Covid 19 Impact on Acoustic Neuroma Market Estimated To Lock An Ineffaceable Growth | 7.6% CAGR Through 2023
Acoustic Neuroma Market Overview
Global acoustic neuroma market is growing pervasively, mainly due to the rising prevalence of the condition. There are several proven, effective therapeutics and devices to treat acoustic neuroma are available in the market, which is a major factor driving the growth of the market. Indeed, technological advancements transpired in medical science and biotechnology is a key driving force behind the growth of the market, improving the outlook for the treatments.
According to a leading research firm - Market Research Future (MRFR), the global acoustic neuroma market is expected to garner massive accruals by 2023. In its recently published analysis, MRFR also asserts that the market would register a CAGR of approximately 7.6% throughout the forecast period (2017-2023). Improving economic conditions are playing a pivotal role in the growth of the market, increasing the purchasing power of people, and access to quality healthcare.
Factors such as increasing per capita health care expenditures, governmental initiatives, spreading awareness towards the availability of novel treatment procedures to manage the condition are substantiating the growth of the market. Rising demand for new techniques for the diagnosis and advancements in surgical procedures fuel the growth of the market.
Conversely, the high cost associated with the treatment & devices, alongside, the long approval time for the clinical trials are obstructing the growth of the market. Nevertheless, factors such as the large unmet needs especially in the developing regions would support the market growth over the assessment period, providing ample scope to the market to evolve further and prompting substantial investments for R&D to bring more novelty and betterments in the imaging techniques.
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Global Acoustic Neuroma Market – Segments
The report is segmented into six market dynamics to widen the scope of understanding,
By Type : Unilateral Vestibular Schwannomas and Bilateral Vestibular Schwannomas.
By Diagnosis: Hearing Test (audiometry), Electronystagmography, and Magnetic Resonance Imaging (MRI), among others.
By Treatment: Monitoring, Surgery, Radiation Therapy, and Supportive Therapy, among others.
By Drug Class : Anticonvulsants, Corticosteroids, Osmotic Diuretics, and Pain Killers, among others.
By End-user : Hospitals, Diagnostic Centers, and Academic & Research Institutes, among others.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World.
Global Acoustic Neuroma Market – Geographical Analysis
North America dominates the global acoustic neuroma market with the largest market share. The presence of large numbers of notable players and diagnostic centers alongside, greater governmental emphasis on disease prevention & wellness foster the regional market growth. Moreover, substantial investments in R&D activities to develop novel therapies and breakthrough medicines drive the growth of the regional market.
Healthcare facilities in the US are gradually moving from treatments to wellness; as a result, the prevention and early detection of the disease become crucial. The US acoustic neuroma market, heading with the increasing diagnosed cases accounts for the largest share in the regional market. The rising prevalence of acoustic neuroma lifestyle fosters the market growth in the region.
The acoustic neuroma market in the European region is another lucrative market. Increasing numbers of cases alongside, the proliferation of advanced treatment facilities and availability of skilled medical professionals drive the market in the region. Moreover, the increasing government support for research & development, technological advancements, and well-spread awareness among people towards the availability of treatments for the condition support the regional market growth.
The Asia Pacific acoustic neuroma market is emerging as a rapidly growing market, globally. Factors substantiating the growth of the regional market include the increasing prevalence of acoustic neuroma, spreading awareness among people about the conditions, and the availability of new treatments to manage the condition. Growing markets in China and India contribute to the regional market growth majorly.
Global Acoustic Neuroma Market – Competitive Landscape
Fiercely competitive, the acoustic neuroma market appears to be fragmented due to the presence of many well-established players. These players, along with small players and new entrants, form a competitive edge in the market. To gain a competitive advantage in the market, these players incorporating strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch. Substantial investments are transpired in R&D to bring innovations in the therapy and clinical trials.
Acoustic Neuroma Market Major Players:
Players leading the global acoustic neuroma market include Siemens Healthcare (US), GE Healthcare (US), Philips Healthcare (US), Toshiba Medical Systems Corporation (Japan), Shimadzu Corporation (Japan), F. Hoffmann-La Roche AG (Switzerland), Novartis AG (Switzerland), Merck & Co., Inc. (US), and Pfizer Inc. (US), among others.
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Acoustic Neuroma Industry/ Innovation/Related News:
July 22, 2019 ----- Med-El Corporation (the US), a leading global medical device company specializing in the development and manufacturing of implantable hearing solutions and speech processors announced receiving of the US FDA approval for its Cochlear Implants for single-sided deafness (SSD) and asymmetric hearing loss (AHL). Cochlear implants from MED-EL are the world’s most innovative devices helping children and adults with hearing loss hear life again. This is the first time ever that cochlear implants have been approved for these indications in the United States.
Contraindications for SSD and AHL are the same as for individuals receiving cochlear implants who have bilateral hearing loss, if the individual is known to be intolerant of the materials used in the implant and if an individual has an acoustic neuroma, and others.