The global 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 management products provide non-invasive relief from the perception of abnormal sounds such as ringing, buzzing or whistling. These devices leverage advances in sound therapy to help mask the perceived sounds from tinnitus by providing customized, soothing background noise. The growing prevalence of tinnitus worldwide and the need for reliable, non-drug treatments are driving increased demand for tinnitus management solutions.
Market key trends:
One of the key trends gaining traction in the tinnitus management market is the integration of advanced technologies with sound therapy devices. Many players are launching devices compatible with smartphone apps to leverage digital platforms for remote monitoring and virtual counseling. The apps allow patients to customize sound profiles, track progress, and communicate remotely with hearing specialists. This remote capability addresses treatment barriers such as access and stigma, improving outcomes and convenience for tinnitus sufferers.
Here is the segment analysis and key takeaways for the given Tinnitus Management Market:
Segment Analysis:
The global tinnitus management market is segmented based on product, type, and end user. By product, the market is classified into hearing aids, sound masking devices, and notched music therapy. Among these, the hearing aids segment dominated the market in 2022 due to the increasing adoption of hearing aids for tinnitus management. Hearing aids help in sound enhancement and are capable of masking tinnitus sound, thereby providing relief to patients.
By type, the market is bifurcated into subjective and objective tinnitus. The subjective tinnitus segment held a larger share of the market in 2022 as it is more prevalent than objective tinnitus and accounts for around 90% of total tinnitus cases.
Based on end users, the market is divided into hospitals, clinics, and homecare settings. Hospitals dominated the market in 2022 due to the presence of advanced treatment facilities and availability of trained professionals.
Key Takeaways:
– The Global Tinnitus Management Market Demand is expected to witness high growth, exhibiting a CAGR of 3.5% over the forecast period of 2023 to 2030, due to increasing prevalence of ear diseases causing tinnitus.
– Regionally, North America dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to the growing geriatric population, rising awareness regarding tinnitus management, and availability of advanced healthcare facilities in the region.
– 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. Starkey Hearing Technologies, Inc. leads the market owing to its extensive hearing aid portfolio for tinnitus management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it