February 21, 2024
Tinnitus Management Market

Tinnitus Management Market Driven by Increasing Research Funding and Growing Geriatric Population

The tinnitus management market is estimated to be valued at US$ 2.54 Billion in 2022 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Tinnitus, commonly known as ringing in the ears, is a condition where a person experiences sound without any external sound source. It is often linked to hearing loss, noise exposure, age-related hearing loss, ear injury, dental problems, and stress. The growing geriatric population along with rising awareness about treatment options available for tinnitus is driving the growth of the tinnitus management market. Devices like sound generators and sound therapy apps have emerged as feasible alternatives to treat the condition without medications.

Market Dynamics:

Increasing research funding for developing novel treatment solutions is a key factor driving the tinnitus management market growth. For instance, in 2019 the National Organization for Rare Disorders (NORD) awarded a research grant worth $50,000 to Neuromod Devices to test the efficacy of neuromodulation devices in reducing tinnitus symptoms. Moreover, growing geriatric population worldwide is also boosting the market. According to the World Health Organization, the global population aged 60 years and older is projected to double from 12% to 22% between 2015 and 2050. Older individuals are more susceptible to developing age-related hearing loss and tinnitus. Research shows that around 20% of individuals between ages 50 to 69 suffer from the condition which increases to 30% among people 70 years and older. Furthermore, availability of devices like sound generators and customized sound therapy apps which provide non-invasive solutions for mild to moderate

SWOT Analysis:

  • Strength:
    • Growing awareness about tinnitus management through treatment and ongoing research
    • Increasing adoption of innovative sound therapies and masking devices for tinnitus relief
    • Strong presence of global leaders offering wide range of devices and treatment options
  • Weakness:
    • Lack of approved drugs for complete cure and high cost of treatment devices limiting market growth
    • Presence of alternative therapeutic options like acupuncture and herbal medicines
  • Opportunity:
    • Untapped growth potential in developing regions owing to rising healthcare expenditure
    • Launch of low-cost over-the-counter devices widening consumer reach
  • Threats:
    • Risk of device-related injuries limiting market attractiveness
    • Difficulty in establishing association between tinnitus and its underlying causes hampering product innovations

Key Takeaways:

The Global Tinnitus Management Market Growth is expected to witness high, exhibiting CAGR of 3.5% over the forecast period, due to increasing geriatric population suffering from age-related hearing loss.

Regional analysis:

North America dominated the global market in 2022 and is expected to maintain its lead over 2023-2030. This can be attributed to high awareness about treatment and management of tinnitus among consumers as well as prescribing healthcare professionals in the region. Europe holds the second largest market share owing to supportive health reimbursement policies aiding in market growth.

Key players:

Key players operating in the tinnitus management market are Sivantos, Inc., Starkey Hearing Technologies, Inc., GN Hearing A/S, Widex A/S, Oticon Inc., Neuromod Devices Ltd., Neuromonics, Inc., Puretone Ltd., and Cochlear Americas, Inc.

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