Tinnitus Management: Introduction
· Tinnitus is a medical condition in which a person experiences ringing or other noises in either one or both ears. The sound the tinnitus affected person hears is not caused by external sources, and the normal people usually can’t hear it. The sound may be high pitched or low pitched, and it may me soft or loud.
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· Tinnitus is a common issue among geriatric people, and it affects around 15% to 20% of the total population
· Tinnitus is usually caused by an underlying medical condition or problems in the circulatory system, or due to an ear injury, or age-related hearing loss
· Hearing aids, sound masking devices, and notched-music devices are available for the effective management of tinnitus in people of all age groups
Tinnitus Management Market: Key Drivers
· It is estimated that the tinnitus is third-most common problem across the globe, and over 10% to 15% of the total adult population suffer from prolonged tinnitus, which is a key factor propelling the global market for tinnitus management
· Rapid increase in geriatric population is also offering opportunity to manufacturers of hearing implants. This is another factor that is estimated to propel the market in the next few years.
· According to the Chinese Federation of people with Diabetes, about 130 million people experience buzzing sound in their ear, which is a key factor that is also projected to fuel the market in the near future.
· According to the National Institute on Aging, almost 524 million individuals, which is about 8% of the global population, were above the age of 65 in 2010. This number is expected to reach 1.5 billion, which is almost 16% of the global population, by 2050. Most of the population is expected to be from developing countries.
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Hearing Aids Segment to Lead Global Market
· In terms of product type, the global tinnitus management market can be classified into sound masking devices, notched-music devices, and hearing aids. The hearing aids segment is projected to dominate the global market during the forecast period.
· Wide adoption, ease of use, and easy availability of hearing aids are major factors that are likely to contribute to dominant share of the segment during the forecast period
ENT Clinics Segment to Dominate Global Market
· Based on distribution channel, the global tinnitus management market can be categorized into hospitals, ENT Clinics, and E-commerce. The ENT clinics segment is projected to dominate the global market during the forecast period.
· Large number of ENT clinics, rapid increase in number of ENT clinics in emerging countries, and increased availability of tinnitus management devices are attributed to the dominance of the ENT clinics segment of the market
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North America Tinnitus Management Market to Expand Rapidly
· In terms of region, the global tinnitus management market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
· North America is projected to dominate the global tinnitus market during the forecast period. High prevalence and increase in incidence of tinnitus, rapid increase in number of geriatric population, and high per capita healthcare expenditure in the region are key factors that are expected to boost the market in North America during the forecast period
· The tinnitus management market in Europe is likely to expand at a high CAGR during the forecast period. This can be ascribed to a rise in the number of people suffering from tinnitus, new product development, increased availability of these products in Europe, and increased adoption of these implants in the region.
· Significant expansion of the healthcare industry, easy access to healthcare facilities, and increase in investments in healthcare by leading players in Europe are projected to augment the market in the region in the near future
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Key Players Operating in Global Tinnitus Management Market
The global tinnitus market is fragmented, with a large number of international and domestic players holding a major share of the global market. Prominent players operating in the global tinnitus management market include:
· Sivantos, Inc.
· Starkey Hearing Technologies, Inc.
· GN Hearing A/S.
· Widex A/S
· Oticon Inc.
· Neuromod Devices Ltd.
· Neuromonics, Inc.
· Puretone Ltd.
Global Tinnitus Management Market: Research Scope
Global Tinnitus Management Market, by Product Type
· Sound Masking Devices
· Notched-music Devices
· Hearing aids
Global Tinnitus Management Market, by Distribution Channel
· ENT Clinics
Global Tinnitus Management Market, by Region
· North America
o Rest of Europe
· Asia Pacific
o Australia & New Zealand
o Rest of Asia Pacific
· Latin America
o Rest of Latin America
· Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa
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