Market Trends of Global Vertigo Treatment Industry
This section covers the major market trends shaping the Vertigo Treatment Market according to our research experts:
Peripheral Vertigo Segment is Expected to Hold Significant Market Share Over the Forecast Period
Peripheral vertigo occurs due to a problem in the part of the inner ear that controls body balance. These inner ear areas are called the vestibular labyrinth or semicircular canals. Sometimes peripheral vertigo may also occur due to a problem in the vestibular nerve, which is the nerve between the inner ear and the brain stem. Peripheral vertigo is most often caused by a benign process, with benign paroxysmal positional vertigo (BPPV) being the most prevalent cause, and the rising prevalence of it is anticipated to drive the segment over the forecast period.
According to a study published in the Journal of Neurology in November 2021, benign paroxysmal positional vertigo (BPPV) is the most common cause of dizziness/vertigo worldwide, accounting for 24.1% of all hospital visits for dizziness/vertigo, with a lifetime incidence of 2.4%. Recurrences of BPPV are common, with a recurrence rate of 15-20% per year. Furthermore, according to an article published by PubMed Central in August 2021, peripheral vertigo is considered most common in benign paroxysmal positional vertigo, followed by Ménière disease and vestibular neuritis.
Furthermore, according to ClinicalTrials.gov updates on April 2022, Auris Medical AG is conducting phase II trials to evaluate AM-125 in the treatment of acute peripheral vertigo. The increasing clinical trials on peripheral vertigo by key market players are also anticipated to drive the segment growth.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant share of the market due to a rise in the prevalence of vertigo, a growth in the elderly community, and a demand for ongoing innovation. The United States accounted for the maximum share in the region.
According to the article published in the National Library of Medicine in February 2022, benign paroxysmal positional vertigo has an annual incidence of 64 per 100,000 in the United States. Furthermore, with each decade, this number increases by 38%, equating to over 200,000 new cases in the United States annually.
Additionally, the rising geriatric population is one of the contributing factors to the growth of the market in the region, as vertigo is often associated with older age. According to data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are aged 65 years or older in Canada, and this accounts for 18.8% of the total population.
Key firms have employed various techniques to gain a presence in this market, including new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions. For instance, in July 2022, Sound Pharma initiated enrollment in a pivotal phase 3 clinical trial of SPI-1005 for the treatment of hearing loss and tinnitus in Meniere's disease associated with vertigo.
