July 21, 2024
Tinnitus Management Market

Increasing Adoption Of Digital Hearing Devices Is Anticipated To Openup The New Avenue For Tinnitus Management Market

The Tinnitus Management Market is estimated to be valued at US$ 2.62 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Tinnitus is the perception of sound when no actual external noise is present. It is commonly described as ringing, buzzing, hissing, whistling or humming. The exact cause of tinnitus is unknown and requires management through various devices such as sound generators, hearing aids and cochlear implants. These devices help reduce the effects of tinnitus by emitting background noise that may overlap with tinnitus sounds.

Market Dynamics:

Growing geriatric population prone to age-related hearing loss is a key driver expected to propel the growth of tinnitus management market over the forecast period. Elderly people commonly experience high-pitch tinnitus due to progressive hearing loss or noise-induced damage. According to WHO, by 2050 approximately 2 billion people will be aged over 60 years. Increasing awareness regarding availability of effective treatment options such as sound therapy devices through campaigns by non-profit organizations is another factor anticipated to boost the demand for tinnitus management devices till 2030.

Segment Analysis:

The tinnitus management market is segmented into hearing aids, sound therapy devices, and professional devices and prescription drugs. Hearing aids dominate the market as they are the most common form of treatment used in mild to severe cases of tinnitus. Hearing aids help improve the wearer’s ability to hear environmental sounds around them, which helps reduce tinnitus symptoms and mask the phantom sounds.

PEST Analysis:

Political: Regulations around hearing product approvals and health insurance reimbursements impact the market growth. Favorable regulations boost adoption.

Economic: Growing economy increases healthcare spending. Rising disposable incomes drive demand for high-quality tinnitus treatment devices and services.

Social: Growing geriatric population and increasing awareness about tinnitus treatments are key drivers. Stigma around hearing problems is reducing over time.

Technological: Advancements in sound therapy apps, ear-level devices, and wireless connectivity enhance portability and usability. AI and digital technologies enable customized sound profiles.

Key Takeaways:

The Global Tinnitus Management Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing geriatric population and rising prevalence of hearing disorders.

Regional analysis: North America dominates the market due to large patient pool, favorable reimbursement policies, and enhanced healthcare infrastructure. Asia Pacific is expected to grow at the highest rate during the forecast period due to the large unmet needs in emerging countries like China and India.

Key players operating in the tinnitus management market are Widex A/S, GN Hearing A/S, Starkey Hearing Technologies, Sivantos Group (now WS Audiology), and Cochlear Limited. These players focus on expanding their product portfolios through acquisitions and new product launches catering to the rising demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it