Patient-Centered Care and the Future of Acoustic Neuroma Market
Patient-Centered Care and the Future of Acoustic Neuroma Market
Blog Article
The acoustic neuroma market comprises products such as surgery devices, medication and others required for the diagnosis and treatment of acoustic neuromas. Acoustic neuromas, also called vestibular schwannomas, are non-cancerous tumors that develop on the nerve connecting the ear to the brain.
Acoustic Neuroma Market growths can cause hearing loss, ringing in the ears, or unsteadiness. Surgery involving the removal of tumors using stereotactic radiosurgery or open surgery is commonly used treatment.
The acoustic neuroma market is estimated to be valued at USD 2.29 Bn in 2024 and is expected to reach USD 4.2 Bn by 2031, growing at a compound annual growth rate (CAGR) of 9% from 2024 to 2031.
Key Takeaways
Key players operating in the acoustic neuroma market are Amgen,Roche,Natus Medical Incorporated,Elekta, copyright Inc. These players are constantly focusing on expanding their product portfolio through mergers and acquisitions. For instance, in 2022, Roche acquired Cliniam to expand its capabilities diagnosing rare diseases like acoustic neuroma.
The growing prevalence of cancer is fueling the demand for acoustic neuroma treatment products. According to the World Health Organization (WHO), cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. Acoustic neuromas are generally slow-growing and non-cancerous but can potentially turn cancerous with time. This is driving increased medical interventions and diagnostics.
Technological advancements are furthering the development of minimally invasive procedures for acoustic neuroma treatment. Companies are investing in robotics, artificial intelligence, and advanced imaging to enable precise acoustic neuroma removal through improved localization and lesser incisions. For example, Elekta's Leksell Gamma Knife provides non-invasive radiosurgery allowing focused radiation treatment of tumors.
Market Trends
- Increased adoption of stereotactic radiosurgery - Stereotactic radiosurgery such as Gamma Knife offers a non-invasive alternative to tumor resection with shorter recovery times. Growth in radiosurgery centers is boosting its adoption.
- Emergence of hydrogel spacers - Novel hydrogel spacers are being developed to prevent tumor re-growth post resection by separating the tumor bed from cranial nerves. This is gaining popularity.
Market Opportunities
- Developing countries present high growth prospects. Countries like India, China, and Brazil are investing heavily in advanced cancer diagnostics and treatment infrastructure. This provides lucrative opportunities.
- Multi-disciplinary approach gaining traction - The trend towards multi-disciplinary clinics that offer comprehensive end-to-end care for conditions like acoustic neuroma from diagnosis to rehabilitation is shapingfuture market opportunities.
Impact of COVID-19 on Acoustic Neuroma Market
The COVID-19 pandemic has considerably impacted the growth of the acoustic neuroma market. The imposition of lockdowns across various countries led to temporary closures of healthcare facilities including hospitals and clinics. This adversely affected the diagnosis and treatment rates for acoustic neuroma during the initial months of the pandemic. With deferred non-essential medical procedures and diversion of healthcare resources towards COVID-19 management, the market witnessed a decline in 2020. However, as the restrictions were gradually lifted post lockdowns, the market started gaining momentum from late 2020.
The demand for acoustic neuroma diagnostics and treatments is anticipated to rise in the post-pandemic era. With the resumption of normal healthcare services and growing awareness about the disease, the number of patients opting for diagnosis and treatment is expected to increase. Furthermore, the development of teleconsultation services has enabled continued care for patients during the pandemic. This is likely to have a positive long-term impact on early detection and management of the disease. Continuous innovations in treatment technologies such as radiosurgery are also supporting market growth.
Europe accounts for the largest share of the global acoustic neuroma market currently in terms of value. This is attributed to advanced healthcare infrastructure, rising healthcare spending, and growing prevalence of the disease in the region. Within Europe, countries such as Germany, UK, and France hold majority of the market share. On the other hand, Asia Pacific is recognized as the fastest growing regional market with China and India spearheading growth. Rising disposable incomes, expanding patient pool, and increasing healthcare investments are the key factors fueling the market in Asia Pacific.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)