As per DelveInsight, the global tinnitus medical devices market was valued at USD 1855.18 million in 2021 and growing at a CAGR of 3.49% during the forecast period (2022 to 2027); it is anticipated to reach USD 2259.72 million by 2027. The rising cases of tinnitus and its causative and risk factors, such as meningitis, hearing loss, deafness, otosclerosis, Meniere’s disease, and others, are expected to drive the demand for tinnitus medical devices. Moreover, the escalating burden of geriatric patients, increasing cases of accidents, trauma, and injuries, and increasing exposure to loud music and sound also stimulate market growth. Some of the major players in the global tinnitus medical devices market include Starkey Laboratories, Inc., Neuromod, Neuromonics, Demant A/S, Puretone Ltd., GN Store Nord A/S, WS Audiology A/S, Sonova, MDHearing, Elkon Pvt. Ltd., Audina Hearing Instruments, Inc., Arphi Electronics Private Limited, Foshan Vohom Technology Co., Ltd., KIND GmbH & Co. KG, RION Co., Ltd., Istok Audio Trading LLC, Eargo Inc., AlgorKorea Co., Ltd., Lisound Hearing Aid (Fuzhou) Co., Ltd., Guangzhou Melison Medical Instrument Co., Ltd., and others. The increasing regulatory approvals and launches of new devices across the globe by major MedTech giants further boost the overall market growth.
DelveInsight’s “Tinnitus Medical Devices Market Insight, Competitive Landscape and Market Forecast – 2027” research report provides the current and forecasted tinnitus medical devices market size, share, and trends analysis for the next five years. Moreover, it highlights the ongoing innovations in the segment, major market drivers & barriers, key competitors, and emerging devices in the domain.
Tinnitus Medical Devices Market: Overview
Tinnitus is defined as a phantom auditory perception. It is a perception of sound without corresponding acoustic or mechanical correlates in the cochlea. Tinnitus represents one of the most common and distressing otologic problems, and it causes various somatic and psychological disorders that interfere with the quality of life. Tinnitus is common, and nearly 36 million Americans have constant tinnitus. More than half of the normal population has intermittent tinnitus. In general, the prevalence of Tinnitus increases with age up to about 70 years and is greater in males versus females.
Currently, several devices are available in the market to help people with Tinnitus. These devices lessen the perceived intensity, omnipresence, and burden of tinnitus and help individuals manage their condition. These devices are available in different product types with several features to assist in tinnitus. Different product types include wearable sound generators, tinnitus masking devices, hearing aids, tinnitus relief pillows, and notched-music devices.
DelveInsight’s “Tinnitus Medical Devices Market” provides a key assessment of the market by product type (sound masking devices, notched-music devices, hearing aids, and others), distribution channels (hospital and retail pharmacy, specialty clinics, and others), and geography (North America, Europe, Asia-pacific, and rest of the world). As per the analysis, in the product type segment of tinnitus medical devices, sound masking devices are expected to have a significant revenue share in the year 2021 owing to the various advantages associated with sound masking devices, rising number of product launches, and increasing regulatory approvals across the globe.
Tinnitus Medical Devices Market Analysis
The increasing prevalence of tinnitus and hearing loss globally is a key factor driving the demand for tinnitus medical devices. The rising cases are immensely propelling the overall market of tinnitus medical devices. Moreover, the increasing risk factors responsible for causing tinnitus, such as traumatic brain injury, Meniere’s disease, sclerosis, head injury, damage to vestibulocochlear nerve, and others, are also increasing the demand for tinnitus medical devices.
Furthermore, the rising prevalence of meningitis causing tinnitus in severe cases is another factor leading to a rise in the tinnitus medical devices market growth. According to the World Health Organization (WHO) 2021, about one in five people suffering from bacterial meningitis faces severe complications related to auditory health. Additionally, the time spent in leisure time noises and the duration of loud occupational noises are targetable risk factors for the development of tinnitus. Despite several favorable factors, some of the key aspects, such as the high cost of devices, limitations associated with tinnitus medical devices, and others, are expected to hinder the global tinnitus medical devices market growth.
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Tinnitus Medical Devices Types and Emerging Products
Tinnitus Medical Devices – Global Market Assessment and Forecast
Among all the regions, North America dominated the global tinnitus medical devices in the year 2021 and is expected to do the same by 2027. The increasing prevalence of hearing disorders and the escalating burden of the geriatric population is immensely driving the demand for tinnitus medical devices. As per the estimate, about 10% of the United States adult population, or about 25 million Americans, have experienced tinnitus lasting at least five minutes in the past years. Similarly, the rising cases of hearing loss, deafness, otosclerosis, Meniere’s disease, and others increase the prevalence of tinnitus and demand for the devices, as the aforesaid disorders can be one of the causative factors for tinnitus. Moreover, the increasing number of product launches and the growing number of government initiatives for the safety and well-being of the population’s hearing healthcare in North America are also expected to drive North America’s tinnitus medical devices market growth.
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Tinnitus Medical Devices Market Trends and Developments
Tinnitus Medical Devices Market – Key Developments and Breakthroughs
Over the years, the tinnitus medical devices market has evolved significantly, owing to the active participation of the global MedTech companies and technological advancements in the domain. Similarly, several clinical, commercial, and regulatory developments have also been registered in the domain. Some of the major advancements in the tinnitus medical devices market in recent years include –
- On March 7, 2023, Neuromod Devices Ltd. announced that the US FDA had granted De Novo approval to Lenire, the first bimodal neuromodulation device of its kind to be approved by the FDA for the treatment of tinnitus.
- In August 2022, GN Hearing, a global leader in intelligent audio solutions, announced the launch of ReSound OMNIA, which provides significantly better hearing in noisy environments, with optimal comfort, having a seamless connection to the devices.
- In March 2022, Starkey, a privately held, global hearing technology company headquartered in Eden Prairie, Minnesota, announced that its newest and most advanced family of hearing aids, Evolv AI, is available for people in the market.
- In June 2020, Multiflex Tinnitus Technology, manufactured by Starkey Laboratories, received approval from the US FDA. The Multiflex Tinnitus Technology creates a comforting and customizable sound stimulus that can soothe the irritating sounds of the ear.
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Tinnitus Medical Devices Market – Clinical and Commercial Development Activities
Key Companies in the Tinnitus Medical Devices Market
Globally, some of the leading MedTech giants working in the tinnitus medical devices market include Starkey Laboratories, Inc., Neuromod, Neuromonics, Demant A/S, Puretone Ltd., GN Store Nord A/S, WS Audiology A/S, Sonova, MDHearing, Elkon Pvt. Ltd., Audina Hearing Instruments, Inc., Arphi Electronics Private Limited, Foshan Vohom Technology Co., Ltd., KIND GmbH & Co. KG, RION Co., Ltd., Istok Audio Trading LLC, Eargo Inc., AlgorKorea Co., Ltd., Lisound Hearing Aid (Fuzhou) Co., Ltd., Guangzhou Melison Medical Instrument Co., Ltd., and others. Owing to the rising demand and favorable growth opportunities for revenue generation, several new players are anticipated to enter the market, thereby leading to high competitiveness in the domain.
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Tinnitus Medical Devices Competitive Landscape
Scope of the Tinnitus Medical Devices Market Report:
- Study Period – 2019-2027
- Geography Covered – North America, Europe, Asia-Pacific, and Rest of the World
- Tinnitus Medical Devices Market Assessment –
- By Product Type – Sound Masking Devices, Notched-Music Devices, Hearing Aids, and Others
- By Distribution Channels – Hospital and Retail Pharmacy, Specialty Clinics, and Others
- End-User – Hospitals & Clinics, Ambulatory Surgical Centers, and Others
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s Views
Table of Content
|3||Regulatory and Patent Analysis|
|4||Tinnitus Medical Devices Market Key Factors Analysis|
|5||Tinnitus Medical Devices Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on the Tinnitus Medical Devices Market|
|7||Tinnitus Medical Devices Market Layout|
|8||Tinnitus Medical Devices Global Company Share Analysis – Key 3–5 Companies|
|9||Tinnitus Medical Devices Product Profiles and Key Companies|
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Tinnitus Medical Devices Market Insights and Competitive Landscape
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