Market Size of Acoustic Neuroma Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Acoustic Neuroma Market Analysis
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.
