Tinnitus Management Market to Top US$ 3.2 Bn by 2031 Driven by Growing Burden of Hearing Disorders: FMI – PRNewswire
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 …….
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 …….
