Vestibular Testing System Market to Gain US$79.6 Mn between 2018 and 2028, analyzes Fact.MR
Vestibular testing system market is projected to expand at a CAGR of 6.8% during 2018 and 2028. The growth of the global vestibular testing system market is primarily driven by increasing number of patient suffering from vertigo, dizzinesss disorder, and balance disorder.
Besides, the growing geriatric population that is prone to vestibural disease is also creating a huge demand for vestibular testing systems in hospitals and other facilities.
Electronystagmography test (commonly called an ENG test) and videonystagmography (VNG test) is the most prefered tests.
The low cost of the device and ease of use of the system is dominating the vestibular testing system market. This vestibular testing system is more prefered due to its lightweight, handy and reliable results, which fits with a stable infrared video camera of high resolution.
Computerized dynamic posturography (CDP) and rotary chair tests are also prefered by most doctors due to their precise results. However, due to high cost of the device and large space requirement for establishment, these devices are less prefered as compared to other vestibular testing systems.
The vestibular testing system comprises a number of tests that help determine if there is something wrong with the balance portion (vestibular) of the inner ear. The purpose of vestibular tests is to help isolate dizziness symptoms to a specific cause that can often be treated.
Technological advancement bolstering the vestibular testing systems demand
Technological advancement and availability of videonystagmography at a low cost as compared to other existing systems are building a huge platform for the growth of the vestibular testing system market globally.
The increasing number of patient pool suffering from Meniere’s disease is also likely to boost the demand for vestibular testing systems, such as videonystagmography (VNG) systems, vestibular evoked myogenic potential (VEMP) system, rotary chair, and computerized dynamic posturography, are some major factors that are driving vestibular testing system market.
Furthermore, increasing healthcare spending, favorable reimbursement, growing awareness, are some of the other factors driving the growth of the vestibular testing system market in most developing countries.
However, the high cost of the devices and tests is a major factor expected to hinder the growth of the vestibular testing system market.
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Lagacy market dominate the vestibular testing system demand
In terms of value, North America is expected to be the dominant overall vestibular testing system market by 2018 end and is expected to expand at a CAGR of 6.6% over the forecast period.
In vestibular testing system market, Japan and Asia Pacific are expected to be the fast-growing regional markets, registering CAGRs of 7.8% and 8.0%, respectively, over the forecast period.
Western and Eastern Europe are expected to mark substantial share in the global vestibular testing system market.
However, the MEA to represent sluggish growth in vestibular testing system market due to lack of awareness and reach of technology in most of the countries, which is liekly to hinder the overall vestibular testing system market.
Across the regions, the demand for vestibular testing systems from hospitals stands tall, though, in terms of growth, the mature markets are witnessing comparatively higher growth from private clinics.
Top two players command over three fourth of the vestibular testing system market
The vestibular testing system market is consolidated at the top and fragmented at the bottom. Leading manufacturers in the vestibular testing system market and healthcare providers have raised the initiative to increase awareness among healthcare professionals by launching technologically advanced vestibular testing systems.
The companies in the global vestibular testing system market focus on consolidating their position by actively participating in activities such as partnerships, mergers, and acquisitions.
The companies in the vestibular testing system market are focusing on expansion in countries such as India, China, and Brazil. Examples of 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.
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Key Segments: Vestibular Testing System Market
The global vestibular testing system market is segmented on the basis of product type into:
- Videonystagmography (VNG) Systems
- Vestibular evoked myogenic potential (VEMP) System
- Rotary Chair
- Computerized Dynamic Posturography (CDP)
The report begins with the market definition, followed by definitions of the different vestibular testing system product types. The market dynamics section includes FMR’s analysis on key trends, drivers, restraints, opportunities and macro-economic factors influencing the growth of the global vestibular testing system market.
The report analyses the vestibular testing system market on the basis of the end users and presents forecast in terms of value for the next 10 years. On the basis of the distribution channel, the global vestibular testing system market is segmented into:
- Private Clinics
Next, the report analyses the market on the basis of regions and presents forecast in terms of value for the next 10 years. On the basis of regions, the global vestibular testing system market is segmented into:
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific excluding China & Japan (APECJ)
- Australia & New Zealand
- ASEAN countries
- Rest of APECJ
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
Vestibular Testing System Market Scope Of The Report
FactMR offers a 10-year forecast on the global vestibular testing system market. The primary objective of the report is to offer updates and information related to market opportunities in the global vestibular testing system market.
In terms of revenue, the global vestibular testing system market is expected to register a CAGR of 6.8% during the forecast period, 2018–2028. The primary objective of the report is to offer insights on the market dynamics that can influence the growth of the global vestibular testing system market over the forecast period.
Insights on key trends, drivers, restraints, value forecasts, and opportunities for companies operating in the global vestibular testing system market are presented in the report. The global market for vestibular testing systems is expected to witness moderate growth in terms of value owing to the rising prevalence of vertigo and balance disorder, and the increasing adoption of medicinal treatment for dizziness, vertigo, and imbalance.
In addition to this, an increase in healthcare spending, a rise in awareness, favorable reimbursement by the government are some other factors that are driving the growth of the vestibular testing system market.
Besides, technological advancements are creating potential growth opportunities for the players operating in the global vestibular testing system market. In terms of revenue, North America is expected to be the dominant regional market for vestibular testing systems due to increasing awareness and improvement in the healthcare system.
APECJ is expected to showcase high growth rate in the vestibular testing system market over the forecast period.
To understand and assess opportunities in this market, the report offers the vestibular testing system market forecast on the basis of product type, end users, and regions. The report provides analysis of the global vestibular testing system market in terms of market value (US$ Mn).
In addition, we have considered Year-on-Year (Y-o-Y) growth to understand the predictability of the market and identify the growth opportunities for companies operating in the global vestibular testing system market.
Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective for services offered by the vestibular testing system market.
To understand the key segments in terms of their growth and performance in the global vestibular testing system market, FactMR has developed an attractiveness index, which will help providers identify the existing market opportunities.
In the final section of the report, a ‘competitive landscape’ has been included to provide a dashboard view of key companies operating in the global vestibular testing system market.
This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the vestibular testing system market and the potential players. However, this section also includes market strategies and SWOT analysis of the key players operating in the global vestibular testing system market.
Detailed profiles of vestibular testing system product manufacturers are also included in the scope of the report to evaluate their long- and short-term strategies.
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