Voice Prosthesis Devices Market Overview
The global voice prosthesis devices market is projected have a lucrative run at the growth rate of 6.20% during the forecast period (2022-2030), reports Market Research Future (MRFR).
Voice prosthesis devices find massive demand amongst the patients that suffer from voice problem, which is generally brought on by old age. The most affected patients are in the age group of 30 to 50, who mostly benefit from voice prosthesis devices. The voice prosthesis devices are developed using medical grade materials like silicone rubber as well as other materials that exhibit less immunological rejection inside the patient’s body. At present, numerous researches are being conducted by the public and private research institutes to advance the materials. The demand for voice prosthesis has increased over the years with the increasing acceptability as well as awareness pertaining to voice prosthesis devices. Also, with the rise in viable reimbursement scenarios within the developing regions for a variety of conditions, the voice prosthesis market is bound to display a gainful performance in the coming years.
The voice prosthesis device market is slated to have a healthy growth during the evaluation period as the cases related to voice issues are increasing. This factor has also elevated the acceptability level of the product around the globe. National Institute on Deafness and Other Communication Disorders (NIDCD) reports that around 7.5 million or more people in the United States (U.S) are afflicted with voice issues. Moreover, currently manufacturers are striving to customize the voice prosthesis device size so that it can be easily fixed inside the patient’s body, and can function more effectively.
With that said, the high costs of voice prosthesis device could have a debilitating effect on the market growth in the future. But, with the growing prevalence of voice related issues in low- and middle-income countries owing to the lack of oral sanitation along with excessive consumption of alcohol and tobacco, the voice prosthesis market will be presented with several growth opportunities in the subsequent years.
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Voice Prosthesis Devices Market Segmentation
The market is segmented into four dynamics to widen the scope of understanding,
By Product Type : Indwelling Voice Prosthesis Devices and Non-Dwelling Voice Prosthesis Devices.
By Valve Type : Provox valve, Blom-Singer valve, Groningen valve, and others.
By End-user : Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Research & Academic Institutes, and others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World (RoW).
Voice Prosthesis Devices Market Regional Analysis
North America dominates the global voice prosthesis devices market. The largest share of the market attributes to the presence of significant market players and the increased prevalence of voice disorders within the region. Moreover, high healthcare expenditures and constant technological advancements create massive market demand. The region is estimated to create a larger revenue pocket in the global market throughout the review period, continuing with the same trends.
Besides, the rising occurrences of stroke, multiple sclerosis & amyotrophic lateral sclerosis, traumatic brain injury, and neurodegenerative diseases such as Parkinson’s disease that often result in an irreversible loss of the ability to speak foster the regional market growth, majorly. The North American voice prosthesis devices market receives significant contributions from the rapidly growing US market.
Europe stands second in the global voice prosthesis devices market globally. Factors such as the rising per-capita income, growing support for R&D activities from public & private entities, and the well-penetrated healthcare sector across the region boosts the regional market growth. The market is also driven by the increasing investments in healthcare and the rising number of patients seeking voice prosthetics in the region.
The Asia Pacific voice prosthesis devices market is rapidly emerging as a promising market globally. Factors such as the growing cases of throat cancer and increasing healthcare expenditure drive the APAC voice prosthesis devices market. Rapidly growing countries, India & China, backed by the vast developments in medical technologies, spreading awareness, and the availability of funds are significantly contributing to the regional market growth.
Voice Prosthesis Devices Market – Competitive Analysis
Highly competitive, the voice prosthesis devices market appears to be fragmented due to the presence of many well-established players. To gain a substantial share in the market, matured players incorporate strategic initiatives such as mergers & acquisitions, Expansion, brand reinforcement, and innovation/ Product & technology launch.
Major Players:
Players leading the voice prosthesis devices market include Teleflex Medical Europe Ltd., Atos Medical, Johnson & Johnson Services, Inc., Andreas Fahl Medizintechnik - Vertrieb GmbH, Sonova, InHealth Technologies, Smiths Medical, HEIMOMED Heinze, and SERVONA GmbH, among others.
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