Fact.MR – A Market Research and Competitive Intelligence Provider: According to the latest Fact.MR analysis, global demand for vestibular testing systems to witness growth at 5.9% CAGR from 2021 to 2031, with market value is projected at around US$ 105.8 Mn in 2021.
North America to lead the global market for vestibular testing systems by the end of 2031
Fact.MR’s latest study uncovers trends accelerating the growth in the vestibular testing systems market. It provides exclusive information on opportunities present across leading segments in terms of product, end user across seven major regions. The report also profiles leading vestibular testing system manufacturers and examines the effect of their growth strategies on the global market.
Fact.MR – A Market Research and Competitive Intelligence Provider: According to the latest Fact.MR analysis, global demand for vestibular testing systems to witness growth at 5.9% CAGR from 2021 to 2031, with market value is projected at around US$ 105.8 Mn in 2021.
Over the last five years, the global vestibular testing systems market has grown at a 4.8% compound annual growth rate (CAGR), with audiology vestibular testing leading the way.
The number of patients suffering from vertigo and balance issues is continuously rising around the world. Several Western European countries have also reported similar incidents. Despite an increase in the patient population and a growing variety of vestibular testing procedures, individuals with vertigo frequently receive either ineffective or ineffective treatment. As a result, the field of VNG test demand, vestibular test batteries, and vestibular function testing has changed dramatically during the previous few decades.
According to a study conducted in Brazil in 2017, approximately 20% of patients suffered some form of dizziness. Dizziness is the third-most common symptom reported in patients by general practitioners, behind pain and exhaustion.
Due to the influence on equipment production, demand, travel prohibitions, quarantines, and supply chain concerns, the COVID-19 pandemic had a detrimental impact on vestibular testing system product sales. This caused a halt in the production of vestibular testing devices, as well as a reduction in their use by patients. During peak lockdowns, demand for these systems was minimal since new installations were limited.
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As per Fact.MR analysis, videonystagmography (VNG) systems to grow positively at a CAGR of 6.3% through 2031. VNG systems are in demand because they can monitor involuntary eye movement, which could be a symptom of a vestibular disease. Furthermore, videonystagmography systems market is expected to witness robust growth.
Regionally, North America is expected to dominate the global market. With a total market share of 82.9 percent in 2021, the United States will continue to dominate the North American region, with substantial growth expected throughout the forecast period. The increased incidence of vestibular illnesses in the country, as well as the introduction of Medicare benefits for the adoption of vestibular testing services by doctors and patients, are driving the growth of this market.
“Increasing adoption of vestibular testing and new product launches with technology advancements are set to drive market growth” says an analyst of Fact.MR.
Key Takeaways from Vestibular Testing Systems Market Survey
- By the end of 2031, demand for videonystagmography (VNG) systems are predicted to have a 53.7% market value share.
- Due to the wide availability of vestibular testing devices and the presence of qualified physicians, hospitals dominated demand for vestibular testing systems in 2020, accounting for 67.4% of total demand.
- By the end of 2031, North America is expected to dominate the global market for vestibular testing systems, with a value share of roughly 37.8%. With a value share of 29.2%, Western Europe is expected to be the second-largest leading market.
Key Drivers
- Increased occurrences of vestibular diseases among children are driving the demand for both general and clinical vestibular testing (VNG) across areas.
- Balance disorders in the geriatric population and rising number of patients suffering from vertigo is expected to fuel the growth of vestibular testing systems market.
Key Restraints
- Vestibular testing is more expensive than other tests.
- Demand for vestibular testing services for vertigo is also being hampered by a problematic reimbursement scenario.
- One of the key challenges restricting the growth of vestibular tests and treatments is the lack of social health insurance.
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Competitive Landscape
Leading market players have used research and development efforts, collaborations, and new product development as essential growth strategies. Key stakeholders are increasing their regional footprints and boosting their existing product portfolios by focusing on these tactics.
- In 2020, Inventis, an Italian business based in Padua that creates and manufactures advanced audiological diagnostics equipment, revealed that it had purchased the whole share capital of Synapsys, a French pioneer in balancing diagnostics.
- Interacoustics A/S introduced the Micromedical Orion Rotary Chair for enhanced vestibular testing in June 2018.
Some of the prominent players operating in the vestibular testing systems market profiled by Fact.MR are:
- Natus Medical Incorporated
- balanceback (Vestibular Research & Development, LLC.)
- BioMed Jena GmbH
- Neuro Kinetics, Inc
- Micromedical Technologies
- Instrumentation Difra SA
- Interacoustics A/S
- Synapsys (an Inventis company)
- Bertec Corporation
- Framiral
More Insights on the Global Vestibular Testing Systems Sales Outlook
Fact.MR provides an incisive coverage on global vestibular testing systems market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for vestibular testing systems with a detailed segmentation on the basis of:
By Product
- Videonystagmography (VNG) Systems
- Vestibular Evoked Myogenic Potential (VEMP) Systems
- Rotary Chairs
- Computerized Dynamic Posturography
By End User
- VEMP Systems for Hospitals
- VEMP Systems for Private Clinics
Key Questions Covered in the Vestibular testing systemsMarket Outlook Report
- The report offers insight into vestibular testing systems demand outlook for 2021-2031.
- The market study also highlights projected sales growth for vestibular testing systems market between 2021 and 2031.
- Vestibular testing systems market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Vestibular testing systems market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
Explore Fact.MR’s Coverage on the Healthcare Domain –
Audiological Devices Market Report- The main cause of rising deafness is the high prevalence of hearing problems in the elderly population. As a result, people are seeking therapy for the same in greater numbers. Based on the aforementioned trends, the worldwide audiological devices market is expected to grow at a moderate rate. The global audiological devices market is expected to increase in the future. The growing older population, combined with new research into hearing problems, will push major industry competitors to innovate.
Benign Positional Vertigo Treatment Market Insights- The market for benign positional vertigo treatment is rising due to an increase in the number of cases of benign positional vertigo. The benign positional vertigo treatment market is also growing because of cheaper procedure costs compared to traditional procedures. In addition, the growing use of benign positional vertigo testing procedures in analyzing/tracking the inner ear and central nervous system, as well as the increasing acceptance of treatments in routine check-ups, are fueling the growth of the benign positional vertigo treatment market.
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