Voice Prosthesis Devices Market: Indwelling voice prosthesis devices segment accounted for a major market share
Transparency Market Research has published a new report on the working dynamics of the global voice prosthesis devices market in which the report expects the market to exhibit a CAGR of 4.5% for the period of forecast of 2018 2026. With this rate of growth, the global market is expected to rise from the initial valuation of US$170 mn in 2017 to US$190 mn b 2026.
Growing Demand for Advanced Cancer Care Facilities to Drive Market Growth
Among the several notable driving factors for the growth of the global voice prosthesis devices market, most prominent has been the prevalence of head and neck cancer. According to the American Society of Clinical Oncology (ASCO), head and neck type of cancer is the sixth most commonly occurring type among all. Moreover, the incidences such type of cancer are only growing each year. The ASCO stated that this type of cancer accounted for nearly 4% of the overall cases of cancer in the US in 2017. The organization also predicts that over 65,000 individuals are currently at risk of developing this type of cancer in coming years. According to the ASCO report, around 44% of time oral cavity is involved in terms of initial site development of the head and neck cancer. Whereas, the pharynx is affected 25% of times and the larynx has an infection probability of 31%. Thus, there has been a growing demand for advanced and high quality medical care and patient safety facilities. This has thus had a significant impact on the overall development of the global voice prosthesis devices market as the growing demand has prompted the development and launch of several new voice prosthesis devices.
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In terms of device, the global voice prosthesis devices market has been classified into indwelling voice prosthesis devices and non-dwelling voice prosthesis devices. The indwelling voice prosthesis devices segment accounted for a major share of the global voice prosthesis devices market in 2017. Rise in demand for voice prosthesis devices is likely to contribute to the growth of the indwelling voice prosthesis devices segments. Demand for indwelling voice prosthesis devices is high due to their technical simplicity, leading to improvement in voice quality and patient satisfaction.
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In terms of region, the global voice prosthesis devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe accounted for a major share of the global voice prosthesis devices market in 2017. The trend is likely to continue from 2018 to 2026. High diagnosis and treatment rate for larynx cancer, increase in health care budgets by governments, and rise in reimbursement rates are estimated to contribute to the leading market shares of these regions. Asia Pacific is projected to be a highly attractive region of the global voice prosthesis devices market during the forecast period. The voice prosthesis devices market in Asia Pacific is expected to expand at a high CAGR from 2018 to 2026, due to a large number of laryngectomy patients opting for voice prosthesis devices. Demand for voice prosthesis devices is especially high in key countries such as Japan and China. The market in Latin America is projected to expand at a moderate growth rate during the forecast period.
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Mergers and Takeovers to Remain Go-to Option for Leading Market Players
The competitive landscape of the global voice prosthesis devices market does is not an intensely contested one. This leaves plenty of room for interested players to enter in the market and establish a strong foothold. Currently, there are only a few voice prosthesis devices that are available in the market. Blom-Singer Classic, Provox-2, Blom-Singer Dual Valve, and Provox Vega are some of the most notable names. Recent product launches have indicated that the market is slowly diversifying.
Some of the leading players in the global voice prosthesis devices market include names such as Hood Laboratories, Servona GmbH, Smiths Medical, InHealth Technologies, and Atos Medical among others. The companies in the market are opting for aggressive tactics of mergers and acquisitions in order to stay ahead of their competitive rivals. For instance, in January 2018, Atos Medical announced that the company has successfully taken over a German-based healthcare company called Heimomed Heinze GmbH & Co. KG
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