Siemens eyes larger share of hearing aid market

Siemens Audiology Solutions Co Ltd, the world's largest maker of hearing aids, is committed to achieve an annual growth rate in China of twice the country's GDP by 2020, the group's CEO Roger Radke said.

In the next three years, the company will open 120 fitting stores each year to consolidate its leading position in China, according to Radke.

The company now has more than 1,000 stores and 2,000 fitting centers across the country, covering all the first-tier cities and 90 percent of the second-tier cities.

Siemens Hearing, the Chinese unit of Siemens Audiology Solutions, is the biggest player in its sector China, with a market share of more than 50 percent.

Though China's economic growth is slowing down, Radke believes the market will see double-digit growth in the following five to ten years.

China is entering the aging society, and there are 180 million people over 60 years of age.

By 2020, it will reach 248 million. Moreover, industry data showed that there are 27 million hearing-impaired people in China, but only 5 percent of them have a hearing aid, compared with the global average of 20 to 25 percent.

“Out revenue growth in China will be around 15 percent this year,” said Radke.

The company has a factory in Suzhou, Jiangsu province, which accounts for one-fourth of its global capacity.