Global Vocal Cord Paralysis Market Future Insights, Share Value, COVID-19 Impact and Emerging Trends By 2023
Global Vocal Cord Paralysis Market: Information by Type (Unilateral and Bilateral), Treatment (Voice Therapy and Surgery) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2027
Vocal Cord Paralysis Market Highlights
The Global Vocal Cord Paralysis Marketis poised to touch a valuation of USD 2,920.2 million by 2023, as per the latest report by Market Research Future (MRFR). It was valued at USD 2,334.7 million in 2017. Vocal cord paralysis occurs when one or both vocal cords are damaged owing to interruptions of nerve impulses in the larynx or voice box. High prevalence of brain injuries during surgeries is one of the major factors driving the market growth from 2018 to 2023 (forecast period). According to the Center for Disease Control and Prevention (CDC), nearly 2.5 million suffered a traumatic brain injury in the U.S. alone.
Rising incidence of neck, larynx, and head cancers can boost market demand over the forecast period. The number of cancer cases with the larynx at its core had shot up to 13,360 in the U.S. Technological breakthroughs in the medical sector such as laryngoscopy, endoscopy, and laryngeal electromyography can positively affect the vocal cord paralysis market. These procedures have significantly improved the accuracy and diagnosis rate of discerning vocal cord paralysis. But high treatment costs of vocal cord paralysis can impede market growth.
The vocal cord paralysis market can be segmented by type and treatment.
By type, the market is segmented into unilateral and bilateral. The unilateral segment accounted for 89.3% market share in 2017, while the bilateral segment registered 10.7% share in the same year. Unilateral can accrue revenue at a 3.6% CAGR over the forecast period. This can be attributed to the rise of voice disorders, the increasing healthcare expenditure of developing economies, and favorable medical reimbursement schemes. On the other hand, the bilateral segment can exhibit 3.80% CAGR over the review period.
By treatment, it is segmented into voice therapy and surgery. The voice therapy segment was valued at USD 1,508.7 million in 2017. It is touted to register a 3.4% CAGR during the assessment period. This can be attributed to low risk involved with the treatment as compared to its counterpart. It can reach a market valuation of USD 1,848.7 million by 2023. The surgery segment can exhibit 3.83% CAGR till 2023 owing to the slew of surgical procedures for various voice disorders.
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The vocal cord paralysis market covers the latest trends and opportunities across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The Americas dominated the market with 35.4% share in 2017, followed by Europe and APAC respectively. Its market size can mushroom to USD 1,007.5 million by 2023, growing at 3.4% CAGR over the forecast period. This can be attributed to awareness of the medical condition and sophisticated healthcare infrastructure in place to handle the prevalence of voice paresis.
The Europe vocal cord paralysis market can expect to generate revenue at a 3.37% CAGR over the forecast period. Government support to the healthcare sector coupled with reimbursement policies can boost the regional valuation to USD 958.1 million by 2023.
The APAC region is touted to grow at a robust pace owing to the huge patient pool, dearth of growth opportunities, increased healthcare expenditure, and developing healthcare sector. Increasing prevalence of laryngeal cancer and affordable treatment options can facilitate regional growth over the assessment period. This region can generate close to USD 697.42 million by 2023, exhibiting a 4.11% CAGR till 2023.
The MEA market will hold the least market share by 2023, growing at a 3.90% CAGR over the forecast period.
Prominent players operating in the vocal cord paralysis market include Therapy Solutions Inc. (U.S.), Stryker Corporation (U.S.), Olympus Corporation (Japan), FUJIFILM Holdings Corporation (Japan), Smiths Group Plc (U.K.), Teleflex Incorporated (U.S.), LifeCell Corporation (U.S.), Medtronic Plc (U.S.), KARL STORZ GmbH & Co. KG (Germany), and Cytophil, Inc. (U.S.). The market is highly competitive in nature with big and small players fighting for a higher share. Expansions and acquisitions are major strategies employed by these players.
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