Sleep Apnea Devices Market Predicted to grow at a CAGR of 10.7% to reach $7.5 billion by 2024

Northbrook, Illinois, UNITED STATES

CHICAGO, Sept. 30, 2019 (GLOBE NEWSWIRE) -- Growth in the Sleep Apnea Devices Market can be attributed to factors such as a large pool of undiagnosed sleep apnea patients, growing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, technological advancements in sleep apnea devices, influx of venture capital funding, and the increasing number of companies venturing into sleep apnea and oral appliances markets. Also, there are growth opportunities for the market due to the increasing demand for home healthcare and increasing focus on telemedicine and mHealth (mobile Health).

What the Market Looks Like?

Predicted to grow at a CAGR of 10.7% during the forecast period, the global Sleep Apnea Devices Market is estimated to reach USD 7.5 billion by the end of 2024. In 2018, North America held the largest market share, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to register the fastest growth over the forecast period.

On the basis of type, the Sleep Apnea Devices Market has been segmented into therapeutic devices and diagnostic devices. The therapeutic devices segment accounted for the largest share of the market during the forecast period and is projected to register the highest CAGR. Some of the factors contributing to this growth are the increasing pool of undiagnosed sleep apnea patients and the improving reimbursement scenario for these devices across the globe. Also, there is a rising shift towards the usage of oral appliances owing to the high rate of non- compliance with PAP devices.

On the basis of end user, the Sleep Apnea Devices Market has been segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment commanded the largest share of the market in 2018. On the other hand, home care settings/individuals end-user segment is estimated to grow at the highest CAGR during the forecast period owing to factors such as increasing preference for home sleep testing by both patients and insurance companies, coupled with the favorable reimbursement scenario for home sleep testing.

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What Drives the Market?

The growth of the global market for Sleep Apnea Devices is primarily influenced by the following factors:

  • Large Pool of Undiagnosed Sleep Apnea Patients
  • Growing Awareness About the Ill Effects of Untreated Sleep Apnea
  • Growing Usage of Oral Appliances
  • Technological Advancements in Sleep Apnea Devices
  • Increasing Number of Companies Venturing into the Sleep Apnea and Oral Appliances Markets

On the other hand, the high cost of CPAP machines and complex referral pathways & long waiting periods are expected to be the key factors that restrain market growth to a certain extent during the forecast year.

Geographical growth scenario of Sleep Apnea Devices Market:

Geographically, North America dominated the global market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The large share of the North American region is likely driven by the rising prevalence of sleep apnea in the region and the growing usage of oral appliances for the treatment of sleep apnea.

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Leading market players and strategies adopted:

The prominent players in the Sleep Apnea Devices Market include ResMed (US), Koninklijke Philips (Netherlands), Fisher & Paykel Healthcare (New Zealand), SomnoMed (US), Oventus Medical (Australia), Compumedics (Australia), Löwenstein Medical (Germany), Drive DeVilbiss Healthcare (US), BMC Medical (China), Braebon Medical (Canada), and Panthera Dental (Canada). The dominant players, which includes ResMed (US), Koninklijke Philips (Netherlands), Fisher & Paykel Healthcare (New Zealand).

In 2018, ResMed (US) dominated the market. The company has a diversified product portfolio, widespread geographical presence, and focuses on strategies such as product launches and innovations. The company also focuses on launching technologically advanced products in order to maintain its leading position in the market. Additionally, ResMed has a broad product portfolio for sleep apnea disorders and offers a variety of devices and accessories. The company prominently operates in the Americas. It pursues business strategies such as product launches, approvals, enhancements, and acquisitions in order to sustain its position in the market.

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