Rockville, April 06, 2023 (GLOBE NEWSWIRE) -- Fact.MR has provided detailed information about the price points of key manufacturers of vestibular testing systems positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Fact.MR – A Market Research and Competitive Intelligence Provider: 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 problems are becoming more common in patients globally; it is also anticipated that this trend shall certainly continue in the future. Several Western countries in North America and Europe are reporting balance issues and vertigo as major concerns. Despite of the fact that the patient population is growing and the number of procedures for evaluating vestibular systems is expanding, patients suffering from vertigo typically receive inadequate or inappropriate care.
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Escalated demand for both general vestibular testing and clinical vestibular testing (VNG) across several geographical borders is significantly influenced by the rise in instances of vestibular diseases in children. Moreover, the diagnostic and testing outlay on vestibular systems is moderately high when compared with other testing or physical therapy services. Additionally, inadequate expertise of professionals in understanding test results and expensive vestibular evoked myogenic potential (VEMP) & computerised dynamic post urography (CDP) treatments can restrain market growth.
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.
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Competitive Landscape
Prominent vestibular testing system manufacturers are Natus Medical Incorporated, BioMed Jena GmbH, Micromedical Technologies, Neuro Kinetics, Inc, Balanceback (Vestibular Research & Development, LLC.), Instrumentation Difra SA, Interacoustics A/S, Synapsys (an Inventis company), Bertec Corporation, and Framiral. Primary growth tactics being pursued by industry players include research and development initiatives, partnerships, and new product developments. Key stakeholders are concentrating on these methods to broaden their geographic reach and improve their current product offerings.
- In July 2022, Natus Medical Incorporated was acquired by ArchiMed, which is a leading investment firm exclusively focused on the healthcare industry.
- In June 2018, Interacoustics A/S launched the new Micromedical Orion rotary chair for enhanced vestibular assessment.
Market Development
The market for vestibular testing systems is partially consolidated as it is dominated by leading as well as emerging manufacturers, including 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. Product manufacturers are competing to gain business supremacy in the medical devices market.
Leaders in the medical devices industry are seeking to enter the market with innovative and new solutions. Major corporations are also using inorganic expansion strategies such as mergers and acquisitions to broaden their worldwide reach and strengthen 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 :
- Hospitals
- Private Clinics
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
- MEA
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Key Questions Covered in the Golf Cart 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?
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