Major key players are are Smiths Medical, Atos Medical, InHealth Technologies, Servona GmbH, Hood Laboratories, Andreas Fahl Medical Technology Sales GmbH, Teleflex Medical Europe Ltd. And Other Prominent Players
Market Industry Reports (MIR) has published a new report titled “Voice prosthesis devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global voice prosthesis devices market is estimated to be over US$ 200 mn in 2017. It is anticipated to grow at a substantial CAGR from 2019 to 2030.
Increasing incidences and prevalence of larynx cancer focus of market players in introducing new and innovative products and availability of favorable government regulations growth are some of the growth factors in the voice prosthesis devices market. Moreover, various educational and research institutes, organizations and societies are working on voice prosthesis devices to make them affordable. For instance, South Ural State University is conducting research on 3D printed silicone based voice prosthesis devices, to make these devices economical for the patients.
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Increasing prevalence of larynx cancer
The market is expected to be propelled by increase in diagnosis rate of larynx cancer, rising cases of laryngectomy, and well established clinical recommendations. Long treatment period after total laryngectomy [patients need treatment for the rest of their lives (8–9 years on average)] and requirement of regular replacement is another pivotal factor that is expected to spur its demand in the coming years. Fully compliant end-users use around four voice prostheses a year, around two HMEs and one adhesive per day. In addition accessories are used when changing products.
High Costs of Voice prosthesis devices Products to Restrain the Market
High costs associated with voice prosthesis devices products are one of the major factors affecting the growth of the voice prosthesis devices market. Unavailability of alternate affordable and cheaper voice prosthesis devices products is anticipated to be one of the major hindrances in the growth of the global voice prosthesis devices market. Lack of treatment in underprivileged regions and population with low income groups face consequential outcome in affording the device. This leads to millions of deaths every year all across the globe.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing geriatric population, continuously growing economy, and increasing awareness regarding latest healthcare technology is anticipated to present a lucrative growth scenario for the voice prosthesis devices market in this region. Furthermore, improving healthcare facilities, coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
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