LONDON–(BUSINESS WIRE)–Technavio’s latest market research report on the global voice prosthesis devices market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global voice prosthesis devices market will grow at a CAGR of nearly 5% during the forecast period. The increasing demand for minimally invasive ENT surgeries is a major factor driving the market’s growth.
The total laryngectomy with or without radiotherapy (RT) or chemoradiotherapy (CRT) is used for treating laryngeal cancer. Minimally invasive surgeries are gaining popularity among doctors and patients. This is contributing to the growth of the global voice prosthesis devices market. Minimally invasive laryngectomy is performed through the mouth. It also does not produce external scars. Treatments of the voice box are done by laser under local anesthesia. For laryngeal cancer, transoral laser microsurgery that is a minimally invasive surgery is performed using a surgical microscope, microsurgical instruments, and surgical carbon dioxide (CO2) laser. It preserves the airway and thereby, causes less damage to swallow and speech functions.
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In this report, Technavio highlights product bundling as one of the key emerging trends in the global voice prosthesis devices market:
The global voice prosthesis devices market is observing rapid growth because of the increasing adoption of product bundling strategy by vendors. Several companies are implementing product bundling strategies and providing a combination of two or more products or services. A major vendor provides a surgical kit, which is designed to be used during surgery for primary or secondary placement of a tracheoesophageal puncture and voice prosthesis. It includes a trocar, a catheter, and a pharynx protector. This strategy helps in product differentiation, leading to the availability of advanced product offerings.
“The end users prefer packaged offerings when compared with individual products as they are more cost-effective and can help in reducing the expenditure of the patients. This marketing strategy has helped vendors with a competitive advantage and is anticipated to impact the market growth during the forecast period,” says a senior analyst at Technavio for research on orthopedics and medical devices.
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Global voice prosthesis devices market segmentation
This market research report segments the global voice prosthesis devices market into the following products (indwelling voice prosthesis devices and non-indwelling voice prosthesis devices), end-users (hospitals, clinics, and ASCs), and key regions (the Americas, APAC, and EMEA).
The hospitals segment dominated the global voice prosthesis devices market in 2017, contributing to a market share of approximately 45%. The factors such as availability of wide range of facilities and advanced infrastructure to cater to the different needs of patients are driving this end-user segment.
The Americas was the leading region for the global voice prosthesis devices market in 2017, accounting for a market share of close to 47%. The high demand and awareness about voice prosthesis devices, a high number of rehabilitation conferences by various public and private associations and hospitals, and easy availability of reimbursement in developed countries are some of the factors which are driving the growth of the market.
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