The major factors attributing to the growth of the VPD market are the rise in the global prevalence of larynx cancer cases which results in sore throat and ear pain.
For instance, according to the NIDCD (National Institute on Deafness and Other Communication Disorders), in 2019, about 7.5 million people in the United States suffered from voice-related problems. Also, the increase in government expenditure for healthcare, R&D activities by the manufacturers to customize the VPD size to enhance patient compliance, lesser effort to speak and efficient functioning will fuel the global VPD market.
However, highly expensive equipment for manufacture, prices of voice prosthesis devices, and shorter life span of the devices only about 3-6 months are likely to impede the VPD market growth. Also, lack of availability and acceptance to the people in the emerging economies.
Key Market Trends
In-Dwelling Voice Prosthesis Devices Segment is Expected to Hold the Major Market Share in the Voice Prosthesis Devices Market
The in-dwelling voice prosthesis devices segment is expected to account for the largest share of the voice prosthesis devices market. The growth of the segment can be attributed to rising geriatric population and technological advancements which enhanced the efficiency of device functioning such as prolonged lifetime, improved patient compliance to operating, and maintenance including outpatient replacements. Also, due to their ability to have the low air resistance and optimal retention in the tracheoesophageal wall, the preference of the Indwelling voice prosthesis devices has been increased and thus, contributes their share in the global voice prosthesis devices market.
North America Dominates the Voice Prosthesis Devices Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall VPD market throughout the forecast period. This dominance is mainly owing to the increased incidence of tracheostomy cancers along with the increased healthcare expenditure and availability of advanced healthcare infrastructure. For instance, according to the report by the American Cancer Society in 2019, about 12,410 adults were expected to be diagnosed with Laryngeal cancer thus a huge demand for the VPD. Furthermore, in November 2018, as announced by FDA, medical devices including ENT surgical devices entered the market aiming at the manufacture of more efficient medical devices with enhanced safety, efficiencies, and technology in medical devices and thus, contributes to its outstanding market growth globally.
And, Europe holds the second-largest revenue share of the market and expected to do the same in the forecast period. The significant share is attributed to the Medical Device Regulation (MDR) that will come into force in May 2020 which impacts the future of ENT devices by the increased government support. Furthermore, several types of research activities are going on and various public and private research institutes collaborated with the manufacturers, which is expected to drive the voice prosthesis devices market.
The global voice prosthesis devices market is moderately competitive and consists of several major players. Some prominent players that are currently dominating the market In terms of market share are acquiring the products, entering into partnerships with the other companies to consolidate their market positions across the globe and while others are distributing products. For instance, Atos acquired Heimomed Heinze GmbH & Co. KG, a med-tech company manufactures high-quality tracheostomy products. By this acquisition, Atos expands its footprint in Germany and Austria, thus fueling the market growth. Some of the companies which are currently dominating the market are Andreas Fahl Medizintechnik-Vertrieb GmbH, InHealth Technologies, Atos Medical AB, Servona GmbH, Teleflex Incorporated, and Smiths Medical.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support