Tinnitus Management Market is expected to reach US$ 3.2 Bn by 2031, finds Future Market Insights
According to a recent study by Future Market Insights (FMI), the global tinnitus management market is expected to register sustainable growth during the forecast period. The market size is likely to grow from US$ 2.5 Bn in 2021 to over US$ 3.2 Bn by 2031 at a CAGR of around 2.8% over the forecast period (2021-2031).
Rising prevalence of tinnitus, technological advancements in tinnitus management devices, and rise in research and development activities undertaken by key manufacturers are some of the factors driving the tinnitus management market.
Tinnitus is the medical terminology for a buzzing or ringing noise in the ears. Most people refer to tinnitus as “ringing in the ears.” Tinnitus can either be subjective or objective. Objective tinnitus is uncommon. Subjective tinnitus is very common, accounting for maximum sales of tinnitus management devices and drugs worldwide.
Tinnitus is the third most common health concern among the people throughout the globe. About 10%–15% of adults have prolonged tinnitus requiring medical evaluation worldwide. This increasing prevalence of tinnitus will propel the growth of tinnitus management market over the forecast period.
Manufacturers are increasingly focusing on quality, technological, and aesthetic features when developing devices such as invisible devices, cloud integration, Ai integration, and drugs with lowest possible side-effects. This is expected to have a positive impact on the global market.
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Key Takeaways from Tinnitus Management Study
- By product, devices hold the maximum share of 93.8% in 2021, expanding at 2.9% CAGR during the forecast period.
- By indication, subjective tinnitus will account for 95.6% of the market share in 2021 exhibiting the highest demand.
- By distribution channel, audiology centers & ENT clinics together account for more than 60% of the market share in 2021.
- By region, North America held the largest share of 52.7% of the global tinnitus management market in 2021.
“Technological improvements in tinnitus management devices will remain a priority for the market players. Apart from focus on innovations, market players are expected to aim at strategic collaborations to gain expertise and expand their product portfolio,” says the FMI Analyst.
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Who is Winning?
The key market players covered by FMI include Signia, Starkey Hearing Technologies, Inc., GN Hearing A/S, Widex A/S, Oticon Inc., Neuromod Devices Ltd., Neuromonics Inc., Puretone, Inc., Pfizer Inc., Sanofi and GlaxoSmithKline.
Some of the leading manufacturers of tinnitus management market are focusing on product launch, collaboration, and partnership strategies for global expansion objectives, thereby, enhancing their market presence.
- In October 2020, Starkey and OrCam partner to provide groundbreaking assistive technology to hearing and visually impaired people.
- In March 2019, Sivantos Pte. Ltd., and Widex A/S, announced the successful completion of the business combination between Sivantos and Widex. The newly created company will operate under the name WS Audiology and be headquartered in Lynge, Denmark and Singapore.
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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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