Product Innovation – A key for Enterprises Operating in Global Anti-snoring Devices and Snoring Surgery Market to strengthen their Position
The leading companies operating in the anti-snoring devices and snoring surgery market have been focusing on product innovation and miniaturization of sleep apnea devices. This is a novel trend swaying the global anti-snoring devices and snoring surgery market. Integrated by the nanotechnology, this trend could be a major determinant for the market’s growth. Currently, the market is exhibiting a strong focus on innovation, as per a new study by Transparency Market Research. Efforts by new and existing players have resulted in the development of an impressive pipeline of products that are expected to help find better cure for people suffering from sleep apnea.
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Q: What strategies are the leading market players adopting to gain stronghold?
A: The global anti-snoring devices and snoring surgery market is marked by the presence of an increasing number of companies which has rendered its vendor landscape highly competitive and fragmented. TMR finds that enterprises such as Medtronic plc, Philips Healthcare, GE Healthcare, Fisher & Paykel Healthcare, and ResMed, Inc are not only leading market participant but also hold significant share in the global market with their robust geographic reach and extensive product portfolio.
Of these, Medtronic has managed emerging dominant in the overall market following a slew of recent acquisitions. Medtronic along with Phillips Healthcare and GE healthcare are the top players in the market, contributing a whopping 93.69% of the overall revenue generated by the market. In order to accelerate their pace of gains, a majority of the leading companies operating in the anti-snoring devices and snoring surgery market are investing in research and development activities.
Besides this they are also focusing on product innovation to strengthen their position in the market. For instance, an Australian company has recently launched a 3D printed anti-snoring device that can be customized based on an individual’s need. The medical device company is called Oventus Medical and is based in Melbourne, Australia. It is set to manufacture a device they named O2Vent. It is a lightweight titanium devices and can help patients stop snoring by delivering air to the back of his or her mouth. Such innovations hold great promise of the company success in the market
Q: Which region will offer most lucrative opportunities to the market?
A: North America and Europe together dominated the global anti-soring devices and snoring surgery market in 2015. While these are mature markets, the opportunities existing in Asia Pacific is also expected to prove quite lucrative for companies manufacturing anti-snoring devices. Because the region is characterized by presence of unmet medical needs and high patient pool it is expected to attract several of the small or medium scale companies and new entrants looking to establish their footprint in the market. In addition favorable government initiatives to spread awareness about sleep apnea and its possible treatments will also support the market’s strong growth in Asia Pacific.