Vertigo Treatment Market Expected to Reach $1.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Vertigo Treatment Market," The vertigo treatment market size was valued at $1.3 billion in 2021, and is estimated to reach $1.9 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031.

Vertigo is a condition in which a person has sensation of whirling and loss of balance. The symptom of vertigo includes nausea and vomiting, headache, tinnitus, motion sickness, and balance problems. Furthermore, vertigo is a condition and not a disorder, therefore, at least 40% of adult experience vertigo sometimes in their life.

Factors that drive the growth of the global vertigo treatment market trends include, rise in prevalence of central vertigo in developed countries such as the U.S. and Germany, availability of medications for the vertigo treatments, increase in old age population, and increase in healthcare expenditure. In addition, increase in awareness about inner ear problems and increase in demand for vertigo treatment medications are expected to provide opportunities for the market growth. For instance, according to World Health Organization (WHO), in 2019, the number of people aged over 60 years was 1 billion. This number will increase to 1.4 billion by 2030.

Depending on type, the market is bifurcated into peripheral vertigo and central vertigo. The peripheral vertigo dominated the market in terms of revenue and is the fastest growing segment with registering CAGR of 4.7% from 2022 to 2031, due to increase in prevalence of central vertigo and rise in vertigo incidences among adults.

On the basis of treatment, the market is segmented into anticholinergics, antihistamines, and others (antibiotics, benzodiazepines, and antidepressants). The antihistamines segment exhibited the highest growth and is the fastest growing segment with registering CAGR of4.9% from 2022 to 2031, owing to low cost of OTC medications, and increased use of antihistamines which shows efficient results to treat nausea and vomiting.

On the basis of distribution channel, the market is classified into hospital pharmacies, drug stores and retail pharmacies, and online providers. The drug stores and retail pharmacies segment was the highest revenue contributor to the vertigo treatment market share in 2021. The market growth of this segment is driven by increase in prevalence of central vertigo conditions and development of new novel drugs for the treatment of vertigo by the key players of industry. However, the online provides expected to exhibit the highest CAGR of 5.9% from 2022 to 2031, due to increase in sell of antivertigo drugs through online pharmacies.

Region-wise, in vertigo treatment market analysis, North America had the highest market share in 2021, and is expected to maintain its lead during the vertigo treatment market forecast period, owing to increase in demand for antihistamines for vertigo treatments, and strong presence of key players. Moreover, North America advances due to availability of treatments and well established healthcare infrastructure. However Asia-Pacific is expected to exhibit the highest CAGR of 5.6% during the forecast period, due to increase in awareness about vertigo conditions and its causes and initiatives taken by government for developing better healthcare.

COVID-19 is an acute disease in humans caused by a coronavirus, which is characterized mainly by fever and cough and is capable of progressing to severe symptoms and in some cases death, especially in older people and those with underlying health conditions. The COVID-19 pandemic has declined the growth of vertigo treatment industry, as the antivertigo drugs manufacturing companies are finding difficult to manufacture and sell the drugs due to disruption of supply chain and lockdown conditions. However, the vertigo treatment industry is anticipated to witness recovery in 2021 and beyond, and show stable growth for vertigo treatment market size in the coming future.

KEY FINDINGS OF THE STUDY

• Based on type, the peripheral vertigo segment held the largest market share in 2021 and is expected to remain dominant throughout the forecast period.
• By treatment, the antihistamines segment held the largest market share in 2021 and is anticipated to continue this trend during the forecast period.
• Based on distribution channel, the drug stores and retail pharmacies segment held the largest market share in 2021.
• Based on region, North America is expected to experience largest growth in 2021, and registering a CAGR of 3.6% during the forecast period.