Tinnitus – described as a spontaneous reaction of the nervous system and as "a perception of noise or ringing in the ears" – Is one of the symptoms of hearing loss. Tinnitus is the third most common problem prevalent among the global populace and can be a dilapidating condition with severe Tinnitus resulting in hearing loss. According to the American Academy of Audiology, in 2016, global prevalence for Tinnitus varied from 5% to 42% according to different studies. Apart from the functional, social and emotional impact of hearing loss, Tinnitus has adverse economic impacts globally. It is estimated that unaddressed hearing loss poses an annual global cost of ~€709 Billion. This includes health sector costs (excluding the cost of hearing devices), costs of educational support, loss of productivity, and societal costs.
Fighting Tinnitus is often a challenging, time-consuming, and exhausting process due to the following reasons:
• It is difficult to determine severity of Tinnitus and characterize it in standard terms, as each individual experiences his/her own form/type of Tinnitus.
• Tinnitus can accompany many different diseases, but usually its cause cannot be found exactly.
• There is no standardized (well-established) approach for its treatment.
The overall objective of the TinniMizer project seeks to develop and commercialise a new, patient-specific, state-of-the-art, and patented musical therapy system called TinniMizer as a new treatment for Tinnitus. Preliminary results showed that the TinniMizer therapy is 70% effective in the treatment of Tinnitus with the industry standard being 35%. The TinniMizer solution is easy to understand, easy to use and cost effective. Furthermore, patients and medical practitioners can monitor patient progress securely, online. The Phase 1 project sought to assess the technical, commercial and financial feasibility of the project. We have thus undertaken a 4-month feasibility study on these three aspects of the TinniMizer therapy. The objectives of this study were to:
• Determine the viability and complete optimisation criteria for TinniMizer
• To determine and quantify our target market regionally and globally to influence exploitation strategies and business strategies
• To execute a detailed risk assessment and critical path analysis for project execution
This feasibility study has enabled us to devise a developmental blueprint for the development and commercialization of the TinniMizer solution. We have also developed a business plan o guide the successful introduction of TinniMizer to the market.
