by The global tinnitus management market is estimated to be valued at US$ 2.62 billion in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tinnitus management products are aimed at minimizing the effects of tinnitus by reducing noise sensitivity, masking the noise, and helping individuals adapt to the symptoms. Tinnitus management products include sound therapy devices, hearing aids, cochlear implants, Oticon Medical Neuromodulation devices and various medications. Tinnitus is a common problem caused by exposure to loud noises, aging, ear injuries, and circulatory system problems. It affects approximately 50 million Americans annually and causes ringing or other sounds in the ears. The need for effective tinnitus management is growing due to rising prevalence of hearing loss and ear disorders resulting from increasing noise pollution.
Market key trends:
The key trend in the tinnitus management market is growing adoption of sound therapy devices. Sound therapy involves using external sounds, either natural sounds from environmental sources or tailored sounds from specialized devices, to reduce awareness of tinnitus sounds. It works on the principle of auditory cortex neuroplasticity which means that external sounds can change the function and structure of the auditory cortex to decrease sensitivity to tinnitus. Devices that deliver soothing and pleasant sounds can help mask the troubling tinnitus noises. Manufacturers are developing innovative sound therapy devices with advanced features like customizable sound profiles and mobile app connectivity for effective home-based tinnitus relief. This is expected to drive the demand for sound therapy devices in the forecast period.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate. Establishing a new tinnitus management program requires heavy investment in research and development of hearing devices which increases entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of different product options from several manufacturers. Buyers can negotiate on price and quality of products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there exist a number of suppliers for raw materials and components used for manufacturing hearing devices.
Threat of new substitutes: The threat of new substitutes is low as no close substitute exists for management of tinnitus symptoms. New drug development takes significant time and investment.
Competitive rivalry: Competition among existing players is high given the large number of manufacturers offering differentiated products. Players compete on the basis of product features, quality, and pricing.
Key Takeaways:
The Global Tinnitus Management Market Growth is expected to witness high, exhibiting CAGR of 3.7% over the forecast period, due to increasing prevalence of hearing impairment and growing awareness.
Regionally, North America dominated the market in 2023 with a share of over 35%, owing to the significant rise in the geriatric population and availability of advanced treatment options in the region. Asia Pacific is expected to exhibit the fastest growth during the forecast period, due to the large patient base, increasing healthcare expenditure, and rising awareness.
Key players operating in the tinnitus management are Widex A/S, GN Hearing A/S, Starkey Hearing Technologies, Sivantos Group (now WS Audiology), Cochlear Limited. Key players compete based on product differentiation, pricing, and widening their geographic footprint through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
