Tinnitus Management Market: Inclination of Leading Players towards R&D Activities to Bring More Revenues
Tinnitus is constant sound in the ear, which does not come from an external source. Nature of sound may be of ringing, buzzing, roaring, clicking, and hissing with varying intensity. Tinnitus is a symptom rather than a disease. Exact pathophysiology of tinnitus is still unknown, however, various causes of tinnitus are partial hearing loss, loud noise, blockage of earwax from eardrum, otosclerosis (stiffening of middle ear bone), head injury and damage to vestibulocochlear nerve etc. Tinnitus could impact quality of life and lead to stress, depression, and lack of concentration. Tinnitus does not have a curative therapy, however, according to American Tinnitus Association, there are various management approaches to address attentional, emotional, and cognitive impact of tinnitus, which includes use of hearing aids or sound therapy with the help of a device or behavioral therapy.
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Increasing prevalence of tinnitus is expected to drive growth of the tinnitus management market:
According to the American Academy of Audiology, in 2016, global prevalence for tinnitus varied from 5% to 42% from different studies and such high prevalence is expected to drive growth of the tinnitus management market. According to British Tinnitus Association, around 90% of the people with tinnitus have reported some kind of hearing loss. Also, patient suffering from partial deafness or hearing loss also complained about tinnitus and undergo management approaches for tinnitus treatment. This is another factor expected to drive growth of the tinnitus management market. Development of novel and innovative devices and therapies for tinnitus management would aid in market growth. For instance, mobile application-based music therapy aids in managing symptoms and effectively treat the condition through prescribed music listening experience for one to two hours a day for specific period.
North America and Europe markets are expected to witness high growth owing to high prevalence of tinnitus in these regions:
North America and Europe markets are expected to exhibit high growth over the forecast period. According to American Academy of Audiology, in 2014, 50 million people in the U.S. were reported to experience some form of tinnitus, while 12 million of them suffered from tinnitus. This high prevalence is expected to drive growth of the tinnitus management market in North America. In addition to this, governments in these regions are taking initiatives to standardize tinnitus treatment outcomes. For instance, the European Union in 2014, formed pan-European Tinnitus Research Collaboration Network, to establish an international standard for outcome measurements in clinical trials of tinnitus.
Key players in the market are developing and launching new products for aiding in management of tinnitus. For instance, launch of notched music device and cochlear implant has aided in enhanced management of tinnitus. In notched music devices, specific frequency of sound is removed, which is equivalent to frequency of tinnitus sound. Patient listening to this tailored sound daily for specific period, would benefit from this, as it could aid in elimination of the tinnitus sound. Cochlear implants are majorly used by patients with tinnitus suffering from single-sided deafness.
Key players operating in the global tinnitus management market include,
Sivantos, Inc., Starkey Hearing Technologies, Inc., GN Hearing A/S, Widex A/S, Oticon Inc., Neuromod Devices Ltd., Neuromonics, Inc., Puretone Ltd., Cochlear Americas, Inc.