Global Tinnitus Market: Snapshot
Tinnitus is a perception of noise or ringing inside the ears. It is considered as a common condition, majorly affecting a large percentage of the population due to age-related hearing loss. Tinnitus is not a serious condition and can be cured with several therapeutics available across the globe; however, with no treatment, it can worsen with age. With a tremendous rise in the geriatric population worldwide, the global tinnitus market is estimated to grow significantly in the next few years. In addition, the rising focus on research and development activities in order to offer effective drugs and treatments for patients is expected to encourage the growth of the global tinnitus market in the near future.
The increasing awareness among patients regarding tinnitus and the availability of treatments to cure this condition is predicted to fuel the growth of the global market in the coming few years. The rising spending capacity of patients on advanced healthcare facilities is likely to accelerate the growth of the market in the near future. Furthermore, the presence of a strong pipeline and several new drugs in clinical trials are projected to create promising growth opportunities for market players.
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The rising prevalence of tinnitus and the presence of advanced healthcare infrastructure are predicted to supplement the growth of the tinnitus market in developed economies. There are several devices available in the market which can help the patients in reducing the effect of tinnitus and offer a temporary relief. According to the latest research activities, the players in the global tinnitus market are considering the use of magnesium in their drugs, as it has been found that magnesium-rich diet is expected to reverse the condition. However, several research and development activities are taking place in order to benefit the patients across the globe.
Global Tinnitus Market: Brief Description
Tinnitus is a condition, characterized by a hearing perception within the ear when no real sound is produced in the surrounding environment. It is generally caused because of the noise induced in the ear or age related hearing loss problems. Other prime causes of tinnitus are ear infections, oxidative stress, multiple sclerosis, wax increase, presence of foreign substance in the ear, emotional stress, nasal allergies, circulatory system disorders, and exposure to deafening sounds. Currently, one among every five individuals across the globe suffers from tinnitus and the condition worsens with increasing age if not treated or diagnosed on time. However, proper care and treatment are expected to prevent and help treat this severe condition even among aged individuals.
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The market intelligence report is a comprehensive review of the growth trail in terms of current, historical, and future scenarios of the global tinnitus market. It offers an evaluation of the aspects that are expected to influence the development of the market and the primary trends have also been specified in the research study. The research study also offers a broad lookout on the vendor landscape of the market through Porter’s five forces analysis. The research publication provides references of mergers and acquisitions, the research and development activities, specifics on licensing and collaborations. The report probes into the strategies related to marketing, shares, and product portfolio of the key participants in the global tinnitus market.
Global Tinnitus Market: Key Trends
The primary factors for the growth of the global tinnitus market are high prevalence of tinnitus, growing demand for advanced therapeutics, and rising awareness and affordability of the population and presence of a ripe pipeline. According to the National Institute on Deafness and other Communication Disorders (NIDCD), more than 37 million people in the U.S. have suffered from some degree of hearing loss in 2013.
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Furthermore, the rising awareness, affordability as well as demand for advanced therapeutics will add to the growth of this particular market in the near future. Numerous global pharmaceutical manufacturers are also having a large number of pipeline drugs in the last stage of clinical trials that is expected to be soon commercialized in the global market, thus boosting the growth of the global tinnitus market over the coming years.
Global Tinnitus Market: Regional Outlook
Region-wise, North America leads the global tinnitus market closely trailed by Europe. The key factors that are responsible for the leading position of these regions in this market is extremely high prevalence of tinnitus among individuals dwelling in these parts of the world. According to the NIDCD, approximately 12% of individuals who are between 65 to 74 years of age are suffering from tinnitus globally in 2012. This condition is extremely frequent among white individuals due to its high prevalence in the U.S., U.K. and Germany is found to be higher as compared to other parts of the world. However, Asia Pacific, Middle East and Latin America are the regions which have exhibited a considerable growth opportunity for the therapeutic drug developers due to their improving economic conditions, rising awareness, and rising affordability of the people living in these regions.
Global Tinnitus Market: Vendor Landscape
Some of the chief participants having their drugs in late stage clinical trials are Abbott Laboratories, Inc., Auris Medical AG, Autifony Therapeutics Limited, Bayer AG, Dr. Willmar Schwabe GmbH & Co. KG, MSE Pharmazeutika GmbH, Merz Pharma GmbH & Co. KGaA, NeuroSystec Corporation, Novartis AG, Orasi Medical, Inc., GlaxoSmithKline PLC., and Sound Pharmaceuticals, Inc.
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