|07-30-2018 12:50 PM CET - Health & Medicine||
Vestibular Testing Market Precise Study on Factors, Drivers and Key Players Strategies Analyzed Till 2028 With Key Players Vestibular Testing, Natus Medical, Balanceback, BioMed Jena, Interacoustics, Neuro Kinetics, Micromedical Technologies, Difra, Synap
Press release from: 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 number of geriatric population that is prone towards vestibural disease is also creating huge demand for vestibular testing system in hospitals and other facilities.
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Electronystagmography (commonly called an ENG test) and videonystagmography (VNG test) are 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 test are also prefered by most of the 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 system.
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 in 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 of 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, favourable reimbursement, growing awareness, are some of the other factors driving the growth of the vestibular testing system market in most of the developing countries. However, high cost of the devices and tests is a mjor 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 of vestibular testing system from hospitals stands tall, though in terms of growth, the mature markets are witnessing comparatively higher growth form 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 technological advanced vestibular testing systems.
The companies in the global vestibular testing system market focus on to consolidate their position by actively participating in activities such as partnerships, mergers, and acquisitions. The companies in the vestibular testing system market are focusing 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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