Voice Prosthesis Devices Market (Covid19 Impact) 2020: Growth Factor, Technology Trends, Demand, Opportunities, Challenges and Outlook
Jun 11, 2020
Voice Prosthesis Devices Market Research Report: By Product Type (Indwelling, and Non-Dwelling Voice Prosthesis Devices), Valve Type (Blom-Singer, Provox, and Groningen Valve), End User (Hospitals, Clinics, and Others) – Global Forecast Till 2023
pune, India - June 11, 2020 /MarketersMedia/ —
The voice prosthesis devices market is witnessing a constant rise over the past few years. This growth attributes to the rising throat cancer diagnosed cases and larynx (commonly known as the voice box) cancer. Every year, increasing numbers of people suffer from oral cancer and throat cancer worldwide. In most cases, laryngectomy, a surgical procedure is carried out to extract the voice box, hindering the ability to speak.
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As a result, these people who undergo laryngectomy need to resort to voice prosthesis devices to restore their voice and speaking abilities. The rising rate of adoption of voice prosthetics is a major factor driving the market sales and, thus, the growth of the market. Moreover, the growing prevalence of speech-language-hearing impairments accelerates market growth on the global front.
According to Market Research Future (MRFR), the global voice prosthesis devices market is projected to grow at approximately 5.6% CAGR over the forecast period (2018 – 2023). Increasing product and technology developments are the latest trends in the voice prosthesis devices industry. Also, the usages silicon material to make prosthesis is the latest shift in the market.
Various researches have been performed to find a suitable material that is close to life-like material. Such innovations have not only improved the functionalities of prosthesis but have also enabled them to garner significant market prominence. As a result, the uptake of voice prosthesis devices is increasing rapidly, allowing the market to gain tremendous traction worldwide.
Additionally, increasing geriatric populations are expanding the size of the voice prosthetics market. Furthermore, spreading awareness among people about the availability and advantages of voice prosthesis devices act as a significant tailwind pushing market growth.
On the other hand, development complexities and high costs associated with voice prosthesis devices are estimated to obstruct the growth of the market. Nevertheless, increasing technological advances would support market growth throughout the anticipated period, offering cost-competitive yet advanced technologies capable of eliminating development complexities.
Voice Prosthesis Devices Market – Segments
The analysis is segmented into four dynamics.
By Product Type : Indwelling Voice Prosthesis Devices and Non-Dwelling Voice Prosthesis Devices, and others.
By Valve Type : Blom-Singer valve, Provox valve, Groningen valve, and others.
By End User : Hospitals & Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Research & Academic Institutes, and others.
By Regions : Europe, Americas, Asia Pacific, and Rest-of-the-World.
Voice Prosthesis Devices Market – Regional Analysis
North America dominates the global voice prosthesis devices market. The largest market share mainly attributes to the presence of major market players and the increased prevalence of voice disorders within the region. Moreover, rising numbers of surgeries done in throat cancer treatments, foster the regional market growth. Due to its high rate of speech-language-hearing associated disorders, the US accounts for a significant share in the regional market. The North American voice prosthesis devices market is estimated to retain its leading position in the global market throughout the review period.
Europe stands second in the global voice prosthesis devices market. The market is driven by improvements in healthcare-related research & development activities. Besides, rising cases of throat cancer and a large number of people affected by voice & speech disabilities drive the regional market growth. Moreover, factors such as the growing per capita healthcare expenditures and significant technological advances increase the market sales of voice prosthesis devices. The European voice prosthesis devices market is projected to create a substantial revenue pocket over the assessment period.
The voice prosthesis devices market in the Asia Pacific region is growing phenomenally. Increasing investments made to develop healthcare technologies and the rising numbers of robotic prosthetics seekers in the region, foster the growth of the market. Additionally, factors such as economic growth, spreading awareness, and the availability of advanced prosthesis devices in the region propel market growth.
Indian and Chinese markets contribute to the regional market growth, significantly. Heading with the availability of cost-competitive robotics technology, the APAC voice prosthesis devices market is expected to demonstrate a promising growth over the predicted period.
Voice Prosthesis Devices Market – Competitive Analysis
Highly competitive, the voice prosthesis devices market appears fragmented due to the presence of several well-established players. To gain a larger competitive share in the market, these players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch. The market structure is changing rapidly due to the increasing strategic approaches between private practice centers and technology providers. Industry players are motivated to bring innovations in their product line & technology. They focus on R&D in order to develop the technology further. To expand their global footprint, multinational companies acquire small yet promising companies from emerging markets.
Major Players:
Players active in 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.
Industry/ Innovation/ Related News:
March 05, 2020 ---- Innaumation (India), a start-up involved in the development of voice prosthesis device, announced that its voice prosthesis ‘Aum’ is granted a patent of the seven they applied for, along with the clearance from Central Drugs Standard Control Organisation (CDSCO). The Aum prosthetic device was launched in 2019 in India following a series of clinical tests after the first prototype was ready in 2018. This cost-effective prosthetic device offers a cost-effective solution for people affected with throat cancer to gain their voice back.
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