Laryngoscopes Market size is set to surpass USD 1.4 billion by 2030, according to a new research report by Global Market Insights Inc. Growing technological advancements along with rising prevalence rate of several throat disorders will augment the business growth.
Increasing disease burden of laryngeal diseases as well as infectious and chronic respiratory diseases in developing countries is a major factor contributing to the laryngoscopes market share. Laryngeal cancer is second most common respiratory cancer, and incidence rate of laryngeal cancer is rising majorly due to adoption of unhealthy lifestyle and increased consumption of alcohol and tobacco.
According to the Centers for Disease Control and Prevention, in U.S. about 40 million adults smoke cigarettes, and around 4.7 million middle and high school students consume at least one tobacco product. Thus, increasing adult smoking rates and tobacco consumption has led to several laryngeal diseases.
Additionally, according to the American Society of Clinical Oncology (ASCO), approximately 184,615 individuals were diagnosed with laryngeal cancer globally. Hence, increasing demand for laryngoscopes to treat such diseases will accelerate the industry growth in forecast period.
The COVID-19 outbreak has positively impacted the sales of laryngoscopes. Surge in the number of COVID-19 patients and increased focus of healthcare services on the treatment of COVID-19 has augmented the market revenue. The increase in product demand is majorly due to the considerable patient base suffering from respiratory syndrome. Video laryngoscopes were widely used in severely ill COVID-19 patients for airway management.
Increasing demand for minimally invasive devices will accelerate the market expansion
Laryngoscopes market growth is further driven by the increasing demand for minimally invasive devices especially in developed countries. Minimally invasive surgical devices are widely used for treatment of laryngeal disease including throat or vocal cord tumor. Several advantages associated with minimally invasive devices including decreased surgical complications, speedy recovery, effective management of post-surgical pain are the factors augmenting the demand for minimally invasive devices in forthcoming years.
Moreover, growing awareness regarding availability of minimally devices for treatment of laryngeal diseases will propel the business landscape. Additionally, several market players worldwide are also proactively engaged in research activities for development of advanced laryngoscopes for better management of diseases.
Growing awareness regarding video laryngoscopes will offer enormous growth opportunities
Video laryngoscopes segment is estimated to grow at 9.3% CAGR over the anticipated time period. Growing awareness about advantages associated with use of video laryngoscopes over conventional laryngoscopes will foster the market demand. The advantages include enhanced laryngeal view, reduction in applied force, and higher rates of successful rescue after the failure of direct laryngoscopy. Additionally, video laryngoscopes reduce errors during intubation and improves learning, feedback for a patient being put on ventilator.
Browse key industry insights spread across 150 pages with 163 market data tables & 13 figures & charts from the report, “Laryngoscopes Market Size By Product (Video Laryngoscopes, Fiber Optic Laryngoscopes, Standard/Conventional Laryngoscopes), By Usability (Single-use, Reusable), By End-Use (Hospitals, Specialty clinics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Increasing preference for reusable laryngoscopes by healthcare professionals will boost the market share
Laryngoscopes market from reusable segment was accounted for more than USD 440 million in 2021. Reusability of devices is an important factor influencing medical professionals' and hospitals' purchasing decisions. These devices are highly preferred due to more functionality than traditional laryngoscopes and ease of use. On the other hand, reusable laryngoscopes, are more expensive up front but do not need to be replaced as frequently.
Expanding network of hospitals is projected to drive industry outlook
The hospital segment held over 48.5% revenue share in 2021, owing to expanding number of hospitals among developing and developed countries. Additionally, availability of advanced video laryngoscopes and enhanced visualization is likely to contribute to the segment demand. With high penetration of hospitals and presence of healthcare professionals will bolster the laryngoscopes market progression.
Growing awareness and rising demand for laryngoscopy will proliferate the Europe market growth
Europe laryngoscopes market exceeded USD 210 million in 2021 and is predicted to witness enormous growth during analysis timeframe due to rising prevalence of respiratory diseases among geriatric population as well as in adults. Increasing consumption of tobacco, smoking and rising air pollution are some factors that trigger respiratory diseases. Moreover, increasing number of healthcare initiatives by several government and non-government organization in the region will accelerate the regional market growth.
Product launches and approvals by industry players will strengthen the industry growth
Some of the key market players operating in laryngoscopes industry include KARL STORZ GmbH & Co, Ambu A/S, Medtronic plc, Flexicare Medical, Penlon Limited, Rudolf Riester GmbH, Propper Manufacturing Co. Inc., Teleflex Incorporated, Verathon Inc, Venner Medical, Olympus Corporation. The market is saturated and is dominated by key business players. These industry players mainly incorporating several growth strategies such as collaboration, partnerships, product launches to expand their business and gain competitive market share.
For instance, in May 2021, Ambu has received U.S. FDA approval for VivaSight 2 DLT a second-generation single use double lumen tube with built in camera. The product is widely used in for single-lung ventilation procedures. Therefore, such product approvals will help company to provide better solutions thereby gaining competitive advantage in the significant market.