Vertigo Treatment Market : Global Share, Size, Growth, Trends & Outlook ( 2022 – 2032 )
Vertigo Treatment Market Insights
Vertigo is a symptom, rather than a condition itself having a sensation of feeling off balance, more preciously the sensation of spinning or dizziness often accompanied by nausea and vomiting. Meniere's disease, vestibular neuritis, inner ear disorders, and vestibular migraines are some of the underlying conditions that may be the cause of vertigo which can be treated most of the time by medications, therapy for vestibular rehabilitation, and changes to one's lifestyle. Due to advancements in treatment options and an increase in the prevalence of vertigo and other balance disorders, the global market for vertigo treatment is anticipated to expand in the coming years. It was valued at approximately $2.8 billion in 2020 and is expected to reach $4.5 billion by 2026, growing at a compound annual growth rate (CAGR) of around 7.8% between 2021 and 2026. Allergan, Merck, Novartis, and Otolaryngology Associates are some of the market leaders in the treatment of vertigo.
Vertigo Treatment Market Driving Factors
Several factors are driving the growth of the vertigo treatment market:
- Increasing prevalence of vertigo and balance disorders: Vertigo and balance disorders are becoming more common, especially in older people, as a result of aging and rising rates of diabetes and hypertension which in sense lead to the high demand for treatment.
- Advanced treatment options: The development of new medications and the utilization of vestibular rehabilitation therapy are the significant advancements made in the treatment of vertigo in recent years which is fuelling the market.
- Growing focus on non-pharmacological treatments: Due to concerns about the side effects of pharmaceutical treatments, non-pharmacological treatments, such as vestibular rehabilitation therapy and lifestyle modifications, are receiving more attention in vertigo treatment.
- Increasing adoption of telemedicine: Telemedicine has become more common as a result of the COVID-19 pandemic, including for the treatment of vertigo.
- Rising healthcare expenditure: Vertigo treatment demand is expected to rise as global healthcare spending continues to rise.
- Increasing awareness about vertigo: There is a growing awareness about vertigo and its treatment options, which is expected to drive demand for vertigo treatment.
Vertigo Treatment Market Segmentation
The vertigo treatment market can be segmented based on treatment type, end user, and region:
By Treatment Type
- Vestibular rehabilitation therapy
By End-user Type
- Specialized vertigo treatment center
- Home care
By Region Type
- North America
- Latin America
- Middle East and Africa
Vertigo Treatment Market by Treatment Type review:
The medication segment held the largest share of the market in 2020 growing at a CAGR of 7.2%, accounting for approximately 60% of the market which includes medications such as antihistamines, anticholinergics, and vestibular suppressants that are used to treat vertigo. The therapy segment includes physical therapy and exercises that are used to improve balance and reduce dizziness accounting for the smallest share of the market in 2020, with a market share of approximately 10% but is expected to grow at a CAGR of 9.2%. The surgery segments include procedures such as the vestibular nerve section and labyrinthectomy that are used to treat vertigo accounting for around 30% of the market share in 2020 and is expected to grow at a CAGR of around 8.7%.
Vertigo Treatment Market by End-user Type review:
The hospital segment includes both inpatient and outpatient hospital settings and held the largest share of the market in 2020, accounting for approximately 60% of the market. This segment is expected to continue to dominate the market during the forecast period, growing at a CAGR of around 7.2%. The specialized vertigo treatment center segment accounted for around 30% of the market share in 2020 and is expected to grow at a CAGR of around 8.7%. The Home-care segment which includes the use of remote monitoring technologies and telemedicine, accounted for the smallest share of the market in 2020, with a market share of approximately 10% and growth at a CAGR of 9.2%.
Vertigo Treatment Market by Region Type review:
Due to the high prevalence of vertigo, the availability of advanced healthcare facilities, and the presence of major players in the region, North America held the largest market share in 2020, with approximately 40% of the global market growing at a CAGR of 7.2%. With a CAGR of 8.1%, Europe held the second-largest market share in 2020, accounting for approximately 30% of the global market. Asia-Pacific markets, which are anticipated to expand at the highest CAGR of approximately 9.5%, followed. In 2020, Latin America held a relatively small share of the market, with a market share of approximately 10% growing at a CAGR of approximately 8.7%. The Middle East and African markets followed, with a market share of approximately 5% growing at a CAGR of 7.6%.
Vertigo treatment market industry developments in Japan
Due to the country's high healthcare spending and high prevalence of vertigo and other balance disorders, Japan is a significant market for vertigo treatment. The treatment of vertigo has seen several industry developments in Japan in recent years:
- Development of new medications: Betahistine and cinnarizine are two of the new medications developed in Japan for the treatment of vertigo. In the country, these medications are frequently used to treat vertigo.
- Use of vestibular rehabilitation therapy: In Japan, many specialized facilities provide vestibular rehabilitation therapy, which is widely utilized in the treatment of vertigo.
- Adoption of telemedicine: Telemedicine has become more common in Japan as a result of the COVID-19 pandemic, including for the treatment of vertigo. In the coming years, this trend is expected to continue.
- Increasing focus on non-pharmacological treatments: Due to concerns about the side effects of pharmaceutical treatments, non-pharmacological treatments for vertigo, such as vestibular rehabilitation and lifestyle changes, are receiving more attention in Japan. It is anticipated that this will encourage the use of these non-pharmacological treatments.
Vertigo Treatment Market Challenges
There are several challenges facing the vertigo treatment market:
- Limited awareness: Limited awareness about vertigo and its treatment options among patients and healthcare professionals can hinder the growth of the vertigo treatment market. Many people mistake vertigo for dizziness and do not seek medical attention, resulting in delayed diagnosis and treatment.
- High cost and limited reimbursement of treatment: The high cost of advanced vertigo treatments, such as surgery and advanced diagnostic tests and treatments such as vestibular rehabilitation therapy, can limit their adoption, especially in low- and middle-income countries where healthcare resources are limited. Reimbursement for vertigo treatment can be limited in some countries, which can be a barrier for patients seeking treatment.
- Side effects of treatment: Vertigo treatment options such as medications and surgery can have side effects that can negatively impact patient outcomes. For instance, some medications can cause drowsiness and affect patients' ability to carry out daily activities.
- Competition from alternative treatments: The competition from alternative treatments for vertigo, such as traditional and complementary medicine limits the adoption of conventional vertigo treatments among the population.
- Lack of skilled healthcare professionals and advanced infrastructure: The shortage of skilled healthcare professionals, including specialists trained in the diagnosis and treatment of vertigo, can limit the availability of advanced treatment options and delay diagnosis. The unavailability of advanced infrastructure, especially in developing countries, can limit the adoption of advanced vertigo treatment options such as surgery and diagnostic tests.
- Regulatory challenges: Stringent regulatory requirements for the approval of new vertigo treatment options can result in delays in their availability, limiting the growth of the market.
Vertigo Treatment Market : Report Scope
Base Year Market Size
Forecast Year Market Size
Vertigo Treatment Market Key Players
There are several key players in the vertigo treatment market, including:
- Abbott Diagnostics: Abbott Diagnostics is an auxiliary of Abbott Labs that produces diagnostics tests and a range of meds for the ID and checking of vertigo.
- Allergan: A major pharmaceutical company, Allergan develops and sells a variety of medications to treat vertigo and other balance disorders.
- Bayer AG: Antihistamines, anticholinergics, and betahistine are among the vertigo-relieving medications offered by Bayer, a multinational pharmaceutical and life sciences company.
- Interacoustics A/S: Danish company Interacoustics makes diagnostic equipment for identifying and monitoring vertigo and other conditions.
- Merck: Merck is a multinational pharmaceutical company that develops and sells a variety of medications to treat vertigo and other balance disorders.
- Mylan N.V.: Antihistamines, anticholinergics, and benzodiazepines—all of which are used to treat vertigo - are manufactured by Mylan, a multinational pharmaceutical company.
- Novartis International AG: Antihistamines, anticholinergics, and benzodiazepines - all of which are used to treat vertigo - are manufactured by Novartis, a multinational pharmaceutical company.
- Otolaryngology Associates: Otolaryngology Associates is a specialized medical firm that provides a variety of treatments for vertigo and other balance disorders, including surgery and therapy for the vestibular system.
- Otometrics A/S: Otometrics is a Danish company that makes diagnostic equipment for diagnosing and monitoring a variety of conditions, including vertigo.
- Pfizer Inc.: Pfizer is a multinational pharmaceutical company that sells antihistamines, anticholinergics, and benzodiazepines for the treatment of vertigo.
- Sanofi SA: Sanofi is a multinational pharmaceutical company that makes antihistamines, anticholinergics, and benzodiazepines, all of which are used to treat vertigo.
- Siemens Healthineers: Siemens Healthineers is a medical technology company that makes a variety of products and services for diagnosing and treating vertigo and other balance disorders including equipment for testing a person's vestibular function.
- Teva Pharmaceutical Industries Ltd.: Antihistamines, anticholinergics, and benzodiazepines are some of the vertigo-treatment medications produced by Teva, a multinational pharmaceutical company.