the 2016-2017 financial year.