Tinnitus Management Market to Top US$ 3.2 Bn by 2031 Driven by Growing Burden of Hearing Disorders: FMI
Future Market Insight's (FMI's) recent survey on tinnitus management market offers a thorough analysis into current market outlook and reveal factors enabling sales globally. The report discloses opportunities that will favor the market growth across various segments on the basis of product, indication, and distribution over the next 10-years.
DUBAI, UAE, Dec. 14, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: As per a detailed study by FMI, Tinnitus Management Market will reach US$ 2.5 Bn in 2021. Increasing technological improvements in tinnitus management and implementation of favorable reimbursement policies in the U.S., Germany, the U.K., and others are favoring the growth in the market.
Rising incidence of earwax blockage, ear hair cell damage, and growing usage of headphones for listening to loud music have increased the burden of tinnitus across the world. On account of this, the market is estimated to total US$ 3.2 Bn by the end of 2031.
According to the World Health Organization (WHO), around 466 million people worldwide were reported to be suffering hearing loss in 2020. As tinnitus management solutions provide effective treatment for hearing ailments, growing prevalence of ear-related conditions is estimated to create lucrative opportunities in the coming years.
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Market players are increasingly emphasizing on introducing novel products to capitalize on existing opportunities. For instance, Oticon announced launching its new product, Oticon More™ hearing aids in November 2020. It is the first hearing aid in the world to incorporate with Deep Neural Network (DNN) which assists the enhancing functionality of the tinnitus patient's brain.
A slew of such developments and product launches is anticipated to propel the demand for tinnitus management at 2.8% CAGR during the forecast period from 2021 to 2031.
Based on product, the devices segment is projected to hold the maximum share in the market, accounting for nearly 93.8% of the total sales in 2021. Increasing consumer preference towards opting for hearing devices as it improves patient communication by reducing the annoying sensation of sounds and voices caused by tinnitus is driving the growth in the market.
"Leading companies are extensively undertaking research and development (R&D) activities to develop advanced devices integrated with cloud technologies and drugs with lowest possible side-effects. This is expected to augment the growth in the market," says a FMI analyst.
Key Takeaways from Tinnitus Management Market Study
- The U.S. is estimated to register the fastest growth in the North America market, accounting for 96.5% of the value share in the region through 2031.
- The U.K. market is projected to hold a significant share in Europe, accounting for nearly 29.4% of the share between 2021 and 2031.
- China is expected to emerge as a highly lucrative market in East Asia, exhibiting growth at 3.8% CAGR over the assessment period.
- India tinnitus management market is forecast to expand at 3.6% CAGR by the end of the coming decade.
- In terms of indication, the subjective tinnitus segment is anticipated to dominate the market, accounting for around 95.6% of the overall demand share in 2021.
Key Drivers
- Surging demand for hearing devices such as sound masking, hearing aids, and notched-music devices for the effective management of tinnitus is expected to increase the sales across the device segment.
- Growing adoption of novel medical devices for improved healthcare and increasing concerns regarding earing issues across India, China, the U.S, and Japan are driving the growth in the market.
Key Restraints
- Side effects associated with the tinnitus management drugs such as constipation, dizziness, weight gain, and excessive sweating are hampering the demand in the drugs segment.
- High cost of hearing aid devices such as hearing aids, notched-music, and sound masking devices is hindering the sales of tinnitus management devices.
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Competitive Landscape
Leading players operating in the tinnitus management market are aiming at strengthening their position through new product launches, approval, merge & acquisition, collaborations, partnership, and agreements with other players. For instance,
- In August 2021, Hearing aid innovator Signia, a leading hearing solutions provides announced launching of its novel Augmented Xperience (AX) hearing aid platform that automatically and intelligently processes the sound to ensure that listeners always hear clean sound – regardless of the listening environment.
- In January 2019, Takeda Pharmaceutical Company announced acquiring a U.S.-Based specialty biopharmaceutical company, Shire plc. The acquisition will assist the company to expand their product portfolio to strengthen their market share across in Neuroscience, GI, rare diseases, and oncology and PDT domains.
Some of the key players operating in the market profiled by FMI are:
- 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
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More Valuable Insights on Tinnitus Management Market
The latest report by FMI provides a detailed analysis of the global tinnitus management market, providing exclusive insights into key factor driving the market over the forecast period 2021-2031. The study also discloses sales projections on in tinnitus management market with detailed segmentation:
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)
Key Questions Covered in the Report
- The report offers insight into tinnitus management market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for tinnitus management market between 2021 and 2031
- Tinnitus management market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Tinnitus management market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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