As per the latest analysis by Fact.MR, a market research and competitive intelligence provider, the global vestibular testing systems market stands at US$ 114.6 million in 2022 and is expected to expand at a CAGR of 5.8% through 2032.
Vertigo and balance issues are growing more common in patients worldwide, and this trend is expected to continue in the future. Balance problems and vertigo are serious concerns in several Western countries in North America and Europe. Despite the fact that the patient population is growing and the number of procedures for testing vestibular systems is increasing, patients with vertigo frequently receive inadequate or incorrect care.
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The growth in cases of vestibular illnesses in children has greatly influenced the increased demand for both general vestibular testing and clinical vestibular testing (VNG) across numerous geographical borders. Furthermore, when compared to other testing or physical therapy services, the diagnostic and testing expenditure on vestibular systems is somewhat high. Furthermore, insufficient professional knowledge in deciphering test results, as well as the high cost of vestibular evoked myogenic potential (VEMP) and computerised dynamic post urography (CDP) therapy, may limit market expansion.
Key Takeaways from Market Study
- The global vestibular testing systems market is projected to expand steadily and reach US$ 201.1 million by 2032.
- The market evolved rapidly at 7.4% CAGR between 2017 and 2021.
- Under end user, hospitals dominate the market and are valued at US$ 76.4 million in 2022.
- North America led the global market with 38.7% share at the end of 2021.
- Sales of vestibular testing systems are expected to rise at CAGRs of 8%, 5.2%, and 7.7%, respectively, in Europe, East Asia, and Oceania.
“Accretion in population’s need for innovation and cost-efficient medicinal technologies will secure exponential growth for the vestibular testing systems market,” says a Fact.MR analyst.
Natus Medical Incorporated, balanceback (Vestibular Research & Development, LLC.), BioMed Jena GmbH, Instrumentation Difra SA, Interacoustics A/S, Synapsys (an Inventis company), Bertec Corporation, and Framiral dominate the vestibular testing system market, which is partially consolidated. Product makers are striving for market dominance in the medical devices industry.
Medical device industry leaders are attempting to penetrate the market with unique and novel solutions. Inorganic growth tactics such as mergers and acquisitions are also being used by major firms to increase their global reach and boost their distribution networks in underserved regions.
Segmentation of Vestibular Testing Systems Industry Research
- By Product Type :
- Videonystagmography (VNG) Systems
- Vestibular Evoked Myogenic Potential (VEMP) Systems
- Rotary Chairs
- Computerized Dynamic Post Urography
- By End User :
- Private Clinics
- By Region :
- North America
- Latin America
- East Asia
- South Asia & ASEAN
Key Questions Covered in the Vestibular Testing Systems Market Report
- What will be the demand outlook for the Vestibular Testing Systems market during the forecast period?
- What are the challenges faced in the Vestibular Testing Systems market?
- Which operation will lead to growth in the Vestibular Testing Systems market from 2022 to 2031?
- What is the projected market valuation of the Vestibular Testing Systems market in 2031?
- What are the factors driving the Vestibular Testing Systems market from 2022 to 2031?
- Which application will generate the maximum revenue in the Vestibular Testing Systems market?