The presence of an increasing number of companies manufacturing and selling anti-snoring devices today has rendered the competitive landscape of the anti-snoring devices and snoring surgery market extremely fragmented, according to Transparency Market Research (TMR).
GE Healthcare, Philips Healthcare, Fisher & Paykel Healthcare, Medtronic plc, and ResMed, Inc. are not only the prominent players in the global anti-snoring devices and snoring surgery market but also account for a significant percentage share of the overall market.
Although SomnoMed does not account for a major share in terms of percentage, its extensive product portfolio and robust market presence makes it a strong contender in the that market segment.
A slew of recent acquisitions have enabled Medtronic to emerge as the largest revenue contributor in the segment’s device category. The top three companies — namely Medtronic, GE Healthcare and Philips Healthcare — contribute a 93.69 percent to the entire revenue pie.
TMR has observed that a surge in R&D activities has strengthened the position of these companies in the global market segment.
Demand 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 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 a 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 the items.
Patient Compliance, Device Price at Issue
The demand for the devices and 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 new technologies and a focus on extensive marketing have also enhanced the market uptake.
In contrast, a lack of patient compliance, certain side effects such as throat dryness and nasal congestion, and ambiguity in handling the devices have limited their use among patients. The high price of the devices is also a major factor dampening sales.
Competition Curbing Revenue Growth
The global market for anti-snoring devices and snoring surgery is projected to expand at a steady 3.9 percent compound annual growth rate (CAGR) from 2016 to 2024, with the market opportunity rising from $16 billion in 2015 to $22.7 billion by 2024.
CPAP devices rake in the highest revenue in terms of device. The opportunity of this segment is forecast to increase from $12.1 billion in 2015 to $16.4 billion by 2024.
On the other hand, tongue stabilizing devices are likely to witness the highest growth, with sales rising from 32.81 million units in 2015 to 51.54 million units by the end of 2024. However, TMR states that the competitive pricing of these devices limits revenue growth.
The information presented in the review is based on the findings of a TMR report titled, “Anti-snoring Devices and Snoring Surgery Market – Global Industry Analysis, Size, Growth, Trends, and Forecast 2015 – 2023.”
TMR is a U.S.-based consulting and research firm. Its coverage includes pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods.