Rising Expenditure on Healthcare to Drive Vocal Cord Paralysis Market Significantly
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
Market Snapshot
In the recent study, Market Research Future (MRFR) has asserted that the global vocal cord paralysis market is likely to expand at a CAGR of 3.8%, amassing the market value if USD 2,920.2 million by 2023.
The increased incidence of larynx, neck, and head cancers are estimated to be the most substantial factor driving the global vocal cord paralysis market 2020. Further, the rise in expenditure on healthcare, particularly in developing countries, has played a vital role in stimulating the market considerably. Besides, the favorable reimbursement policies have encouraged the patients to opt for the treatment, which is predicted to further escalate the market growth across the globe.
Contrarily, the enormous price involved in the treatment of the diseases is projected to be a substantial factor obstructing the market. Despite the impeding factor, the global market is anticipated to grow owing to the development in treatment procedures such as laryngoscopy, endoscopy, and other methods that allow fast diagnosis of the condition, which assists in combating the constraining factor.
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Market Segmentation
The segment analysis of the global vocal cord paralysis market is performed on the basis of type and treatment.
The type-based segments of the global vocal cord paralysis market are unilateral and bilateral. The unilateral segment is likely to garner revenue at a CAGR of 3.6% during the review period. On the other hand, the bilateral segment is projected to expand at a CAGR of 3.80 during the forecast period.
The treatment-based segments of the global vocal cord paralysis market are voice therapy and surgery. The voice therapy segment is anticipated to record a CAGR of 3.4%, amassing the market value of USD 1,848.7 million by 2023. On the other hand, the surgery segment is predicted to display a CAGR of 3.83% by 2023.
Regional Analysis
Analysis performed by MRFR exhibits the latest opportunities prevailing majorly in four key regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East and Africa (MEA). As per the evaluation, the global market is projected to be dominated by the Americas. The Americas are likely to accumulate an approximate market value of USD 1007.5 million, expanding at a CAGR of 3.4% by 2023. The regional development can be accredited to the advanced healthcare infrastructure and the increasing awareness of the medical condition, which is projected to strengthen the regional market.
The second position is projected to be taken by Europe. Europe's market is projected to expand at a CAGR of 3.37% while garnering the market value of USD 958.1 million by 2023. The support provided by the government of various countries, along with the favorable reimbursement policies, is likely to propel the regional market in the forthcoming period.
The APAC region is expected to grow at the fastest pace owing to the ample opportunities existing in the region, a large pool of patients, a rise in healthcare expenditure, and the persistent development in the healthcare sector. The APAC region is projected to generate a market value of USD 697.42 million, growing at a CAGR of 4.11% by 2023.
The MEA region is predicted to acquire the least market share, expanding at a CAGR of 3.90% during the assessment period.
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Key Players
Stryker Corporation (U.S.), Therapy Solutions Inc. (U.S.), Olympus Corporation (Japan), Smiths Group Plc (U.K.), FUJIFILM Holdings Corporation (Japan), Teleflex Incorporated (U.S.), Medtronic Plc (U.S.), LifeCell Corporation (U.S.), KARL STORZ GmbH & Co. KG (Germany), and Cytophil, Inc. (U.S.) are some of the renowned players of the global vocal cord paralysis market.
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