China And India Hearing Device Market Increases

The hearing device markets in China and India are set to double with the current valuation at over $1 billion.

Including both retail and wholesale sales, it is predicted to almost double in value by 2017 according to a new report.

Findings by research firm iData Research show that the Asia-Pacific hearing device market has the majority of its sales in Japan and the rise in purchasing power and demand and fall in price are the said to be the prime reasons for the surging market growth.

Other reasons for the development include promotion from Siemens and improved distribution by Amplifon. Furthermore, Widex and Beltone have both opened retail locations in India.

Douglas Fung, analyst manager at iData, said: “Hearing aid penetration among those with hearing loss in China and India is only 1%. Increased disposable incomes in these countries will drive these hearing aid markets to become two of the fastest growing in the world.”

Unit sales are predicted to double in volume in the next six years and the top manufacturers in the market such as GN ReSound, Starkey and Widex are placed to benefit from the progress.

Mr Fung added: “Despite this growth, the penetration rate will progress only marginally by 2017 due to limited education among consumers and underdeveloped retail networks. For this reason, companies that promote awareness will benefit the most from this lucrative industry.”

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