Sleep apnea is a major reason that has increased the population of sleep labs and companies that offer sleep aids. Anti-snoring devices have emerged as potential instruments for sleep apnea treatment. Anti-snoring device’s sale is apparently greater than that snoring surgeries, generating comparatively higher revenue. Fact.MR predicts that the revenue gap between the two methodologies will further grow in the forecast period. Anti-snoring devices segment is projected to grow at ̴4% CAGR during the forecast period 2020-2025 whereas snoring surgery segment is expected to expand at ̴3% for the same time period.
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Customer-friendly products developed
Anti-snoring devices are eyed as first line of defense in sleep disorder’s treatment. Manufacturers are focused to development in products that are customer-friendly to diversify their product portfolio. Anti-snoring devices are presumed to be uncomfortable, compelling the manufacturers to make these devices more convenient and portable. Various anti-snoring devices like nasal strips, mouth pieces and dilators are replacing the methods like essential oil’s inhalation that have been employed traditionally.
Online as well as offline sales channels are being used by the customers to purchase these devices. Physical institutions like pharmacies, clinics and hospitals are responsible for major sales in the global market. Consumers are increasingly preferring these devices over surgeries as these devices are non-invasive and effective. Anti-snoring devices are cheaper than surgeries and this factor drives the anti-snoring devices market. Reimbursement policies offered by medical insurance agencies are assessed to influence the adoption of anti-snoring devices during the forecast period.
Software developers strengthen online presence
Companies are hiring software developers to make stronger online presence. Software experts are developing mobile applications and websites that aid customers in selection of products on the basis of features and prices. These online strategies enrich customers with better shopping experience and bring in higher level of customer satisfaction. Online sale is projected to overtake the sale from offline distribution channels. Major stake holders in global anti-snoring devices market and the global market for snoring surgeries are establishing partnerships with different e-commerce giants to gain a better penetration in market, especially in regions which have limited exposure to anti-snoring devices.
Both the methods, anti-snoring devices and surgeries generated revenue around US$8.3Bn in US. However, this is not the case in other nations and they significantly lag behind. Major factors that aid this revenue generation include high consumer confidence in health care facilities and financial support. Also, availability of advanced technologies in the country assists manufacturers in introducing therapeutic devices that are very robust and advanced. Technological advancements coupled with minimal invasion drive the market for devices as well as surgeries.
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China has witnessed rapid growth of market for anti-snoring devices and surgeries owing to the progressive nature of its health care system. Leading e-commerce companies like Alibaba also give an upper hand to China in the global market. Growth in health consciousness amongst consumers is projected to be significant in driving the growth trajectory of global anti-snoring and snoring surgery market.
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Media Release: https://www.factmr.com/media-release/1147/global-anti-snoring-devices-and-snoring-surgery-market