The global laryngoscope market is expected to experience consistent growth, with an estimated valuation of USD 355.1 million in 2023. According to recent forecasts, the market is projected to expand at a compound annual growth rate (CAGR) of 5.4% during the forecast period, reaching a value of USD 601.6 million by 2033.
Laryngoscopes, essential instruments used for visualizing the larynx and facilitating intubation procedures, play a crucial role in various medical settings. The rising prevalence of respiratory diseases, along with the increasing demand for advanced surgical procedures, is driving the market forward.
Key Drivers of Market Growth:
- Rising Incidence of Respiratory Disorders: The growing prevalence of conditions such as asthma, chronic obstructive pulmonary disease (COPD), and other respiratory ailments is expected to increase the demand for laryngoscopes as healthcare providers seek effective diagnostic and treatment solutions.
- Advancements in Laryngoscope Technology: Innovations in laryngoscope design, including the development of video laryngoscopes and other advanced visualization techniques, are enhancing the efficiency and effectiveness of airway management procedures.
- Increasing Surgical Procedures: The uptick in surgical interventions, particularly those requiring intubation, is fueling the demand for reliable laryngoscopes, making them indispensable in operating rooms and emergency care settings.
- Growing Awareness of Anesthesia Safety: As the importance of patient safety during anesthesia becomes more recognized, the demand for advanced laryngoscopes that facilitate safer intubation practices is expected to rise.
As the laryngoscope market continues to expand, it presents significant opportunities for manufacturers and suppliers to innovate and enhance their product offerings to meet the evolving needs of healthcare professionals.
The prevalence of laryngeal diseases like laryngitis, larynx cancer, and illnesses affecting vocal nodules is increasing, which is driving up demand for laryngoscopes. A recent study by Future Market Insights (FMI) predicts that between 2020 and 2030, the laryngoscopes market will grow at a rate greater than 5% CAGR. Endotracheal tubes and gastric tubes are inserted with the aid of laryngoscopes. They aid in the indirect visualisation process of the vocal chords and surrounding areas and are used to examine the back of the throat and collect samples.
Key Takeaways from the 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
COVID-19 Impact Analysis
Many industries have been affected by the COVID-19 pandemic, including the laryngoscope market. Production of laryngoscopes has decreased as a result of lockdowns and a travel ban. Despite the health sector’s demand for laryngoscopes, production has been slowed by a lack of resources and labour.
Following the pandemic, the market is anticipated to recover due to rising demand for non-invasive throat treatments. The pandemic’s increased focus on hygiene is also anticipated to increase demand for laryngoscopes. Starting in 2021, the market is anticipated to follow a positive trajectory.
Who Is Winning?
A small number of significant market players primarily control the laryngoscopes market. Opportunities for the entry of new players in the market have been created by rising demand and advantageous governmental policies. Players are now looking to partner with various businesses in order to expand their growth.
The players’ attention has shifted to creating and innovating designs that improve comfort and safety. In order to correct flaws and errors in current laryngoscopes, important players are now involved in their development. As a result, there is now more competition among manufacturers to produce laryngoscopes that are better and more effective.
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 are a few of the leading companies in the laryngoscopes market.
Key Segments of Laryngoscopes Industry Survey
Laryngoscopes Market by Product:
- Rigid Laryngoscopes
- Flexible Laryngoscopes
- Video Laryngoscopes
- Fiber Laryngoscopes
Laryngoscopes Market by End User:
- Hospitals
- Ambulatory Surgery Centers
- Specialty Clinics
Laryngoscopes Market by Usability:
- Reusable Laryngoscopes
- Disposable Laryngoscopes
Laryngoscopes Market by Region:
- North America Laryngoscopes Market
- Latin America Laryngoscopes Market
- Europe Laryngoscopes Market
- East Asia Laryngoscopes Market
- South Asia & Pacific Laryngoscopes Market
- Middle East & Africa (MEA) Laryngoscopes Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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