The Tinnitus Management Market is estimated to be valued at US$ 2.54 Billion in 2022 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tinnitus, commonly known as ringing in the ears, is a chronic condition where the patient experiences phantom auditory perceptions like hissing, buzzing, whistling or humming without any external source. It is a widespread problem affecting over 15% of adults globally. With rising stress levels and growing aging population prone to hearing loss, the number of tinnitus cases is on the rise. Devices like sound generators and hearing aids are used for tinnitus management. Cochlear implants are also beneficial for patients with severe to profound hearing loss accompanied by tinnitus.
Market Dynamics:
Increasing aging population is one of the major drivers propelling the tinnitus management market growth. According to the United Nations, over 16% of the global population will be aged 65 years and above by 2030. This demographic is at a higher risk of developing age-related hearing loss and tinnitus. Additionally, investments in research & development activities are also fueling market expansion. Large players such as Sivantos and Widex are continuously investing in developing innovative devices for tinnitus relief. They are collaborating with research institutes and healthcare technology startups to incorporate cutting-edge solutions like artificial intelligence for customized sound therapy. Advanced digital sound therapy applications are gaining popularity for their portability and ability to deliver relief through smartphone-compatible wireless earpieces.
Segment Analysis:
The global tinnitus management market is segmented into device type, distribution channel, and end user. Based on device type, hearing aids dominated the market in 2019 due to the growing geriatric population suffering from age-related hearing loss. Hearing aids are designed to amplify the sound for people with hearing loss. Based on distribution channel, hospitals and retail pharmacies held the largest share in 2019 owing to the provision of better treatment facilities along with medical advice.
PEST Analysis:
- Political: Regulations regarding the approval and commercialization of tinnitus management devices are present to ensure safety and efficacy.
- Economic: The global tinnitus management market is anticipated to witness high growth owing to rising disposable income and growing healthcare infrastructure in emerging markets.
- Social: Rising awareness about timely diagnosis and management of tinnitus has encouraged people to seek professional medical help, driving market growth.
- Technological: Advancements in hearing aid technology such as wireless connectivity and artificial intelligence are facilitating personalized care and improving patient outcomes.
Key Takeaways:
The Global Tinnitus Management Market Size is expected to reach USD 2.54 Billion by 2030, exhibiting a CAGR of 3.5% during the forecast period owing to increasing geriatric population affected by tinnitus. Regionally, North America dominated the global market in 2019 due to growingolder population and rising prevalence of age-related hearing loss. Key players operating in the tinnitus management market are Sivantos, Inc., Starkey Hearing Technologies, Inc., GN Hearing A/S, Widex A/S, Oticon Inc., Neuromod Devices Ltd., Neuromonics, Inc., Puretone Ltd., and Cochlear Americas, Inc.
Regional analysis
North America accounted for the largest share in the global tinnitus management market in 2019 due to increasing incidence of hearing disorders among adults aged 60 years and above. Asia Pacific is anticipated to witness the fastest growth during the forecast period owing to rising healthcare expenditure, surge in awareness programs, and improvement in healthcare infrastructure.
Key players
Key players operating in the tinnitus management market are Sivantos, Inc., Starkey Hearing Technologies, Inc., GN Hearing A/S, Widex A/S, Oticon Inc., Neuromod Devices Ltd., Neuromonics, Inc., Puretone Ltd., and Cochlear Americas, Inc. Starkey Hearing Technologies, Inc. offers a wide range of hearing aids such as Muse iQ, Lyric, and HiHealth hearing aids.
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