Snoring, which results in irritability, lack of focus, daytime drowsiness, and decreased libido, is becoming recognized these days as a genuine medical concern. Many medical experts have been suggesting that snoring can lead to significant social and psychological damage to the sufferers. The rising awareness regarding snoring has resulted in a substantial rise in the demand for anti-snoring devices and snoring surgeries in recent years. This market is estimated to witness a rapid growth in the next few years owing to the advent of innovative technologies.
The global anti-snoring devices and snoring surgery market was worth US$16 bn in 2015 and is estimated to reach a value of US$22.7 bn by the end of 2024. This market is anticipated to register a 3.90% CAGR between 2016 and 2024. The rising marketing initiatives by the key players are estimated to augment the growth of the market in the next few years.
Continuous Positive Airway Pressure Devices Segment to Reach US$16.4 bn by 2024
The global anti-snoring devices and snoring surgery market has been divided on the basis of device type into continuous positive airway pressure devices, mandibular advancement devices, tongue stabilizing devices, and others. The others segment is further sub-segmented into chin straps, nasal strip, and rings. In 2015, the continuous positive airway pressure devices segment was worth US$12.1 bn and is projected to reach a value of US$16.4 bn by the end of 2024. Nevertheless, the tongue stabilizing devices segment is anticipated to witness rapid growth in the near future. However, the competitive pricing of tongue stabilizing devices is estimated to hamper the revenue growth.
The emergence of effective surgical procedures is projected to propel the overall market in the coming years. On the basis of surgery, the anti-snoring devices and snoring surgery market worldwide has been categorized into radiofrequency ablation surgery, tonsillectomy and adenoidectomy surgery, uvulopalatopharyngoplasty surgery, pillar procedure with palatal implants surgery, maxillo-mandibular and genioglossus advancement surgeries, and others.
Rising Number of Patients to Drive Anti-snoring Devices and Snoring Surgery Market in Asia Pacific
The anti-snoring devices and snoring surgery market has been classified on the basis of geography into Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. In 2015, Europe and North America collectively accounted for a massive share in the global market and are estimated to remain in the leading position in the next few years. Nevertheless, Asia Pacific holds potential growth opportunities for the key players in the market, thanks to the vast patient pool and unmet needs in the region. Thus, the Asia Pacific market for anti-snoring devices and snoring surgery is anticipated to register a 5.09% CAGR between 2016 and 2024.
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The market is highly fragmented owing to the presence of a large number of players in this market. The key players are focusing on mergers and acquisitions in order to maintain their positions in the overall market and gain the competitive advantage in the coming years. Some of the leading players engaged in the anti-snoring devices and snoring surgery market across the globe are ResMed, Inc., Tomed Dr. Toussaint GmbH, Medtronic plc, Philips Healthcare, Apnea Sciences Corporation, AccuMED Corp., Whole You, Inc., ImThera Medical, Inc., and GE Healthcare.