The demand for laryngoscopes is rising in response to the increasing incidence prevalence of laryngeal diseases such as laryngitis, larynx cancer, and diseases affecting vocal nodules. According to a new study by Future Market Insights (FMI), the laryngoscopes market is likely to rise at above 5% CAGR between 2020 and 2030. Laryngoscopes help in the insertion of tubes like endotracheal tube and gastric tube. They are used to examine the back of the throat to collect samples as well as help in the indirect visualization process of the vocal chords and surrounding areas.
The rising demand for non-invasive devices for the treatment of laryngeal diseases is driving the laryngoscopes market. Increasing number of doctors and medical professionals are now opting to follow laryngoscopy due to its effectiveness. FMI forecasts this to rise consistently over the course of the forecast period.
Key Takeaways from Laryngoscopes Market Report
- The laryngoscopes market to exhibit surging sales as demand rises due to the increasing incidence of vocal or throat related diseases
- Increasing caution regarding hygiene have resulted in doctors adopting laryngoscopes in order to minimize invasion and contact
- Reusable laryngoscopes are popular in the market due to their environmentally friendly properties
- North America is expected to emerge as the leading market for laryngoscopes and is likely to remain dominant through the forecast period
- While hospitals will continue exhibiting high demand, sales in specialty clinics as well are expected to surge in the coming years
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COVID-19 Impact Analysis
The COVID-19 pandemic has disrupted a lot of industries, including the laryngoscopes market. Implementation of lockdowns and ban on transportation have declined production of laryngoscopes. While there has been demand for laryngoscopes from the health industry, shortage of manpower as well as resources have slowed down production.
The market is expected to bounce back following the pandemic due to increasing demand for non-invasive throat treatments. Heightened awareness regarding hygiene due to the pandemic is also expected to boost demand for laryngoscopes. The market is expected to travel at a positive trajectory from 2021.
Who Is Winning?
The laryngoscopes market is mainly dominated by a few key players in the market. Increasing demand and favorable government policies have created opportunities for the entry of new players in the market. Players are now seeking to expand their growth by collaborating and partnering with different companies.
Players have shifted their focus to develop and innovate desgins that ensure better safety and comfort. Key players are now involved in developing laryngoscopes to correct existing errors and deficiencies. This has increased competition among the players to create better and more efficient laryngoscopes.
Some of the key players in the laryngoscopes market are Johnson & Johnson, Pentax Medical Company, Boston Scientific Corporation, Karl Storz GmbH & Co. KG, Fujifilm Holdings Corporation, B. Brain Melsungen AG, Olympus Corporation, Medtronic Plc., Smith & Nephew PLC, Conmed Corporation and Stryker Corporation.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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