The Global Tinnitus Medical Devices Market to Register Growth at a Paltry CAGR of ~3% by 2027 | DelveInsight
The tinnitus medical devices market is expanding due to factors such as the increasing prevalence of tinnitus, as well as its causative and risk factors such as meningitis, hearing loss, deafness, otosclerosis, Meniere's disease, and others. Furthermore, the growing burden of geriatric patients will drive the tinnitus medical devices market, as the elderly are more prone to auditory disorders
LAS VEGAS, Feb. 23, 2023 /PRNewswire/ -- DelveInsight's Tinnitus Medical Devices Market Insights report provides the current and forecast market analysis, individual leading tinnitus medical devices companies' market shares, challenges, tinnitus medical devices market drivers, barriers, and trends, and key tinnitus medical devices companies in the market.
Key Takeaways from the Tinnitus Medical Devices Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global tinnitus medical devices market during the forecast period.
- Notable tinnitus medical devices companies such as Starkey Laboratories, Inc., Neuromod, Neuromonics, Demant A/S, Puretone Ltd., GN Store Nord A/S, WS Audiology A/S, Sonova, MDHearing, Elkon Pvt. Ltd., Audina Hearing Instruments, Inc., Arphi Electronics Private Limited, Foshan Vohom Technology Co., Ltd., KIND GmbH & Co. KG, RION Co., Ltd., Istok Audio Trading LLC, Eargo Inc., AlgorKorea Co., Ltd., Lisound Hearing Aid (Fuzhou) Co., Ltd., Guangzhou Melison Medical Instrument Co., Ltd., and several others are currently operating in the tinnitus medical devices market.
- In February 2023, the South African Health Products Regulatory Authority (SAHPRA) approved Silentium Tech to import a new tinnitus treatment developed by the European manufacturer Cleanhearing GmbH. Cleanhearing Sono has been approved as a Class IIa medical device for tinnitus in the EU and the United Kingdom, and it will be available in South Africa in February 2023.
- In September 2022, Neuromod Devices Ltd., an Irish medical device company specializing in tinnitus treatment, reached an agreement with Tinnitus Klinika kft, a specialist tinnitus care provider, to make its Lenire device available in Hungary.
- In August 2022, GN Hearing, a global leader in intelligent audio solutions, announced the launch of ReSound OMNIA, which provides significantly better hearing in noisy environments, with optimal comfort, having a seamless connection to the devices.
- In May 2022, Neuromod Devices Ltd, develop and commercialize a treatment for chronic tinnitus, reached an agreement with HØR AS, Norway's largest private hearing and tinnitus care provider, to make its Lenire tinnitus treatment device available in Norway.
- In March 2022, Starkey, a privately held, global hearing technology company headquartered in Eden Prairie, Minnesota, announced that its newest and most advanced family of hearing aids, Evolv AI, is available for people in the market.
To read more about the latest highlights related to the tinnitus medical devices market, get a snapshot of the key highlights entailed in the Global Tinnitus Medical Devices Market Report
Tinnitus Medical Devices Overview
Tinnitus is the perception of noise in the ears, such as roaring, ringing, or buzzing. It can be soft or loud, high or low pitched, and heard in either one or both ears. It is frequently misdiagnosed as a disease, but it is actually the symptom of other conditions such as circulatory system disorders, ear injury, and age-related hearing loss. Tinnitus has affected approximately 10% of the US population for at least 5 minutes, but it has now reached nearly 25 million.
Tinnitus medical devices are devices that can help people manage their condition by reducing the perceived intensity, omnipresence, and burden of tinnitus. These devices are available in various product types with various features to help with tinnitus. Wearable sound generators, tinnitus masking devices, hearing aids, tinnitus relief pillows, notched-music devices, and other products are examples of different product types.
Tinnitus Medical Devices Market Insights
North America dominated the global tinnitus medical devices market in 2021 and will continue to do so during the forecast period (2022–2027). The rising prevalence of hearing disorders, the rising burden of the geriatric population, as well as the rising number of government initiatives for the safety and well-being of the population's hearing healthcare in North America are expected to drive demand for the North American tinnitus medical devices market between 2022 and 2027. In addition, the increasing number of product launches in the region is also expected to boost the tinnitus medical devices market growth. For instance, in August 2022, GN Hearing, a global leader in intelligent audio solutions, announced the launch of ReSound OMNIA, which provides significantly better hearing in noisy environments, with optimal comfort, having a seamless connection to the devices.
To know more about why North America is leading the tinnitus medical devices market growth, get a snapshot of the Tinnitus Medical Devices Market Outlook
Tinnitus Medical Devices Market Dynamics
The rising prevalence of tinnitus and hearing loss worldwide is a major driver of the tinnitus medical devices market. In addition, the increasing risk factors for tinnitus, such as traumatic brain injury, Meniere's disease, sclerosis, head injury, vestibulocochlear nerve damage, and others, will drive up demand for tinnitus medical devices. Furthermore, the rising prevalence of meningitis, which causes tinnitus in severe cases, is a factor driving the growth of the tinnitus medical devices market.
However, the high cost of the device, limitations associated with tinnitus medical devices, and other factors may impede the growth of the global tinnitus medical devices market.
Additionally, the COVID-19 pandemic has had a minor impact on the tinnitus medical devices market. The pandemic's outbreak resulted in the cancellation of outpatient visits and the suspension of non-emergency hospitals, and ENT departments, ENT clinics, audiology centers, and others were closed during the pandemic to prevent the disease from spreading among patients and hospital staff. Furthermore, the manufacturing of the devices was halted due to a lack of resources and manpower. Moreover, tinnitus medical devices such as hearing aids and others were not classified as emergency needs and were thus inaccessible to tinnitus patients. During the pandemic, this reduced the demand for tinnitus medical devices.
However, during the lateral stage of the pandemic, the market for most medical devices, including tinnitus medical devices, began to recover due to the resumption of activities in industries such as the healthcare sector, bringing device demand back on track in the tinnitus medical devices market.
Get a sneak peek at the tinnitus medical devices market dynamics @ Tinnitus Medical Devices Market Dynamics Analysis
Report Metrics | Details |
Coverage | Global |
Study Period | 2019–2027 |
Base Year | 2021 |
Tinnitus Medical Devices Market CAGR | ~3% |
Projected Tinnitus Medical Devices Market Size by 2027 | USD 2.25 Billion |
Key Tinnitus Medical Devices Companies | Starkey Laboratories, Inc., Neuromod, Neuromonics, Demant A/S, Puretone Ltd., GN Store Nord A/S, WS Audiology A/S, Sonova, MDHearing, Elkon Pvt. Ltd., Audina Hearing Instruments, Inc., Arphi Electronics Private Limited, Foshan Vohom Technology Co., Ltd., KIND GmbH & Co. KG, RION Co., Ltd., Istok Audio Trading LLC, Eargo Inc., AlgorKorea Co., Ltd., Lisound Hearing Aid (Fuzhou) Co., Ltd., Guangzhou Melison Medical Instrument Co., Ltd., among others |
Tinnitus Medical Devices Market Assessment
- Tinnitus Medical Devices Market Segmentation
- Market Segmentation By Product Type: Sound Masking Devices, Notched- Music Devices, Hearing Aids, and Others
- Market Segmentation By Distribution Channel: Hospital and Retail Pharmacy, Specialty Clinics, and Others
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View
Which MedTech key players in the tinnitus medical devices market are set to emerge as the trendsetter explore @ Tinnitus Medical Devices Companies
Table of Contents
1 | Report Introduction |
2 | Executive summary |
3 | Regulatory and Patent Analysis |
4 | Key Factors Analysis |
5 | Porter's Five Forces Analysis |
6 | COVID-19 Impact Analysis on Tinnitus Medical Devices Market |
7 | Tinnitus Medical Devices Market Layout |
8 | Global Company Share Analysis – Key 3-5 Companies |
9 | Tinnitus Medical Devices Market Company and Product Profiles |
10 | Project Approach |
11 | About DelveInsight |
Interested in knowing the tinnitus medical devices market by 2027? Click to get a snapshot of the Tinnitus Medical Devices Market Trends
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