by Acoustic neuroma, also known as vestibular schwannoma, is a non-cancerous tumor that develops on the vestibular nerve in the inner ear. It causes hearing loss and ringing in the ear. Treatment options for acoustic neuroma include watchful waiting, stereotactic radiosurgery, and microsurgery depending on factors such as tumor size and symptoms.
The Global Acoustic Neuroma Market is estimated to be valued at US$ 2.29 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the acoustic neuroma market are Amgen, Roche, Natus Medical Incorporated, Elekta, and Pfizer Inc. Key players are focusing on developing newer treatment options to treat acoustic neuroma.
The growing incidences of acoustic neuroma and increasing awareness about the disease are major factors contributing to the growing demand for acoustic neuroma treatment. Moreover, favorable reimbursement policies for acoustic neuroma treatment in developed regions is further supporting the market growth.
Key players are expanding their presence globally, especially in emerging markets of Asia Pacific and Latin America to tap the growth opportunities offered by these regions. Companies are also collaborating with local players to enhance their product reach.
Market Key Trends
Increasing adoption of stereotactic radiosurgery (SRS) for treatment of acoustic neuroma is a key trend in the market. SRS is a noninvasive treatment option that delivers high doses of radiation precisely to the tumor while minimizing radiation exposure to surrounding healthy tissues. It offers advantages such as decreased complications, shorter recovery time, and reduced risk of nerve damage compared to microsurgery. Therefore, SRS is increasingly becoming the treatment of choice, especially for older patients and those having smaller tumors.
Porter’s Analysis
Threat of new entrants: Low capital requirements and regulatory barriers makes entry difficult for new companies in this market.
Bargaining power of buyers: Large hospitals and clinics have significant negotiating power against suppliers due to their large purchasing abilities.
Bargaining power of suppliers: Suppliers of medical devices required for treatment have some bargaining power over buyers since they own established distribution channels.
Threat of new substitutes: There is no effective substitute available for the medical devices and drugs used for treatment of acoustic neuroma.
Competitive rivalry: Major companies focus on R&D and new product launches to gain market share from competitors in this consolidating market.
Geographical Regions
North America accounts for the largest share of the global acoustic neuroma market in terms of value. Increasing prevalence of acoustic neuroma due to growing geriatric population and availability of advanced healthcare facilities are key factors driving market growth in the region.
Asia Pacific is projected to grow at the fastest rate during the forecast period. Rising medical tourism owing to lower treatment costs as compared to developed countries and increasing healthcare spending are supporting the acoustic neuroma market expansion in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
