Anti-snoring Devices and Snoring Surgery Market is Projected to Rise at a 3.3% CAGR During 2016 – 2024
The global anti-snoring devices and snoring surgery market depicts a fragmented competitive landscape. The small and large players of the market are focused on innovation to tap growth in the global anti snoring devices and snoring surgery market, states Transparency Market Research in a new market study.
Predominantly, key players in the market are focused on to develop invasive treatment options such as implantable neurostimulation to increase their dominance in the global anti-snoring devices and snoring surgery market. Medtronic plc dominated the market share in 2015 followed by GE Healthcare and Philips. These companies collectively dominate the global anti-snoring devices and snoring surgery market with over 90% of market share.
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According to a report by Transparency Market Research, the global anti-snoring devices and snoring surgery is likely to become US$22.7 billion by 2024. During the forecast period, the anti-snoring devices is expected to rise at a CAGR of 3.91% while anti-snoring surgery market is projected to rise at a 3.3% CAGR during the forecast period.
Based on geography, Asia pacific is likely to dominate the regional anti-snoring devices and snoring surgery market. It is expected to increase at a CAGR of 5.09% from 2015 to 2024. This is mainly due to unhindered advertising campaigns in this region by product manufacturers to increase awareness about the condition. On the basis of device type, Mandibular Advancement Devices held the key share of the global anti-snoring devices and snoring surgery market.
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Increasing Prevalence of Obesity and Sleep Disorders to Rise Demand
The rise in cases of obesity and sleep disorders across the globe is increasing the demand for snoring devices and snoring surgery. The increasing demand is encouraging key players to invest for technology advancements. The availability of technological advanced anti –snoring devices and advancements in surgery for snoring are propelling the global anti-snoring devices and snoring surgery market.
Apart from this, the growing awareness among patients regarding the availability of effective treatment options is rising the global anti-snoring devices and snoring surgery market.
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High Price of Snoring Surgery to hinder growth
One of the major restraints of the global anti-snoring devices and snoring surgery market is low patient compliance levels mainly due to the discomfort in using anti-snoring devices. Further, high cost associated with snoring surgery is likely to be an impediment to the growth of anti-snoring devices and surgery market. Nevertheless, increasing efforts of leading players for innovation is likely overcome restraints and offer lucrative avenue for the growth of the global anti-snoring devices and snoring surgery market.
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