The competitive landscape of the global Anti-Snoring Devices And Snoring Surgery Market is fragmenting, observes Transparency Market Research in a recent report. As large and small players in the market are trying to generate revenues and gain control over the market by innovating new technologies, focus on the development of devices that enable minimally invasive procedures like implantable neurostimulation can work wonders for companies looking to expand their share in the market. In 2015, Medtronic plc led the market and was trailed by GE Healthcare. Philips was also one of the leading companies in the market during the same year. Collectively, these three companies held over 90% of the market in 2015. Some of the other leading companies in the market are Fisher & Paykel Healthcare, AccuMED Corp., ImThera Medical, Inc., SomnoMed, Apnea Sciences Corporation and ResMed, Inc.
According to the report, the global market for anti-snoring devices and snoring surgery will rise to a valuation of US$22.7 bn by 2024. Over the forecast period, the market for anti-snoring devices is expected to exhibit a CAGR of 3.91% and the market for anti-snoring surgery is expected to register a 3.3% CAGR.
Asia Pacific has an enormous demand for anti-snoring devices and snoring surgeries. This will trigger the rise of companies in the region subsequently. Unconventional advertising and marketing campaigns in this region have brought anti-snoring devices and surgery to a new level. According to the report, the market in Asia pacific is expected to develop at a CAGR of 5.09% during the forecast period.
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Of the key causative factors of snoring, obstructive sleep apnea is presently considered to be the key factor pushing patients to pursue snoring surgeries or use anti-snoring devices. This causative factor is likely to remain key to the overall development of the market over the report’s forecast period as well.
According to a study, the number of people diagnosed with wakefulness or sleeping disorder in the U.S. alone is approximately 50 to 70 mn. As technologies are developing and growing in the market, the diagnosis of these conditions has been effective and treatments are proving to be more helpful to patients. The rising awareness among patients regarding the effectiveness of anti-snoring devices and snoring surgeries and the easy availability of advanced detecting procedures across the globe are resulting in increased demand for anti-snoring devices and snoring surgeries. These are some of the factors that can help market players gain promising growth opportunities and reinforce innovations that could help in growing their market shares.
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