Vestibular Testing System Market is expected to expand at a CAGR of 6.6% over the forecast period 2021-2028
Fact.MR delivers key insights on the global demand for vestibular testing system market in its upcoming report titled “Vestibular Testing Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018 – 2028”. In terms of revenue, the global vestibular testing system market is projected to register a CAGR of 6.8% over the forecast period, owing to various factors, regarding which FMR offers detailed insights and forecasts in this report.
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The vestibular testing system market is segmented based on product type, end users and regions. Based on product type, the vestibular testing system market has been segmented into videonystagmography (VNG) systems; vestibular evoked myogenic potential (VEMP) system; rotary chair; and computerized dynamic Posturography (CDP). Among these four product types, the videonystagmography systems is expected to be the leading segment in the vestibular testing system market by 2018 end.
The increasing adoption of VNG system for vestibular testing due to its low cost and ease of use, which is likely to contribute to the growth of the vestibular testing system market in the coming future. Based on end users, the vestibular testing system market is segmented into hospitals and private clinics. The hospitals segment is expected to account a relatively high revenue share in the vestibular testing system market, due to developing hospital infrastructure.
Hospitals Continue Being the Largest Revenue Source for Vestibular Testing System Market
North America is expected to gain popularity over the forecast period in overall vestibular testing system market, driven by rising prevalence of vertigo disease, and increasing patient pool suffering from balance disorder. An increase in adoption of medicinal treatment for dizziness, and or inner ear disorder, increase in healthcare spending, growing awareness, and technological advancements are also propelling the growth of the vestibular testing system market globally. Furthermore, rise in geriatric population is also one of the key factors driving the demand for vestibular testing systems in testing facilities (including hospitals and private clinics).
In elderly population, the prevalence of vertigo and dizziness has reached up to 30%, which reflects the rapid increase in number of patients over the past few years. However, less geographical presence of key players operating in the global vestibular testing system market has led to low penetration of product in most of the countries, which is expected to hamper the growth of the vestibular testing market in various potential geographies.
Besides, unawareness among patients regarding the vestibular testing systems in under developed countries are some of other the factors expected to hamper the growth of the global vestibular testing system market over the forecast period.
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A key trend witnessed in the vestibular testing system market is the promising result of videonystagmography systems and computerized dynamic posturography. Furthermore, the growing awareness about vestibular testing system, and present results by the major players to enhance product portfolio are the other key trends of global vestibular testing system market.
North America is expected to be the dominant regional market for vestibular testing system, which accounted maximum revenue share of the market in 2017. The North America, Western Europe, and Asia Pacific markets collectively accounted more than 70% share of the global vestibular testing system market in 2017. In terms of revenue, APECJ is expected to expand at the CAGR of 8.0% over the forecast period, excluding China and Japan in vestibular testing system market.
Some of the key players operating in the global vestibular testing system market are Natus Medical Incorporated, balanceback (Vestibular Research & Development, LLC), BioMed Jena GmbH, Interacoustics A/S, Neuro Kinetics, Inc (NKI), Micromedical Technologies, Difra s.a., Synapsys, TECHNO CONCEPT, Framiral, etc. In this report, we have discussed the individual strategies followed by these companies regarding bringing improvements in their products, creating new manufacturing facilities, market consolidation and advanced R&D initiatives.
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