According to FutureWise analysis the market for voice prosthesis devices in 2023 is US$ 0.85 billion, and is expected to reach US$ 1.4 billion by 2031 at a CAGR of 6.4%.
Increasing cases of laryngeal cancer remains the biggest factor contributing to the voice prosthesis devices market growth. According to the National Cancer Institute, approximately 13,000 cases of laryngeal cancer were registered in 2018. Increasing the prevalence of throat cancer and laryngeal cancer is expected to inflate the voice prosthesis devices market size. Technological advancements alongside presence of large patient pools are also accelerating the growth of the market. Favorable reimbursement policies coupled with rising patient awareness is expected to spike the growth of the market.
The market is bifurcated into by valve, by device, by end-user and by region. On the basis of valve, the provox valve segment is expected to show notable growth. Blom-Singer valve is also expected to grow during the forecast years due to its wide preference for voice restoration. Blom-Singer is highly recommended for patients unable to eject the voice prosthesis device.
Based on device, indwelling devices currently dominate the growth of the market. It possesses sturdier flanges and offers high voice quality. Since its less risk associated, users widely prefer as a result proliferating the market. Non-dwelling devices are also expected to show some growth owing to its low maintenance and self-replacement feature.
In terms of end-users, hospitals and ambulatory signals are expected to dominate the growth of the market. The financial capabilities of hospitals have allowed them to purchase advanced instruments and acquire trained professionals.
On the basis of region, North America is the front-runner of the market. The presence of developed healthcare infrastructure alongside favorable reimbursement policies are increasing the market share in the region. The increasing prevalence of larynx cancer is also expected to boost the market in the region.
Europe is also expected to show notable progress owing to the support for voice prosthesis devices by the European Medical Agency. The increasing funds given by prominent players for research and development activities is expected to propel the market in the region.
Atos Medical strengthened its foothold in the market by acquiring Heimomed Heinze GmbHCo. KG in 2018. Healthcare Enterprises revealed an affordable voice prosthesis device for people suffering from throat cancer. The organization claims the device was the first one in India