Germany-based hearing aids manufacturer Sivantos Group, which was formerly a division of German engineering giant Siemens AG, on Wednesday launched its new binax product in Macao, a move it said would bring a leading-edge product to Chinese users.

At the launch event, the company said that two clinical studies had shown that binax allows wearers to understand speech in "certain demanding environments" even better than people with normal hearing, with wireless technology providing binaural features.

The new hearing aids "provide better intelligibility of the Chinese language", the company said, and wearers can use an app called TouchControl to remotely control the products.

"As we focus on product innovation, the company will increase its investment with 'no limit' in the Chinese market because we see great potential here," CEO Roger Radke told the Global Times.

This year marks the 20th anniversary since Siemens hearing aids were introduced to the Chinese market.

"We expect the Chinese market, which is our second-largest in the world, will surpass our largest market, the US, in the next five years with double-digit growth," Radke said Wednesday.

As China's population ages, an increasing number of people have hearing problems. That's led to rising demand for hearing devices and created great consumption potential in the market, Xu Lingni, a pharmaceutical analyst at the CIC Industry Research Center, told the Global Times on Wednesday.

The Chinese market has a large demand for body hearing aids, which accounted for 60.5 percent of the total sales of hearing aids in 2014, while behind-the-ear models accounted for 32 percent and others 7.5 percent, industry news portal chyxx.com reported in July.

"Chinese customers prefer body hearing aids because they are easier to operate and cost less than behind-the-ear hearing aids," Xu said.

Competition in the domestic market has intensified as companies try to lure consumers with newer and more sophisticated devices.

Based on a report released by the domestic market research firm chinabgao.com in June, Siemens topped the list of 10 popular hearing aids brands in China in 2015, followed by the Swiss brand Phonak and Danish brand ReSound.

Xu noted that the famous foreign brands capture the higher end of the market, while many local brands only target the lower and middle segments.

"It is quite hard for Chinese brands to enter the high-end market as the product's added value is quite low," she said.

In August, Sivantos opened a new manufacturing center in Suzhou in East China's Jiangsu Province, which will be the company's largest manufacturing base for custom-made hearing aids.

The market for hearing aids will remain sound, and it will be worth around 10 billion yuan ($1.57 billion) during the 13th Five-Year Plan period (2016-20), Wei Renpeng, an industry analyst from Shenzhen-based market research firm Zero Power Intelligence, told the Global Times on Wednesday.

Government subsidies for hearing aids may also drive the consumption and market development of the segment, Wei said, noting that digitalization is the main trend for the development of the industry.

The operations of Siemens' former hearing aid unit were combined with Sivantos at the beginning of 2015. Sivantos has continued to develop, manufacture and sell devices bearing the Siemens brand, according to a post on Sivantos' website in March.