Tinnitus Management Market Scope
According to the American Academy of Audiology, around 50 million people from the United States found with tinnitus symptoms in 2014, while 12 million of them suffered from tinnitus. This high instances of tinnitus will drive the tinnitus management market in the North American region. In addition to this, as per the estimates in the study carried out by the Chinese Federation of People with Disabilities, approximately 130 million Chinese experience ringing or buzzing sounds in their ears. Moreover, the governments in these respective regions are taking initiatives to minimize the prevalence. Tinnitus is one of the most common symptom found in the global population. Some of the tinnitus symptoms are continues buzzing around the ear, hearing loss and other hearing related problems.
The market study is being classified by Type (Sound Masking Devices, Hearing Aids, Notched Music Devices and Cochlear Implant) and major geographies with country level break-up. According to AMA, the Global Tinnitus Management market is expected to see growth rate of 3.79% and may see market size of USD2512.0 Million by 2024.
The Players having a strong hold in the market are Sivantos, Inc., Starkey Hearing Technologies, Inc., GN ReSound, Widex A/S, and Oticon Inc.. Research Analyst at AMA predicts that United States and European Players will contribute to the maximum growth of Global Tinnitus Management market throughout the predicted period.
Sivantos, Inc. (United States), Starkey Hearing Technologies, Inc. (United States), GN ReSound (Denmark), Widex A/S (Denmark), Oticon Inc. (United States), Neuromod Devices Ltd. (Ireland), Neuromonics, Inc. (United States), Puretone Ltd. (United Kingdom), Cochlear Americas, Inc. (United States) and Sonova Holding AG (Switzerland) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are William Demant Holding (Denmark), Dukane Corporation (United States) and Cambridge Sound Management, Inc. (United States).
AdvanceMarketAnalytics has segmented the market of Global Tinnitus Management market by Type, Application and Region.
On the basis of geography, the market of Tinnitus Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Indication, the sub-segment i.e. Subjective Tinnitus will boost the Tinnitus Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Audiology Centers will boost the Tinnitus Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 1st March 2019, Sivantos Pte. Ltd. (“Sivantos”) and Widex A/S (“Widex”) has announced a merger which will operate under the name WS Audiology and be headquartered in Lynge, Denmark and Singapore. The successful merger between two leading hearing aid companies has created a strong player with combined revenues of more than EUR 1.7 billion, over 10,000 employees and one of the strongest R&D teams in the industry.
Alabama, Colorado, District of Columbia, Florida, Michigan, Montana, New Hampshire, New Jersey, New Mexico, Ohio, Oregon, South Dakota, Utah and Wisconsin possess policies, regulations and laws related to the use of tinnitus management for audiologists. This information is reviewed by the State Regulators on an annual basis and the manufacturers are advised that laws, regulations, and policies may change at any time. For instance; The Oregon Health Licensing Agency believes that tinnitus management is within the scope of practice of audiologists but not hearing aid dispensers. Any hearing aid dispenser who is diagnosing or treating tinnitus will have a complaint referred to the Board of Examiners for Speech-Language Pathology and Audiology for investigation and possible sanctions.
- Continues Research and Development for Finding a Perfect Curative Therapy
- Growing Adoption of Portable and Technologically Enhanced Hearing Aids
- Increasing Instances of Tinnitus Symptoms in the Global Populations
- Rising Need of Tinnitus Treatment Managements Due to Unfavorable Side Effects such as Stress, Depression, and Lack of Concentration
- Development of Novel and Innovative Tinnitus Management Devices across the globe
- Increasing Strategic Alliances amongst Tinnitus Treatment Providers to gain Competitive Edge
- Lack of Perfectly Curative Treatments and Supply-Demand Gap
- Relatively Higher Cost Associated with the Tinnitus Management Devices
- Lack of Insurance Coverage for Tinnitus Patients in Primary Stages
- Lack of Awareness about Tinnitus Management Devices and Lower Consumption in Underdeveloped Regions
Key Target AudienceTinnitus Management Device Manufacturers, Tinnitus Treatment Providers, Tinnitus Management Industry Associations, Government Healthcare Institutes, Research and Development Firms and Others
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