Alarming Rise of Vestibular Disorders in Geriatric Population Drives Global Vestibular Testing System Market Growth: Fact.MR
Surging number of patients suffering from dizziness disorder, balance disorder and vertigo along with adoption of technologically advanced medical treatment are the primary sales drivers.
Fact.MR, Rockville MD: Global vestibular testing system market is forecast to register 6.8% CAGR for the forecast period 2018-2028. According to market research firm Fact.MR, availability of videonystagmography at low cost for the treatment of Meniere’s disease and advancement in vestibular testing technologies are the leading growth parameters. Development in health infrastructure in developing countries along with government run awareness programs and desired reimbursement policies will elevate the vestibular testing system market demands.
“Surge is witnessed in children suffering from balance disorder and vertigo. Usage of Vestibular Testing System in developing treatment for vestibular diseases is expected to increase the market growth. The introduction of vestibular therapy initiative will lead to patient awareness regarding vestibular diseases enhancing the market growth,” said a lead analyst at Fact MR
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Vestibular testing system market – Key findings
- Vestibular testing system market is forecast to reach the valuation of US$ 79.6 Mn in global market.
- 30% of global geriatric population suffers for vestibular diseases like vertigo and dizziness disorder.
- 70% of global vestibular testing system market shares comprises of North America, Western Europe, and Asia Pacific markets.
- Asia Pacific excluding China and Japan are forecast to grow at 8% CAGR by the end of 2028.
- Market in Japan is expected to grow at 7.8% CAGR by the end of 2028.
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Vestibular testing system market – Key Driving Factors
- Development of health infrastructures in emerging economies and increased spending on healthcare are leading market drivers.
- Technological advancement and adoption of high accuracy vestibular testing devices for the treatment of dizziness, vertigo and balance disorders boosted the growth.
- Demands from emerging economies and developing healthcare systems are providing better growth opportunities.
Vestibular testing system market - Major Restraints
- Lack of awareness related to vestibular diseases in developing countries and limited presence of top market players restricts the market growth.
- High Vestibular testing device cost and expensive supporting tests hampers the market growth.
COVID-19 pandemic damaged the global healthcare system and disrupted the necessary supply chain of drugs and medicines. It has negatively impacted on vestibular testing system market. Only medical supplies and life support product industries were permitted due to lockdown and other restrictions. This hampered the vestibular testing system market. Pandemic also slowed the world market growth and with few key market players operating during the pandemic, slowed the market growth.
The growth is estimated to increase with relaxations in lockdown and clearance of work stoppage orders.
Some of the key players working in the global vestibular testing system market are BioMed Jena GmbH, balanceback (Vestibular Research & Development, LLC), Interacoustics A/S, Natus Medical Incorporated, Micromedical Technologies, Framiral, Synapsys, Neuro Kinetics, Difra s.a. and TECHNO CONCEPT etc.
The market players are actively participating in strategic mergers and acquisition and are also running awareness campaigns among the healthcare providers. This strategy will assist them in launching of modern vestibular testing systems as well as expanding in emerging markets.
More Insights on the Vestibular testing system market
In its latest report, Fact.MR offers unbiased analysis of the vestibular testing system market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (Vestibular evoked myogenic potential (VEMP) System, Videonystagmography (VNG) Systems, Rotary Chair, Computerized Dynamic Posturography (CDP)) and end user (hospitals, private clinics) across seven regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, China and Middle East & Africa).
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