Vertigo Treatment Market Outlook to Create Lucrative Prospects for Manufacturers' Revenue By 2030
Vertigo treatment market outlook 2023 had reached USD 2150 Million by 2030 and Market Research Future (MRFR) expects it to procure a growth rate of 4.8% between 2022 and 2030 (review period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Market Boosters and Challenges
According to the most recent studies, between 5% and 7% of people today have vertigo and balance issues, and between 10% and 12% of these persons see an otolaryngologist. In addition, vertigo grows more prevalent as people age, and older individuals account for the majority of recorded instances. It is the third most prevalent condition affecting the 65 and older geriatric population. In summary, the demand for vertigo therapy is mostly driven by the high expansion of the older population, which bodes well for the global industry.
The vertigo treatment market has reached new heights in recent years due to the general increase in vertigo cases, the positive rise of healthcare spending, and rising infection risks. Global market expansion is further aided by the worrisome rise in viral infections, cardiac diseases, and brain traumas. The market is also growing as a result of regular advancements and growing public knowledge of inner ear problems and their typical causes.
Initiatives being taken by governments worldwide for promoting physical therapy as a treatment option along with the rising spending on healthcare seem to be favoring the vertigo treatment market to a large extent. It has been observed that vertigo is much more common among females than in males, prompting leading firms to target this demographic while developing new drugs and devices. Rise in acquisitions and mergers along with new launches of highly advanced products that are useful in vertigo treatment also enhance the market size to a large extent. Increase in FDA approvals for new drugs developed by the top firms encourages market growth as well.
To cite an instance, in June 2020, Zydus Cadila was granted approval by FDA for its recently developed Meclizine hydrochloride tablets. These tablets are antihistamines that help curb vertigo and dizziness as well as loss of balance caused by inner ear issues.
Leading Players
The top vertigo treatment market players are Novartis (Switzerland), GlaxoSmithKline (UK), Pfizer (US), Teva Pharmaceutical (Israel), Sun Pharmaceutical Industries Ltd (India), Intas Pharmaceutical Ltd (India), AstraZeneca (UK), Hoffmann-La Roche (Switzerland), Sanofi (France), and more.
Segmental Insight
The global Vertigo treatment market share is segmented by product, application, and end-user.
The types of vertigo are BPPV, Labyrinthitis, Vestibular Neuronitis and Meniere’s disease. Benign Paroxysmal Positional Vertigo or BPPV can remain in the lead as it is the most commonly occurring type of peripheral vertigo.
Treatment-wise, the key categories are Antihistamines, Anticholinergics, Benzodiazepines, and others. The others section comprises antibiotics and other drug types that provide relief from the symptoms of vertigo.
The end-users specified in the market study include hospitals and clinics. Hospitals are currently dominating the vertigo treatment market, considering the escalating need for advanced treatment options for a variety of health disorders. The expanding pool of hospitals worldwide also helps with the segmental growth.
Regional Outlook
The global market has been geographically split into Europe, APAC/Asia Pacific, Americas and MEA/Middle East & Africa.
Americas remains at the top position in the global market, given the massive patient population, rapid surge in vertigo, and the growing awareness with regard to the causes and the disorder’s treatment options. The lucrative healthcare industry and the easy access to advanced medical care also help with market expansion in the region. The alarming spike in sports-related injuries in recent years and the rampant demand for disease specific novel treatment could catalyze the market growth as well.
Europe is a strong contender in the global market, as a result of a thriving pharmaceutical sector present in the region and the rising demand for vertigo-based therapeutics in Germany, France, and more. The National Center for Biotechnology Information reveals that vertigo cases in Germany account to 22.9% in the region, which indicates the growing prominence of the disease.
Due to the region's steadily increasing prevalence of vertigo and other neurological illnesses, the APAC market is expected to expand at the fastest rate over the projected period. Due to increasing strategic mergers and alliances among leading businesses in China, Japan, and India, the competitive landscape of the region has changed dramatically over time. The region's market position is strengthened by the growing number of efforts from both governmental and private vendors. The potential for growth in the APAC market is further boosted by the expanding number of FDA approvals and clearances as well as product launches by some of the most well-known suppliers in the area.
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