The head of medical device maker Cochlear believes the firm’s next great growth phase will come through expansion in China as the world’s second largest economy boosts healthcare spending, The Australian reports.
Cochlear chief executive Chris Roberts said the ASX-listed firm was in a position to capitalise on expectations China will spend $1 trillion on healthcare over the next six years as its population ages.
“The opportunity for Cochlear in China is really among the growing middle class, which is emerging here,” he told The Australian.
“There is not any projection that says the middle class will stop growing. A significant feature, also, is that China’s population is ageing.
“Most of our business is children but if you look at hearing loss, it doubles at each decade in age. As the Chinese population ages, the prevalence of hearing loss is naturally going to increase.”