As per Fact.MR’s latest revised industry analysis, the global vestibular testing systems market was valued at over US$ 98 Mn in 2020, and is expected to exhibit a CAGR of close to 6% over the forecast period (2021-2031). Vestibular tests are more accurate than other medical examinations in identifying inner ear disorders. Vestibular tests, if combined with other hearing pathway tests such as an audiometry test, auditory brainstem response (ABR) test, and electrocochleography (ECochG) test, provide much better results.
Balance disorders in the geriatric population have become a major public health problem, as the population aged above 60 is prone to many diseases. In the geriatric population, common causes of vertigo may manifest differently, as these patients tend to report less rotatory vertigo and more non-specific dizziness and instability than younger patients.
According to CDC, more than one-third adults aged 65 or more suffer from a fall each year in the U.S., and around 20%–30% of people who fall end up with moderate to severe injuries. In the elderly population, prevalence of vertigo and dizziness has reached 30%, and due to an increase in the aging population, globally, the number of patients is rapidly increasing.
However, high cost associated with these tests and devices may hamper market growth to some extent. Overall, the vestibular testing systems industry is expected to witness steady growth throughout the forecast period of 2021 to 2031, owing to rising demand for effective assessment systems and increasing geriatric population.
Key Takeaways from Market Study
- By product, videonystagmography (VNG) systems are expected to hold 53.7% market value share by the end of 2031.
- Hospitals dominated demand for vestibular testing systems with a share of 67.4% in 2020, owing to high availability of vestibular testing devices and presence of skilled physicians.
- By region, North America is set dominate the global market for vestibular testing systems with a value share of around 37.8% by the end of 2031. Western Europe is slated to be the second-largest leading market with a value share of 29.2%.
“Increasing adoption of vestibular testing and new product launches with technology advancements are set to drive market growth” says an analyst of Fact.MR.
Research and development activities, collaborations, partnerships, and new product developments have emerged as the key growth strategy adopted by industry players. By focusing on these strategies, key stakeholders are expanding their geographic footprints and strengthening their existing product portfolios.
- In February 2020, Natus Medical Incorporated announced a collaboration with ReSound, a global leader in smart hearing aid solutions, aiming at providing exceptional hearing care solutions to hearing aid users around the globe.
- In June 2019, Neuro Kinetics, Inc. (NKI) announced the release of VEST™ 8.2 and I-Portal® 6.2 software upgrades, both of which include numerous new features for users of I-Portal® NOTC (Neurotologic Test Center), I-Portal® VNG, and I-PAS™ (I-Portal® Portable Assessment System), NKI’s proprietary clinical eye tracking devices.
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