Vocal Cord Paralysis Market is predictable to register a CAGR of 3.8%and is expected to reach USD 2,920.2 Million 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
Market Synopsis
The global vocal cord paralysis market is presumed to expand at 6.4 % CAGR during the forecast period (2017-2023) owing to the increasing technological advancements, asserts Market Research Future (MRFR). Vocal cord paralysis is a condition where the vocal cords are unable to move either on one side or both the sides and are mainly caused due to surgical trauma, neurological diseases, malignancies, delayed endotracheal intubation, choking, and strokes. Diabetes mellitus also results in neuropathy which leads to vocal cord paralysis.
Drivers and Constraints Impacting the Market
With the growing advancements in technology, growing assistance from the government, rising reimbursement and funding, growing awareness among the people regarding vocal cord paralysis, and improvement in regulatory framework, the global market for vocal cord paralysis is likely to propel during the assessment period. Several latest endoscopic technologies such as endoscopic mucosal resection (EMR), endoscopic ultrasound (EUS), CT colonography, narrow band imaging, microendoscopy, mucosal ablation therapies, and capsule endoscopy have improved the treatment process to a great extent.
On the flip side, poor healthcare system prevalent in low and middle-income countries, and challenges faced in research and development activities are estimated to retard the market growth in the coming years. Moreover, lack of skilled physicians is also expected to hinder the market growth.
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Global Vocal Cord Paralysis Market: Segmental Analysis
The global vocal cord paralysis has been segmented on the basis of type, treatment, diagnosis, end-user, and region.
By mode of type, the global vocal cord paralysis market has been segmented into bilateral and unilateral.
By mode of diagnosis, the global vocal cord paralysis market has been segmented into endoscopy, stem cell therapy, gene therapy, laryngeal electromyography (LEMG), corticosteroids, nerve stimulation, and others such as CT scans, X-rays, and MRI scans.
By mode of treatment, the global vocal cord paralysis market has been segmented into surgery, voice therapy, and others. The segment for surgery is further sub-segmented into tracheotomy, phono surgery, bulk injection, adenoidectomy, cordectomy, and nerve-muscle implant.
By mode of end-users, the global vocal cord paralysis market has been segmented into clinics, hospitals, diagnostic centers, and others.
Regional Insights
Geographically, the vocal cord paralysis market span across regions namely, America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, the American region is estimated to dominate the global market due to increasing awareness among the people regarding vocal cord paralysis and high expenditure on healthcare. For instance, according to the Centers for Disease Control and Prevention, the total healthcare expenditure in the U.S. in 2015 was reported to touch USD 3.2 trillion.
Europe is estimated to hold the second position in the market owing to the improvement in the reimbursement policies in the healthcare sector along with the support provided by the government for research and development activities in this region.
The Asia Pacific region is considered to be the fastest growing market across the globe owing to the developing healthcare technology along with the presence of huge patient population. As per the Australian Institute of Health and Welfare, in 2015 and 2016, the total expenditure on healthcare was estimated to touch USD 170.4 billion.
On the other hand, the Middle East and African region are anticipated to register the least market share owing to poor medical facilities and lack of technical knowledge.
Industry News
A team of researchers at the University of Wisconsin-Madison announced that they had developed vocal cords in the laboratory and these petri dish voice boxes have proven to make dead dogs bark. People with damaged vocals cords can regain their voices with these lab-grown vocal cords.
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Competitive Dashboard
The major players operating the global market are Abbott (U.S.), Medtronic Plc (Ireland), Olympus Corporation (Japan), KARL STORZ GmbH & Co. (Germany), Hoya Corporation (Japan), Sonova Holdings AG (Switzerland), Cochlear Limited (Australia), William Demant Holdings A/S (Denmark), Smith & Nephew Plc (U.K), Stryker Corporation (U.S.), Acclarent Inc. (U.S.), and others.
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