Vertigo Treatment Market Scope
Vertigo treatment market 2020 had reached USD 1,800 Million in the year 2018 and Market Research Future (MRFR) expects it to procure a growth rate of 4.2% between 2019 and 2025 (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.
Vertigo Treatment Market Boosters and Challenges
Latest studies confirm that the percentage of people currently suffering from vertigo as well as balance disorders is somewhere between 5% and 7%; while close to 10% to 12% of these suffer from otolaryngologists. Besides, vertigo becomes more common with age and the majority of the cases reported are by older patients. It is the third leading condition targeting the geriatric populace that is aged 65 years and over. In a nutshell, the rapid growth of the elderly population contributes majorly to the demand for vertigo treatment, translating to favorable prospects for the global market.
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The general spike in vertigo cases, promising growth of healthcare expenditure and increasing risks of infections have led the vertigo treatment market to greater heights in the past few years. The alarming increase in brain injuries, heart conditions and viral infections is also conducive of market expansion across the globe. The market growth is also bolstered by the frequent innovations and the increasing awareness level regarding inner ear issues and their common 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.
Vertigo Treatment Market Segmental Insight
Type, treatment and end-user are covered in market segmentation of the MRFR report.
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 occuring 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 Vertigo Treatment 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.
Vertigo Treatment Market 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.
The APAC market can grow at the fastest speed in the conjectured period, as the region is observing a steady rise in the number of people suffering from vertigo as well as various neurological disorders. Over the years, the competitive scenario of the region has surged exponentially, given the rising strategic acquisitions and collaborations between key firms across India, Japan and China. The rising number of initiatives by private and public vendors also bolsters the market position in the region. The ever-rising number of FDA approvals and clearances along with product launches by some of the most renowned vendors in the region also boost the APAC market’s growth potential.
Vertigo Treatment Market Leading Players
Some of the top players active in the vertigo treatment industry 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.
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