Acoustic Neuroma - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Acoustic Neuroma - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The acoustic neuroma market is expected to register a CAGR of 7.3% over the forecast period.

COVID-19 has significantly impacted the acoustic neuroma market due to cancellations in elective procedures globally, including treatment and diagnostics during the early pandemic period. For instance, an article published in March 2022 by Cureus Journal stated that the pandemic affected patients with acoustic neuroma and their delayed response to radiotherapy treatments. It also reported that 32% of patients preferred delaying radiotherapy treatments for COVID-19-negative patients with benign brain tumors such as grade 1 meningioma or acoustic neuroma, compared to 60.7% for COVID-19-positive patients. This affected the patient's quality of life and compliance with the treatments available on the market. However, the market recovered since the restrictions were lifted and elective procedures resumed. The emergence of new variants of COVID-19 has a negligible impact on the acoustic neuroma market in the current scenario, and the market is expected to register a stable growth rate during the forecast period.

Factors such as the high burden of acoustic neuroma and growth in research and development in the field of acoustic neuroma are largely propelling the growth of the market.

The high prevalence of brain tumors leads to the high burden of acoustic neuroma since it is a type of non-cancerous (benign) brain tumor. For instance, according to an article by the American Brain Tumor Association published in 2022, acoustic neuromas account for about 8% of all primary brain tumors. Additionally, according to the American Cancer Society, 2023 cancer statistics, 24,810 new brain tumor cases are estimated to be diagnosed in the United States in 2023. Therefore, the high prevalence is expected to create an opportunity for market players in the development of innovative diagnostics and medication for acoustic neuroma.

Furthermore, market players are engaged in marketing tactics such as mergers and acquisitions and product launches to expand acoustic neuroma offerings. For instance, in May 2022, Elekta acquired Özyürek Mümessillik ve Dış Ticaret A.Ş., a Turkish distributor of neurosurgery solutions. The acquisition will shape the future of radiation therapy through research and product development relations. Such investments are expected to expand the treatment options for patients in the country.

Also, in April 2021, Vysioneer's VBrain, the AI-powered tumor auto-contouring system, was approved by the United States Food and Drug Administration (FDA). VBrain improves the precision of radiation and reduces the time it takes for patients to get treatment. The device was tested at several locations around the United States and Taiwan. Brain metastasis, meningioma, and acoustic neuroma are the three most prevalent forms of brain tumors that can be treated by auto-contouring. Therefore, the launch of technologically advanced products is expected to propel market growth.

As a result of the reasons outlined, such as the high burden of brain tumors along with rising technological advancements by market players, the studied market is anticipated to grow throughout the analysis period. However, the lack of skilled technicians restrains the acoustic neuroma market growth.

Acoustic Neuroma Market Trends

Stereotactic Radiosurgery is Expected to Witness a Significant Growth Over the Forecast Period

Stereotactic radiosurgery is a minimally invasive surgical procedure that uses a three-dimensional coordinate system to detect small targets within the body and conduct actions such as ablation, biopsy, lesion, injection, stimulation, implantation, radiosurgery, and other procedures. The segment is expected to witness healthy growth during the forecast period owing to the advantages of stereotactic radiosurgery as well as rising product launches.

The advantages and success rate of stereotactic surgery for the treatment of acoustic neuroma are expected to propel the segment's growth during the forecast period. For instance, an article published in September 2021 in Current Otorhinolaryngology Reports stated that despite significant advancements in acoustic neuroma, radiosurgery remains the primary treatment option for the vast majority of cases to achieve disease cure, long-term tumor control, and long-term preservation of cranial nerve function. Also, an article published in December 2021 in PubMed stated that most patients show control in vestibular schwannoma/acoustic neuroma progression after primary stereotactic radiosurgery. It demonstrates the benefit of surgery over radiation therapy in the treatment of an acoustic neuroma. Therefore, owing to the benefits over conventional procedures, the segment is expected to grow during the forecast period.

Additionally, the product launches by market players significantly contribute to the segment's growth during the forecast period. For instance, in May 2022, Elekta launched its next-generation stereotactic radiosurgery system, Elekta Esprit, at ESTRO. It provides a non-invasive brain treatment that is a better alternative to open surgery and conventional radiotherapy. Launching technologically advanced products is expected to propel the segment's growth during the forecast period.

As a result of the aforementioned factors, such as benefits over traditional radiotherapy and technologically advanced launches, the stereotactic radiosurgery segment is expected to register significant growth throughout the forecast period.

North America is Expected to Hold a Significant Market Share Over The Forecast Period

North America is expected to hold a significant market share owing to factors such as the high burden of acoustic neuroma, increasing research and development (R&D) for the development of innovative treatments, product launches, and the high concentration of market players in the region.

The rising research activities and launches by market players and healthcare organizations are expected to propel the market growth during the forecast period. For instance, a number of clinical trials will be conducted in the United States in 2021, funded by the Washington University School of Medicine, and are expected to be completed by December 2023. The purpose of the study is to demonstrate the feasibility of the Auditory Nerve Test System (ANTS) device during translabyrinthine surgery for vestibular schwannoma resection. Patients who have a vestibular schwannoma and asymmetric sensorineural hearing loss will receive a cochlear implant at the same time if the auditory nerve is preserved. Therefore, the research activities are expected to develop and market innovative acoustic neuroma therapeutics during the forecast period,

Furthermore, in February 2021, researchers from Fujitsu and the University of Toronto developed quantum-inspired technology to help doctors better plan radiation treatments for brain tumors and other diseases. The technology is for dramatically speeding up the creation of radiation treatment plans for Gamma Knife radiosurgery. The traditional approach of establishing treatment plans is frequently tedious and time-consuming. The new technology will overcome this and will provide a better plan for radiation therapy and related dosing.

As a result of the aforesaid factors such as rising research and development activities for the development of innovative drugs and devices, the studied market is expected to increase in the North American region.

Acoustic Neuroma Industry Overview

The acoustic neuroma market is consolidated due to the presence of a few companies operating globally and regionally. Some key players are Amgen, Roche, Natus Medical Incorporated, Elekta, Pfizer Inc., F. Hoffmann-La Roche AG, CIVCO MEDICAL SOLUTIONS, Novartis AG, MAICO Diagnostics GmbH, Siemens Healthcare GmbH, Interacoustics A/S, and Natus Medical Incorporated.

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