Global Vestibular Testing System Industry Targets US$ 202.4 Million by 2033, Fueled by a Strong 5.4% CAGR | FMI Report

The Global Vestibular Testing System Industry is on track for remarkable growth, with a projected valuation of US$ 119.3 million in 2023, expected to soar to an impressive US$ 202.4 million by 2033, according to a recent report by leading industry analysts at FMI. This significant expansion is forecasted to be driven by a robust Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period.

The vestibular testing system is a sensory system that controls special orientation and coordination. It consists of several tests that determine whether there is something wrong with the vestibular portion of the inner ear. These tests can also help in isolating dizziness symptoms, which can then be treated effectively.

The growing demand for vestibular testing systems can be attributed to their high accuracy in identifying inner ear disorders. Recent studies have shown that these systems are more reliable than medical examinations in detecting vestibular problems. As a result, the industry is expected to experience steady growth in the coming years.

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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 an 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 areas such as 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)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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