The Global Labyrinthitis Market is expected to reach USD 2.5 billion by 2023 at a CAGR of ~ 3.2% during the forecast period 2017-2023.
Better product development leads to the market growth since available drug have varied side effects as well they are expensive. Thus, the development of selective antibiotics projected to boost the growth of the market. However, cost of the product will be a decisive factor in the developing regions such as Asia Pacific and Africa. Growing geriatric population and rising per capita income drive the demand for labyrinthitis treatment market.
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Labyrinthitis also known as vestibular neuritis is an inflammation of the inner ear or the nerves that connect the inner ear to the brain. The exact causes of the disease is unknown but triggers include infection by measles, mumps, trauma, autoimmune, etc. If left untreated, it may result in hearing loss, speech problems, double vision, abnormal gait, dizziness, nystagmus (rapid and undesired eye motion), vertigo, ringing in the ears, etc.
The developments in the surgery segment such as minimal invasive laparoscopy surgery is driving the global labyrinthitis market. The drug segment is, however, suffering from market fragmentation, which has put pressure on the price margins. The loss of patents and the rise of counterfeited drugs has also restricted the market growth. The other market constrains are high cost of treatment and their side effects. Market expansion and ample of unmet needs in developing regions of the world such as China and India drives the market growth. The market is expected to witness a sound growth over the review period owing to developing diagnostic facilities.
Increasing geriatric population, growing screening, rising awareness, and growing income are the major drivers of this market. On the other hand, hormonal treatment controversy, high cost and complications of the therapy such as side effects of drug treatment and misdiagnosis low healthcare expenditure in developing regions, etc.
Global Labyrinthitis Market Players:
Some of the key players profiled in the report are Merck & Co., Inc., Sanofi S.A., Teva Pharmaceutical Industries Ltd., Mylan N.V., Eli Lilly and Company, Sun Pharmaceutical Industries Ltd., Shandong Taihua Bio &Tech Co., Cipla Inc., and others.
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Regional Analysis
The Americas accounts for a significant market share owing to high expenditure on the health care. Additionally, the fastest uptake of new diagnostics and drugs in the US drives the labyrinthitis market. Furthermore, concentration of the major healthcare companies and large hospitals in the developed countries of this region coupled with large insurance penetration are adding fuel to the market growth. The US expend high amount on its healthcare in 2015, which accounted for 16% of total GDP which, in turn, likely to drive the labyrinthitis market.
Europe is the second largest market in the world due to high income and strong healthcare penetration. The European market growth is led by countries such as Germany and France. The UK is expected to be the fastest growing market over the assessment period. However the southern European nations have witnessed a greater incidence of infective labyrinthitis due to associated environmental conditional. Owing to strong pharmaceutical industry, Germany dominates the Europe market.
Asia Pacific region is expected to grow rapidly; China and India are likely to lead this market due to the fast growing healthcare sector and large unmet needs over the forecast period. South East Asian countries such as China, India, and Malaysia are projected to contribute highly to the market growth. Furthermore, growing penetration of healthcare insurance in the Asia Pacific region is expected to drive the future labyrinthitis market in the region.
Gulf nations such as Saudi Arabia and the UAE are estimated to drive the Middle East & African market. Other Middle East nations to watch out for are Kuwait, Jordan, Egypt, and Iran. The African region is expected to witness a moderate growth owing to poor economic and political conditions, and poor healthcare development. However the poor countries and developing regions have the greatest unmet needs, which needs to be tapped.
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