Tinnitus is a disease in which the patients can hear noises which aren’t present, patients may hear continuous ringing in the ear. Different types of ringing such as whistle, hiss, ring, whirr and buzz. Also it can be sections of music. The pitch of the sound can be high or low and can vary.
There are two types of tinnitus i.e. subjective and objective. Due to tinnitus some parts of the auditory cortex do not receive signals. Tinnitus can occur due to hearing loss in geriatric population, exposure to loud noise, injury to ears, disease or infection in the ear, side effect of medication and emotional stress. However currently there are no FDA approved tinnitus drugs specifically for tinnitus. The tinnitus drugs which are present in the market reduce the stress and depression and treat the behavioral issues caused by tinnitus. The Tinnitus drug market offers great investment in the future.
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Factors driving Tinnitus drug Market
Adoption of unhealthy habits like consumption of alcohol, smoking cigarettes, consuming caffeinated beverages are some of the driving factors for increasing tinnitus which will directly increase the tinnitus drug market. Moreover exposure to noise by listening to loud music through headphones can also cause tinnitus. Growing prevalence and lack of approved treatments are the major factors driving the tinnitus drug market. Increasing development of tinnitus drugs by various research organizations are also increasing the tinnitus drug market.
The drugs presently available in the market cannot cure tinnitus, however they may contribute relief from some severe tinnitus symptoms. According to CDC, around 15% of the population of the U.S suffer from some form of tinnitus and chronic tinnitus is approximated to affect around 20 million people in the country.
The introduction of any tinnitus drug can lead to undesired side effects and can also counteract existing prescription drug treatments. However, continuous development of tinnitus drugs such as resumption of enrollment for TACTT3 phase 3 trial of Keyzilen by Auris Medical Holding AG will increase the potential to treat tinnitus and will register a significant growth for tinnitus drug market in the future.
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Regional Market Outlook Tinnitus drug market
The Tinnitus drug market, geographically is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa and Japan. North America is expected to lead the Tinnitus drug market globally, followed by Europe, due to the easy availability of products, patient care and safety in the US. In addition, the non-availability of tinnitus drugs and growing preference towards tinnitus to treat the stress and anxiety in North America is also expected to boost the tinnitus drug market in the region.
The Tinnitus drug market in Asia Pacific is expected to grow at a higher rate due to the growing geriatric population suffering from hearing disorders. In addition, Regions such as Asia Pacific and Latin America are expected to witness higher revenue growth during the forecast period.
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Some of the major players in the Tinnitus drug market are :
- Amneal pharms co,
- Lupin ltd,
- Mylan, Zydus pharms,
- Novartis Ltd.,
- Sun Pharmaceuticals Industries Ltd.,
- Torrent Laboratories Pvt. Ltd.,
- Intas Pharmaceutical Ltd.,
- Reliance formulation pvt. Ltd.