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.
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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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Demand for low-cost and connected devices will gain speed
“The introduction of innovative devices is just as vital in gaining a competitive edge,” says a TMR analyst. “Anti-snoring device companies have been increasingly focused on improving the performance of existing products. The miniaturization of sleep apnea devices is a recent trend driven by the integration of nanotechnology.
The demand for compact and low-cost devices has provided vendors a major opportunity. Case in point, Airing LLC. The medical device company launched a revolutionary disposable, battery-operated, and cordless micro-continuous positive airway pressure (CPAP) device in May 2015.
The large-scale proliferation of the Internet of Things (IoT) has penetrated the medical devices sector as well. The growing demand for connected and wireless devices as well as remote patient monitoring is reflected in the way an increasing number of anti-snoring devices companies are integrating IoT with their products. Medco Health is one such company. In February 2015, the medical device maker launched an innovative telemedicine assistance system that not only monitors the sleeping patterns of patients with obstructive sleep apnea disorder but also helps schedule doctors’ appointments.
It has been observed that leading vendors have also been investing significant resources in enhancing the performance of anti-snoring devices to drive the acceptance and sales of anti-snoring devices.
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Companies will need to overcome lack of patient compliance to spur sales
The demand for anti-snoring devices and snoring surgery is being driven by a number of physiological factors. A surge in the incidence of obstructive sleep apnea, an increase in the number of people suffering from sleep deprivation and snoring, and an alarming prevalence of obesity have considerably fueled the need for anti-snoring devices. “People with obesity are four times more likely to snore compared to those of normal weight,” states TMR based on its findings.
The development of state-of-the-art technologies by market players and a focus on extensive marketing have also enhanced the uptake of anti-snoring devices.
In contrast, a lack of patient compliance, certain side effects such as throat dryness and nasal congestion, ambiguity in handling the device have limited the use of anti-snoring devices among patients. The high price of these devices is also a major factor dampening the sales of the devices.
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