Digital Transformation to Be The Key to Growth Of The Drug-Induced Ototoxicity Treatment Market

New York, United States, 2022-May-27 — /EPR Network/ —

The Drug Induced Ototoxicity Treatment Market is ascertained to make greater strides in the future. The present-day and futuristic cutting-edge technology, namely IoT, AI, and Big Data operate better in a lightning-fast and reliable internet connection. The benefits of high-speed internet would be seen in telecare in the next 2-3 years, but going forward, more authentic data streams are likely to come up with better-connected devices, thereby revolutionizing the healthcare system.

Ototoxicity is defined as drug or chemical-related damage to the inner ear, causing damage to the organs in charge for hearing and balance. Ototoxicity is an adverse drug reaction (ADR) caused due to some medication. Ototoxicity or hearing loss, can be reversible or irreversible and can be associated with both long term administration of a large range of drugs and acute intoxication.

The mechanism causing drug-induced ototoxicity not clear, but it can be due to biological and consequent electro-physiological alterations in the inner ear.

There are more than 450 prescription and over-the-counter drugs that can trigger tinnitus or ototoxicity, make existing ototoxicity worse. It appears that drug-induced ototoxicity is quite variable and highly inconsistent. Drug-induced ototoxicity should be diagnosed based on the patient’s history, symptoms and test results.

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Many variables such as age, co-morbid medical conditions, and cognition levels may delay the early detection of drug-induced ototoxicity. Tinnitus or ringing in the ears, dizziness, uncoordinated movements are the common symptoms of drug-induced ototoxicity.

The American Tinnitus Association (ATA) has published the list of ototoxic drugs that are capable of causing severe tinnitus or impaired hearing. This list published by (ATA) includes Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), certain antibiotics like aminoglycosides, Antimalarial medications, Certain anticonvulsants drugs etc.

It is expected that the drug-induced ototoxicity treatment market will grow significantly in the forecast period due to innovative and technological advancements in surgery, drugs and other medications. Growing incidence of drug-induced ototoxicity and rise in prevalence of ototoxic tinnitus is expected to drive the drug-induced ototoxicity treatment market, globally.

Increasing prevalence of cancer and many infectious chronic disease will lead to demand of ototoxic drugs which will indirectly trigger the market growth for drug-induced ototoxicity treatment. Constant researches are being conducted for drug-induced ototoxicity treatment. Many leading market players are concentrating on new drug discovery for better treatment options for drug-induced ototoxicity.

For instance, Decibel Therapeutics Inc. has invested $55 million in the development of therapies addressing multiple forms of hearing loss. The company has quietly built a pipeline of experimental drugs, and two of the new drug compounds are under clinical trials. However, low awareness about adverse drug reactions like hearing loss caused due to ototoxic drugs across regions could hamper the market growth for drug-induced ototoxicity treatment during the forecast period.

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Drug-Induced Ototoxicity Treatment Market: Segmentation

Based on Ototoxicity type	Cochlear Drug-Induced Ototoxicity Vestibular Drug-Induced Ototoxicity
Based on treatment type	Alternative Therapies Medications Tricyclic antidepressant Alprazolam Devices Hearing Aids Cochlear Implants Assistive listening devices (ALD’s)
Based on end users	Hospitals Clinics Ambulatory Surgical Centers Others

On the basis of Ototoxicity type, cochlear drug-induced ototoxicity is expected to generate maximum revenue share in the drug-induced ototoxicity treatment market. On the basis of treatment, devices are expected to find major applications as technological advances has led to development of new innovative hearing aids and ear implants which are more reliable in case of irreversible drug-induced ototoxicity case.

Whereas, among end users veterinary hospitals & clinics is anticipated to register highest growth rate over the forecast period.

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Global Drug-Induced Ototoxicity Treatment  market is segmented into seven key regions viz. North America, Latin America, Europe, CIS & Russia, Asia-Pacific excluding Japan, Japan and the Middle East & Africa.

The North America drug-induced ototoxicity treatment market is projected to register the majority market share, in terms of revenue, for the global drug-induced ototoxicity treatment market, which is followed by Europe, owing to the high prevalence of disorder of middle ear and hearing impairment cases in the region.

Good healthcare infrastructure, cost-effective diagnosis and easy availability of the treatment procedure are also expected to drive the drug-induced ototoxicity treatment in the region. Asia-Pacific excluding Japan market for drug-induced ototoxicity treatment  is also expected to grow at a robust rate due to increase in awareness, growing adoption of new devices and treatment options growing research and development and increasing government support and funding.

The major market participants operating in the global Drug-Induced Ototoxicity Treatment Market are Advanced Bionics AG, Pfizer Inc., Otonomy Inc., Eli Lilly and Company, Sound Pharmaceuticals, Inc., WellSpring Pharmaceutical Corporation, Hoffmann-La Roche Ltd., Teva Pharmaceuticals USA, Inc., GlaxoSmithKline Plc., and Sonova Holding AG.

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