Innovative Product Launches by Market Players Boosting Growth of Market
The global anti-snoring devices and snoring surgery market is driven by increasing number of innovative devices made available in the market. One of the recent trends in the market is the miniaturization of sleep apnea devices. There is a high demand for compact and low cost devices. Companies such as Airing LLC have introduced disposable, battery, and cordless micro-continuous positive airway pressure (CPAP) device in 2015 and such innovation is helping boost the demand for anti-snoring devices. There is also a heightened demand for wireless and connected devices, on account of the growing penetration of the internet of things (IoT). Companies such as Medco Health have introduced a telemedicine assistance system that not just monitors the sleeping pattern of a patient suffering from obstructive sleep apnea disorder but also help schedule doctor’s appointments.
According to the TMR report, the global market for anti-snoring devices and snoring surgery is projected to be worth US$22.7 bn by 2024. On the basis of type of device, the market for Continuous positive airway pressure (CPAP) devices will lead and is estimated to be worth US$16.4 bn by 2024. However, highest growth will be witnessed by the tongue stabilizing devices (TSDs) segment.
Side Effects Associated with Use to Dissuade People from Using Anti-snoring Devices
Some of the other factors boosting the growth of the anti-snoring devices and snoring surgery market is the growing number of people suffering from sleep deprivation, snoring, and a staggering rise in the number of obese people, who are more likely to snore as compared to those with normal weight. “The extensive marketing carried out by manufacturers will also help boost the demand by creating an heightened level of awareness,” said a TMR analyst. On the other hand, side effects such as throat dryness and nasal congestion will dissuade patients from adopting these devices. In addition to this, ambiguity in handling the device will also be a challenge. High price can also affect sales to an extent.
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The global anti-snoring devices and snoring surgery market is extremely fragmented and is competitive in nature, states Transparency Market Research (TMR) in its new report on this market. Some of the leading players within this market are: Philips Healthcare, GE Healthcare, Fisher & Paykel Healthcare, ResMed, Inc., and Medtronic plc. Of these, Medtronic has emerged as the largest contributor in terms of revenue on account of the company’s several recent acquisitions. Medtronic, GE Healthcare and Philips Healthcare, accounted for a whopping 93.69% of the whole market. As per experts in TMR, a surge in R&D and development of innovative products has resulted in strengthening the position of these three companies.