Many new companies have jumped into the market in order to make the most out of the opportunities. Companies are implementing the strategies of mergers and acquisitions with other players.
Some of key the players in the global acoustic neuroma market are GE Healthcare (U.S.), Siemens Healthcare(U.S.), Philips Healthcare (U.S.), Shimadzu Corporation (Japan), Toshiba Medical Systems Corporation (Japan), F. Hoffmann-La Roche Ag, Merck & Co., Inc., Novartis AG, Pfizer Inc., and others
The global market of acoustic neuroma is expected to grow at a CAGR of approximately 7.6% during the forecast period 2017-2023.
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Market Scenario
Acoustic neuromas also known as vestibular schwannomas, usually grows slowly over a period of years. Usually they do not invade the brain, but can push on it as they grow. As the tumor grows, they press the nearby cranial nerves that control the muscles enabling facial expression and sensation. If the tumor becomes large enough to press on the brain stem or cerebellum, it can be deadly. They account for almost 8% of all tumors inside the skull. The prevalence rate is 1 out of every 100,000 individuals per year.
An acoustic neuroma is a non-cancerous (benign) growth that develops on the 8th cranial nerve (vestibulocochlear nerve), it connects the inner ear with the brain and has two different parts. One part is involved in transmitting sound and the other sends balance information to the brain.
Acoustic neuromas are mainly categorized into unilateral and bilateral vestibular schwannomas. Unilateral affect only one ear and bilateral vestibular schwannomas affect both hearing nerves and are usually associated with some genetic disorder. More than half of the affected individuals have inherited the disorder from an affected parent. Several new drugs are launched by the key players which grants various opportunities for the global acoustic neuroma market.
Usually these neuromas are rare. Globally around 1-20 people in every million are diagnosed each year with an acoustic neuroma. Acoustic neuromas account for about 6 cases in every 100 patients with brain tumours. They are more common in middle-aged adults and are rare in children. Furthermore, these neuromas seem to be more common in women than in men. Acoustic neuromas tend to affect adults aged 30 to 60 and usually have no obvious cause, although a small number of cases are the result of a genetic condition called neurofibromatosis type 2 (NF2).
The gadolinium enhanced magnetic resonance imaging (MRI) is the gold standard for diagnosis of vestibular schwannoma yet several examinations may arise suspicion of vestibular schwannomas. According to a patient survey held by the Acoustic Neuroma Association, in 2012, it was reported that after surgical treatment of acoustic neuroma more than 35% patients suffered a headache depending on the type of surgical approach, technique used and the time since surgery.
Segmentation
The acoustic neuroma is segmented on the basis of type, diagnosis, drug class, treatment, and end-users.
On the basis of type, the market is segmented into unilateral vestibular schwannomas and bilateral vestibular schwannomas.
On the basis of diagnosis, the market is segmented into hearing test (audiometry), electronystagmography, magnetic resonance imaging (MRI), and others.
On the basis of end-user, the market is segmented into hospitals, diagnostic centers, academic and research institutes, and others.
On the basis of drug class, the market is segmented into anticonvulsants, corticosteroids, osmotic diuretics and pain killers.
On the basis of treatment, the market is segmented into monitoring, surgery, radiation therapy, supportive therapy and others. The radiation therapy is sub segmented stereotactic radiotherapy, proton beam therapy. Surgery is sub segmented radiosurgery, craniotomy, and microsurgery removal
Regional Analysis
The global acoustic neuroma market consists of countries namely America, Europe, Asia Pacific, and the Middle East.
North America is projected to hold the largest share of the global acoustic neuroma market due to presence of huge numbers of key players supporting research and development for developing novel therapies, large base of diagnostic centers and greater emphasis on disease prevention and wellness by governments. Along with that healthcare facilities in the U.S. are gradually moving from treatment to wellness, so the prevention and early detection of disease is critical. Approximately 2,000 to 3,000 cases are diagnosed each year with acoustic neuroma in the United States (6 to 9 per million persons).
The European acoustic neuroma market hold the second largest market as it witness rapid growth. According to NHS U.K, an acoustic neuroma can occasionally return after treatment. This is thought to happen to around 1 in every 20 people who have had surgical removal.
Asia Pacific is expected to be the most promising markets for acoustic neuroma in the near future The Middle Eastern region is expected to grow at a faster rate due to the factors such as the extensive development of health care infrastructure and growing emphasis on research and development in the health care sector.
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