Overview and Scope
Acoustic neuroma, also known as vestibular schwannoma, is a non-cancerous tumor that develops on the vestibular nerve connecting the inner ear to the brain responsible for transmitting balance and hearing information to the brain. Acoustic neuromas typically grow slowly and do not spread to other body parts, with symptoms of hearing loss, tinnitus (ringing in the ear), dizziness, imbalance, facial numbness or weakness, and problems with coordination.
Sizing and Forecast
The acoustic neuroma market size has grown strongly in recent years. It will grow from $1.70 billion in 2023 to $1.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to advancements in imaging technologies, surgical innovations, increased awareness and screening programs, economic factors, and regulatory approvals.
The acoustic neuroma market size is expected to see strong growth in the next few years. It will grow to $2.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to technological advancements, personalized medicine, rising healthcare spending, patient preferences and demands, and healthcare infrastructure development. Major trends in the forecast period include increasing incidence rates, technological innovations, market expansion, collaborative research initiatives, and advancements in treatment modalities.
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Segmentation & Regional Insights
The acoustic neuroma market covered in this report is segmented –
1) By Type: Unilateral Vestibular Schwannomas, Bilateral Vestibular Schwannomas
2) By Treatment Type: Drugs, Anticonvulsants, Radiation Therapy, Proton Therapy, Stereotactic Radiosurgery
3) Diagnosis Type: Magnetic Resonance Imaging (MRI), Computed Tomography Scan (CT-SCAN), Hearing Tests
4) By End User: Hospitals, Clinics, Surgical Centers
North America was the largest region in the acoustic neuroma market in 2023. The regions covered in the acoustic neuroma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising investment in the healthcare sector is expected to propel the growth of the acoustic neuroma market going forward. The healthcare sector refers to a wide range of services and facilities dedicated to promoting health, providing medical care, and improving overall well-being for individuals and populations. Investment in the healthcare sector is due to increasing demand, technological innovation, regulatory changes, and global health challenges. Investments in the healthcare sector support innovation in diagnostics and treatments for acoustic neuroma conditions, enhancing patient outcomes and quality of life. For instance, in December 2023, according to the Centers for Medicare & Medicaid Services (CMS), a US-based federal agency, healthcare spending in the U.S. increased by 4.1% in 2022, reaching a total of $4.5 trillion. Therefore, the rising investment in the healthcare sector is driving the growth of the acoustic neuroma market.
Key Industry Players
Major companies operating in the acoustic neuroma market are Pfizer Inc, F. Hoffmann-La Roche AG, General Electric Company, Merck & Co. Inc., Sanofi S.A., AstraZeneca plc, Abbott Laboratories, Novartis AG, GSK plc, Medtronic plc, Canon Medical Systems Corporation, Toshiba Medical Systems Corporation, Amgen Inc., Siemens Healthineers, Teva Pharmaceuticals Industries Ltd, Olympus Corporation, Shimadzu Corporation, Varian Medical Systems, Elekta AB, Cochlear Limited, Brainlab AG, Natus Medical Incorporated, CIVCO Medical Solutions, Monteris Medical, BrainScope Company Inc
The acoustic neuroma market report table of contents includes:
1. Executive Summary
2. Acoustic Neuroma Market Characteristics
3. Acoustic Neuroma Market Trends And Strategies
4. Acoustic Neuroma Market – Macro Economic Scenario
5. Global Acoustic Neuroma Market Size and Growth
…
32. Global Acoustic Neuroma Market Competitive Benchmarking
33. Global Acoustic Neuroma Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Acoustic Neuroma Market
35. Acoustic Neuroma Market Future Outlook and Potential Analysis
36. Appendix
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