The Ringing Ears Treatment Market to suffice data storage and club hosting, reaching US$ 3.2 Bn

The global Ringing Ears Treatment Market is expected to reach US$ 3.2 Bn by the year 2022-2031 at a CAGR of 2.8%. Healthcare systems have been emphasizing affordability as well as the quality of medical services. However, now, digitization has come through, which would drive a revolution in the same healthcare vertical. 3D bioprinting technology is one such innovation, which is bound to simplify medications. This would be the way the healthcare vertical would go in the next 10 years.

Rising cases of cochlear hair cell damage and earwax blockage, and increase in usage of headphones are leading to rising occurrence of ringing ears, which has fueled the market to record a value of US$ 2.5 Bn in 2021. It is expected that this market will expand at a CAGR of 2.8% over the forecast period (2021-2031).

Recent advancements in ringing ears treatment management devices have generated a lot of buzz regarding tinnitus management, and have thus increased awareness among individuals. Hearing aids are the most commonly employed devices for the treatment of hearing impairment, especially due to their masking effect and provision to hear sounds from the natural environment.

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Tinnitus is the third-most serious hearing impairment across the globe. Tinnitus is classified into subjective and objective, out of which, incidence of subjective tinnitus is more than 70%. The ringing ears management market is set to flourish owing to increasing incidence of subjective tinnitus, especially in developing markets. The market is currently witnessing a massive hike due to innovative and technologically enhanced advancements in tinnitus management devices.

For instance, companies such as Signia are currently manufacturing hearing aids coupled with a smart algorithm compatible with smartphones and Bluetooth devices, and offer complete background noise cancelling features as well.
Furthermore, the option of using drugs as an assistive therapy for ringing ear management is also surfacing. Several studies have presented that drug classes such as anti-epileptics and anti-anxiety can help in distress management that results from ringing ears. This will certainly drive the market positively for tinnitus drugs and devices.

Company Profiles:

Pfizer Inc.
Sanofi
Teva Pharmaceutical
GlaxoSmithKline
Eli Lilly and Co.
Bayer AG
Takeda Pharmaceutical Company Ltd.
Boehringer Ingelheim
Merck & Co.
Abbivie
Starkey Laboratories, Inc.
GN Hearing A/S
Widex A/S
Oticon Inc.
Neuromod Devices Ltd.
Neuromonics, Inc.
Puretone Ltd.
Signia

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Key Takeaways from Market Study

By product, devices accounted for a higher market share of 93.7% by value in 2020.
Subjective tinnitus accounted for more than 95% of market share by value as an indication in 2020.

By distribution channel, audiology centers are preferred more by patients, and the segment held a market share of 38.1% in 2020.
North America accounted for the highest market share of 52.9% by value in 2020.
"Growing R&D investments by key players along with government initiatives for increasing awareness about ringing ear treatment will boost market growth over the forecast period," says an analyst of Persistence Market Research.

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