Market Size of Global Vertigo Treatment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vertigo Treatment Market Analysis
The vertigo treatment market is expected to grow at a registered CAGR of 5.5% during the forecast period.
The outbreak of COVID-19 showed an impact on the vertigo treatment market because healthcare services were significantly reduced due to social distancing measures taken by governments across the globe. For instance, according to a study published in the Ear Nose and Throat Journal in April 2021, the total number of vertigo or dizziness outpatients decreased significantly during the early pandemic. Declining patient visits to the hospital during COVID-19 hampered the vertigo treatment market. However, as the pandemic has subsided, the studied market is expected to have stable growth during the forecast period of the study.
Factors such as an increase in the incidence and prevalence of peripheral etiologies of vertigo, an increase in the geriatric population and healthcare expenditure, and higher disposable income are likely to drive the worldwide vertigo market forward. For instance, according to a study updated by the NCBI in January 2022, vertigo has a lifetime prevalence of 2.4% in the adult European population and it was also shown to be more common in women than men, with 3.2% versus 1.6%, respectively. With the rising prevalence of vertigo, the demand for its treatment is expected to increase and boost the market's growth.
Furthermore, vertigo may intensify with age, and elderly people account for most cases reported to doctors. According to a study published in BioMed Central (BMC) Geriatric Journal in February 2022, vertigo affects roughly 30% of adults over the age of 65 and over 50% of those over the age of 85. The prevalence of vertigo among nursing home patients has increased to about 45% (peaking between 80 and 90 years of age). Thus, as the geriatric population is expected to rise; the demand for vertigo treatment is also anticipated to rise, which is expected to drive the market over the forecast period.
Key companies have employed strategies to gain a presence in this market, including new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions. For instance, in July 2022, Sound Pharmaceuticals enrolled the first patient in its phase 3 clinical trial involving SPI-1005 for the treatment of Meniere's Disease (STOPMD-3).
Ignorance of the symptoms and causes of vertigo restrains the market over the forecast period.
