The Global Vestibular Testing System Industry is on the brink of significant expansion, with a projected valuation of US$ 119.3 million in 2023, anticipated to surge to an impressive US$ 202.4 million by 2033. This remarkable growth trajectory is underpinned by a substantial Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period, according to the latest insights from Future Market Insights (FMI).
The Global Vestibular Testing System Industry plays a pivotal role in assessing special orientation and coordination within the sensory system. Comprising a variety of tests, these systems are instrumental in identifying potential issues with the vestibular portion of the inner ear. Furthermore, these tests serve the crucial function of isolating symptoms related to dizziness, providing a foundation for targeted and effective treatment.
Vestibular testing systems have emerged as invaluable tools in diagnosing patients grappling with balance problems. Recent studies have underscored their superiority over traditional medical examinations in identifying inner ear disorders, highlighting the precision and efficacy of these advanced testing methodologies.
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Tests for hearing evaluations are categorized into audiometric hearing evaluation, videonystagmography (VNG), vestibular evoked myogenic potential (VEMP), rotary chair and computerized dynamic posturography. The tests include hearing evaluations because the balance and hearing functions of the inner ear are closely related.
The vestibular tests are suggested for those people who are mainly suffering from vertigo, balance disorders, disequilibrium, benign paroxysmal positional vertigo (BPPV) and concussion. The main objective of the vestibular testing system is to decrease the symptoms of vertigo & dizziness, improve gaze stability and decrease risk of falls.
According to the CDC, more than one third of adults of age 65 and older fall each year in the United States and about 20% to 30% of people who fall suffer moderate to severe injuries.
Global Vestibular Testing System Industry: Drivers and Restraints
The factors responsible for the growth of global vestibular testing system are improving healthcare infrastructure and increased risk of clinically significant outcomes such as falls. In addition, rise in the prevalence of balance disorders is significantly expanding the scope of vestibular testing systems.
However, high cost of tests and lack of skilled professionals in understanding test results are some of the factors which are restraining the growth of global vestibular testing system market.
Global Vestibular Testing System Industry: Overview
Based on test type, the global vestibular testing system market is segmented into Videonystagmography (VNG), Vestibular evoked myogenic potential (VEMP), Rotary chair, Computerized dynamic posturography and others. Based on end user, the market is segmented into hospitals, diagnostic centers and clinics.
Hospitals are preferred more due to the supervision of the physicians and availability of comparatively better skilled professionals.
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Vestibular Testing System Industry: Regional Overview
Region wise, the Global Vestibular Testing System Industry is classified into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, and Middle East and Africa. The market in North America is expected to hold the largest share due to new product innovations, lifestyle changes and early treatment adoption.
Europe is the second leading market for vestibular testing system due to development activities and large research base. The Asia Pacific market is also expected to show a significant growth rate over the forecast period. Overall, the Global Vestibular Testing System Industry is expected to show significant growth over the forecast period.
Global Vestibular Testing System Industry: Key Players
Some of the key players in the Global Vestibular Testing System Industry are Balanceback, BeOn Solutions, DIFRA, BioMed Jena, Vesticon, Inc., Recorders & Medicare Systems, Happersberger otopront GmbH, Interacoustics, Homoth Medizinelektronik GmbH & Co., Ecleris S.R.L, MEDI-CARE SOLUTIONS srl, Micromedical Technologies, NAGASHIMA MEDICAL INSTRUMENTS.CO.,LTD., Natus Medical Incorporated, Otometrics A/S and TECHNO CONCEPT.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
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Global Vestibular Testing System Industry: Segmentation is classified based on test type, end-user, and geography.
Based on test type, the Global Vestibular Testing System Industry is segmented into the following:
- Videonystagmography (VNG)
- Vestibular evoked myogenic potential (VEMP)
- Rotary chair
- Computerized dynamic posturography
- Others
Based on end-user, the Global Vestibular Testing System Industry is segmented into the following:
- Hospitals
- Diagnostic Centres
- Clinics
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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