Favorable Reimbursement Scenario Strengthening North America Anti-snoring Devices and Snoring Surgery Market, finds Fact.MR
Published : 14 Nov 2019 Industry: Healthcare
Government initiatives to disseminate information regarding the chronic snoring condition, by organizing health awareness campaigns, are increasing the diagnosis rate of patients. The progressive growth in the number of patients suffering from a snoring condition is unlocking a lucrative atmosphere for market players to experiment with technologies and produce user-friendly solutions. Given the wide availability of advanced solutions, a rapid shift past the inhalation of essential oils towards anti-snoring devices is being noted. Anti-snoring devices are the primary course of treatment of the condition, with more advanced cases treated through surgery. Based on resourceful insights obtained through exhaustive research, Fact.MR’s study foresees steady growth prospects for the anti-snoring devices and snoring surgery market, with a collective value of ~US$ 20 Bn by 2020.
Key Takeaways of Anti-snoring Devices and Snoring Surgery Market Study
- The over-the-counter availability of anti-snoring devices give them high sales potential over prescribed devices. Relatively easy FDA approvals of these devices and growing trend of online shopping, will, in turn, amplify the penetration of anti-snoring products on a global level.
- Uvulopalatopharyngoplasty (UPPP) surgery is projected to remain the surgery of choice during the forecast period (2020-2025), estimated to account for ~41% of the total revenue generated in 2020. However, the recent past has witnessed a rapid increase in the number of outpatient care centers offering treatment for snoring. This, coupled with patients looking for minimally-invasive surgeries, is expected to increase the adoption of Radiofrequency Ablation (RFA) surgery during 2020-2025.
- Manufacturers are increasingly focusing on developing relatively less-invasive products. In addition, efficiency and portability are projected to remain the focal point of R&D activities undertaken by players in the anti-snoring devices and snoring surgery market.
- Health insurance companies are now including anti-snoring devices and snoring surgery within their insurance coverage, further increasing their adoption. For instance, Medicare collaborated with ResMed Inc. to reimburse a 3-month trial of a CPAP therapy for patients diagnosed with sleep apnea.
“Growing number of sleep labs to treat acute sleep apnea and other sleep disorders creates an extremely conducive environment for the market. As awareness regarding such labs increases, these are projected to turn out as a crucial sales channel for market players”, opines a subject matter expert at Fact.MR.
Forward Integration - Key Strategy for Market Players
The anti-snoring devices and snoring surgery market is highly fragmented. Market players across various tiers are focusing on product differentiation by introducing compact neoteric devices, especially wireless ones. For instance, Provent - a key market player - integrated Bluetooth technology to develop a disposable, compact, and battery-operated CPAP device, which can be placed over the nostrils to treat snoring. Yet another action plan for players is forward integration by strengthening distribution networks in key markets with high RoI potential, such as China and Germany.
Find More Valuable Insights on Anti-snoring Devices and Snoring Surgery Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global anti-snoring devices and snoring surgery market, presenting historical demand data (2014-2019) and forecast statistics for the period of 2020-2025. The study divulges compelling insights on the anti-snoring devices and snoring surgery market on the basis of device (mandibular advancement devices (MAD), tongue stabilizing devices (TSD), continuous positive airway pressure (CPAP) devices, and others (nasal and chin strips, straps, rings, etc.)), and surgical procedure (Tonsillectomy and Adenoidectomy Surgery, uvulopalatopharyngoplasty (UPPP) Surgery, Maxillo-mandibular and Genioglossus Advancement Surgeries, Pillar Procedure with Palatal Implants Surgery, Radiofrequency Ablation (RFA) Surgery, and others (e.g. laser-assisted uvulopalatoplasty, tracheostomy, etc.)), across five major regions.
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The healthcare team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the healthcare industry to a micro-level across 50+ countries for over a decade. The team provides end-to-end research and consulting services to help keep clients at the top of the game. Reach out to us to know how we can help.