The voice prosthesis devices (VPD) market studied was anticipated to grow with a CAGR of nearly 5.6% during the forecast period. 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 the recent 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.
- Based on End-users, the Hospitals segment accounts for the highest share of revenue due to increased throat cancer, laryngeal cancer cases, and affordable healthcare reimbursement policies due to the involvement of healthcare organizations. Thus, an increase in demand fuels the growth of the market over the forecast period.
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. Also, the increase in government expenditure for the healthcare sector, early product launches with enhanced quality will drive the European VPD market. Currently, several types of research activities are going on by various public and private research institutes collaborated with the manufacturers and thus driving the global voice prosthesis devices market.
- The Asia Pacific voice prosthesis devices market is anticipated to show the highest growth rate throughout the forecast period, owing to large-scale investments made by the key players. Furthermore, the increasing 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 will give rise to tracheostomy necessitating the VPD thus boost the market growth in the region.
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, and Smiths Medical.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rapidly Growing Geriatric Population along with Rise in Healthcare Reimbursements
4.2.2 Increasing Demand for Voice Prosthetics with Rise in Cancer Cases
4.3 Market Restraints
4.3.1 High Procurement and Maintenance Costs of Voice Prosthesis Devices
4.3.2 Shorter Lifespan of the Devices along with Lack of Availability and Acceptance by the Patients
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1.1 Non-dwelling Voice Prosthesis Devices
5.1.2 In-dwelling Voice Prosthesis Devices
5.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.3.3 Asia Pacific
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Andreas Fahl Medical Technology Sales GmbH
6.1.2 InHealth Technologies
6.1.3 Atos Medical AB
6.1.4 Servona GmbH
6.1.5 Smiths Medical (Smiths Group plc)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.