Sleep Apnea Devices Market Forecasted to Reach Close to $6.5 Billion by 2023: P&S Market Research

New York, New York, UNITED STATES

NEW YORK, May 31, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global sleep apnea devices market is expected to reach approximately $6.5 billion by 2023, the market is mainly driven by the increasing patient pool for sleep apnea on account of increasing obesity globally, improving patient compliance owing to stringent reimbursement regulations, increasing home sleep testing as well as initiatives to increase awareness globally.

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Based on product, the sleep apnea devices market has been categorized into diagnostic and therapeutic devices. During the forecast period, the market demand for therapeutic devices is expected to witness faster growth. Therapeutic devices are further categorized into positive airway pressure (PAP) devices, facial interfaces, oral appliances, adaptive servo-ventilators (ASVs), and others. Among all the types of therapeutic devices, PAP devices are expected to exhibit the fastest growth in the sleep apnea therapeutic devices market during the forecast period.

Diagnostic devices are also sub-categorized into polysomnography devices, home sleep testing devices, pulse oximeters, actigraphy devices, sleep screening devices, and respiratory polygraphs. Of all types, polysomnography devices held the largest share in the sleep apnea diagnostic devices market, in 2017.

During the forecast period, the sleep apnea devices market is expected to witness the fastest growth in Asia-Pacific (APAC), owing to the increasing prevalence of sleep apnea disorders, the large undiagnosed pool in countries such as India, and initiatives by the government and other private organizations to raise awareness regarding sleep disorders.

For instance, in March 2018, Philips India Ltd., a subsidiary of Koninklijke Philips NV, conducted a survey “Better Sleep, Better Health: A Global Look at Why We’re Still Falling Short on Sleep”. According to it, 15,000 adults across 13 countries (U.S., U.K., Germany, Poland, France, India, China, Australia, Colombia, Argentina, Mexico, Brazil and Japan) reported certain results for sleep disorders— 61% of the respondents reported medical issues impacting sleep. Of them, insomnia afflicted 26% and snoring kept awake 21% of the respondents. Worrying (58%) and technology distractions (26%) were the other major impediments to good sleep. In India, 19% of the adults reported overlapping of work hours with normal sleep time (shift-work-sleep disorder) as a key barrier to sleep. Another 32% of the adults from India reported technology as a major sleep distractor.

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Some of the other major players operating in the sleep apnea devices market are ResMed Inc., Koninklijke Philips N.V., SleepMEd Inc., SomnoMed Ltd., Compumedics Limited, Löwenstein Medical GmbH & Co. KG., BMC Medical Co. Ltd., Drive DeVilbiss Healthcare, and Braebon Medical Corporation.

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