Albany, NY, Sept. 15, 2016 (GLOBE NEWSWIRE) --
The global market for anti-snoring devices and snoring surgery is projected to expand at a steady 3.9% CAGR from 2016 to 2024, with the market opportunity rising from US$16 bn in 2015 to US$22.7 bn by 2024. Continuous positive airway pressure (CPAP) devices rake in the highest revenue in terms of device. The opportunity of this device segment is forecast to increase from US$12.1 bn in 2015 to US$16.4 bn by 2024.
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Anti-Snoring Devices and Surgery Market: Snapshot
The global anti-snoring devices and surgery market is ripe for disruption. There are numerous factors pointing toward this imminent change. The spiraling number of people suffering from snoring, for one, is indicative of a larger need for user-friendly, budget-friendly, and efficacious anti-snoring devices. Although anti-snoring devices are the prime revenue generator in the global anti-snoring devices and surgery market, it is also expected that more people worldwide will undergo surgery to address the disorder.
Remunerative opportunities can be harnessed by developing devices with a compact form factor. Lighter and connectivity-enabled devices are the future of the market. From the standpoint of surgical procedures, TMR expects minimally invasive procedures involving implantable neurostimulation devices to score well.
Anti-snoring Devices Find a Footing in Asia Pacific
By geography, the market has been segmented into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America and Europe collectively dominated the global anti-snoring devices and snoring surgery market in 2015.
However, several profitable opportunities are waiting to be explored in Asia Pacific. The region is characterized by a massive patient pool but also has substantial unmet needs. These dynamics will lead to new companies springing up in emerging countries in Asia Pacific. Innovative marketing and advertising campaigns in the region have taken awareness about anti-snoring devices and surgery to a new high. In the light of these reasons, TMR expects the market for anti-snoring devices and surgery in Asia Pacific to expand at the highest CAGR of 5.09% through the forecast period.
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The Opportunity in Numbers
Transparency Market Research says that the global anti-snoring devices and snoring surgery market, by device type and surgical procedure, stood at US$16.07 bn and US$357.15 mn, respectively, in 2015. The anti-snoring devices and snoring surgery market, by device type and surgical procedure, is projected to expand at a CAGR of 3.91% and 3.3%, respectively, from 2016 to 2024.
The demand for anti-snoring surgery and devices will, clearly, be proportional to the increase in snoring cases diagnosed worldwide. The number of snoring cases diagnosed across the world are charting an upward graph, particularly in developed economies.
Among the causative factors of snoring are: Obesity, sleep apnea, allergies rhinitis, and sleep deprivation. Of these, obstructive sleep apnea is among the most common causes of snoring. The European Sleep Apnea Database (ESADA), for instance, shows the number of enrollments as 15,956 in March 2014. Sleep deprivation is yet another factor stoking the demand for anti-snoring products and surgical procedures. In the United States alone, approximately 50 to 70 million adults reportedly have a sleep or wakefulness disorder.
The report finds that an increase in obesity and overweight will subsequently lead to an increased consumer interest in anti-snoring devices and surgical procedures.
However, low patient compliance levels (mainly owing to discomfort in using anti-snoring devices) stand as an impediment to growth for players in the anti-snoring devices and surgery market. Moreover, the economic impact of sleep apnea can be particularly high as it is associated with CVD, leading patients to incur high medical expenses.
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Bird’s Eye View of Competitive Arena
Fragmentation is the defining characteristic of the competitive landscape of the global anti-snoring devices and snoring surgery market. The market is teeming with numerous small and large players, each trying to rake in a larger portion of the revenue by launching innovative devices. In 2015, Medtronic plc led the market and was trailed closely by GE Healthcare. Philips followed the top two players in the same year. The three leaders held the lion’s share of over 90% of the market by revenue.
Other leading players in the market are: AccuMED Corp., Fisher & Paykel Healthcare, Apnea Sciences Corporation, ImThera Medical, Inc., ResMed, Inc., and SomnoMed.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research