NEWARK, Del, July 21, 2022 (GLOBE NEWSWIRE) -- In a recent market survey, Future Market Insights finds out that, the global tinnitus management market was estimated at a value of US$ 2.4 Bn in 2020 and is anticipated to reach US$ 3.2 Bn by 2031.
The prevalence of tinnitus has increased over the years because of increasing cases of earwax blockage, cell damage and rising usage of headphones for listening to loud music. Increased technological advancements in hearing aids and heightened research and development (R&D) activities have led to the growth of this market. According to FMI, the global tinnitus management market accounts for 24% of the US$ 9.5 Bn audiology market.
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Key Takeaways
- The significant developments in Tinnitus technology and tinnitus management devices which provide long-term relief and are well-accepted sound therapies all over the world are boosting the sales in the tinnitus management market.
- The growing prevalence of tinnitus and increasing investment in research & development initiatives will continue driving the tinnitus management market.
- An exponential increase can be seen in the prevalence of hearing aids at a global level owing to the sales of the tinnitus management market through the forecast period.
- Owing to the increased research and development initiatives will continue driving the tinnitus management market.
- World Health Organization (WHO) projects around 466 million people are affected by disabling hearing aid and this figure is increasing each day globally accounting for increased sales in the tinnitus management market.
- There has been a significant shift in patient preference towards innovative and advanced technologies such as mobile apps and other hearing aids accessories in the recent past, propelling growth in the market.
Competitive Landscape
Pfizer Inc., Sanofi, Teva Pharmaceutical, GlaxoSmithKline, Eli Lilly and Co., Bayer AG, Takeda Pharmaceutical Company Ltd., Boehringer Ingelheim, Merck & Co., Abbivie, Starkey Laboratories, Inc., GN Hearing A/S, Widex A/S, Oticon Inc., Neuromod Devices Ltd., Neuromonics, Inc., Puretone Ltd., Signia are some of the key companies profiled in the full version of the report.
Companies operating in the tinnitus management market are actively seeking to strengthen their position through approval, collaborations, mergers & acquisition and partnership agreements with established as well as emerging market players.
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More Insights into the Tinnitus Management Market
The North American tinnitus management market accounted for 96.5% of the market share in 2021. The U.S is predicted to dominate in the future due to the high occurrence and rise in the incidence of tinnitus and the rapid surge in the number of geriatric populations.
The primary factor driving the market growth in the US is the rapid adoption of various initiatives to standardize tinnitus treatment outcomes. This will help in the growth of the U.S. tinnitus management market.
The U.K is projected to account for 29.4% of the European market by 2031. Technological advancements in medical devices are one of the major factors responsible for increasing the demand for tinnitus treatment in the U.K.
Increased cases of tinnitus and rising awareness regarding smart tinnitus devices are surging the market in the U.K. As per the British Tinnitus Association 2017, about 90% of tinnitus patients have reported some sort of hearing loss.
The East Asian region is expected to be dominated by China projecting a growth rate at a CAGR of 3.8%. The rapid rise in China’s geriatric population is driving the tinnitus management market.
Increased incidents of hearing-related concerns in China are likely to propel market growth. As per a study conducted by the Chinese Federation of People with Disabilities, around 130 million Chinese experience buzzing or ringing sounds in their ears.
The tinnitus management market is projected to witness reasonable growth in India with a CAGR of 3.6% owing to the rise in research and development activities and rapid growth in medical device technology will aid the overall expansion of the market.
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Tinnitus Management Market by Category
By Product:
- Devices
- Sound Masking Devices
- Notched Music Devices
- Hearing Aids
- Drugs
- Tricyclic Antidepressants
- Antianxiety
- Anticonvulsants
By Indication:
- Subjective Tinnitus
- Objective Tinnitus
By Distribution Channel:
- Audiology Centers
- ENT Clinics
- Hospitals
- E-Commerce
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Tinnitus Management Product Types Innovation / Key Development Trends
3.3. New Launches / Procedures/Patents
4. Market Background
4.1. Macro-Economic Factors
4.1.1. Global GDP Growth Outlook
4.1.2. Global Healthcare Expenditure Outlook
4.1.3. Emerging Countries Healthcare and Development Outlook
4.2. Forecast Factors - Relevance & Impact
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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