Soaring Demand Drives Vestibular Testing Market Growth during the Forecast Period, 2018-2028 || Competition Tracking- Natus Medical Incorporated, BioMed Jena GmbH, Neuro Kinetics, Micromedical Technologies, nteracoustics A/S, TECHNO CONCEPT, Framiral

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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FactMR delivers key insights on the global vestibular testing system market in its upcoming report titled “Vestibular Testing System Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018 – 2028”. In terms of revenue, the global vestibular testing system market is projected to register a CAGR of 6.8% over the forecast period, owing to various factors, regarding which FMR offers detailed insights and forecasts in this report.     

The vestibular testing system market is segmented based on product type, end users and regions. Based on product type, the vestibular testing system market has been segmented into videonystagmography (VNG) systems; vestibular evoked myogenic potential (VEMP) system; rotary chair; and computerized dynamic Posturography (CDP). Among these four product types, the videonystagmography systems is expected to be the leading segment in the vestibular testing system market by 2018 end. The increasing adoption of VNG system for vestibular testing due to its low cost and ease of use, which is likely to contribute to the growth of the vestibular testing system market in the coming future. Based on end users, the vestibular testing system market is segmented into hospitals and private clinics. The hospitals segment is expected to account a relatively high revenue share in the vestibular testing system market, due to developing hospital infrastructure.

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.

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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.

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.  

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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