Market Trends of Global Voice Prosthesis Devices Industry
This section covers the major market trends shaping the Voice Prosthesis Devices Market according to our research experts:
In-Dwelling Voice Prosthesis Devices Segment is Expected to Hold the Significant Market Share Over the Forecast Period
The indwelling TE voice prosthesis device stays in place permanently and has to be removed and replaced by a clinician. The growth of the segment can be attributed to the rising geriatric population and product launches. Medical technology companies have been offering indwelling voice prostheses for adults following the total laryngectomy to enable them to communicate verbally with high clinical outcomes. In-dwelling voice prosthesis devices are gaining clinical acceptance for speech rehabilitation in patients, especially in those with laryngeal and hypopharyngeal cancer.
Various advantages of the indwelling voice prosthesis devices are expected to propel the growth of the segment. The advantages are indwelling devices have a more robust construction, and device life is generally longer than that of non-indwelling devices. Indwelling devices have the distinct benefit that daily maintenance of the device is less dependent on the patient's ability. The benefits offered by the indwelling devices will likely positively affect demand over the forecast period.
Moreover, the increasing geriatric population is likely to increase market growth over the forecast period. For instance, according to a 2022 statistic published by the United Nations Population Fund, a large proportion of the living population is aged 15-64 in the United States and accounted for 65% of the total population in 2022. In addition, as per the same source, 17% of the population was aged 65 years and above in 2022.
North America is Expected to Hold a Significant Share in the Market over the Forecast Period
North America is expected to dominate the voice prosthesis market throughout the forecast period. This dominance is mainly owing to the increased incidence of tracheal cancers, the increased healthcare expenditure, and the availability of advanced healthcare infrastructure. For instance, as per the statistics updated by the American Society, an estimated 9,900 men and 2,480 women are expected to be diagnosed with laryngeal cancer in the United States by 2023. As a result of the increase in laryngeal cancer incidence in the region, the market for voice prosthesis devices is predicted to spike in the region over the forecast period.
Additionally, the significant burden of the geriatric population in the United States is expected to boost the demand for voice prostheses. For instance, data updated in February 2022 by HealthyPeople.gov shows that the population in the United States is aging unprecedentedly, and the population aged 65 or older is projected to reach 23.5% (98 million) by 2060 in the country. The laryngeal system is impaired with age, which makes voice prostheses necessary for the elderly population. and thus, a significant burden geriatric population is expected to propel the growth of the market.
