NEW YORK, March 04, 2019 (GLOBE NEWSWIRE) -- The rising incidents of sleep disorders are resulting in the growth of the sleep apnea devices market across the globe. There has been increasing incidents of obstructive sleep apnea (OSA) and associated issues, such as stroke and atrial fibrillation. Type-2 diabetes and depression in OSA patients are also rising rapidly. This has impelled government bodies and private firms to spend more on the research and development of sleep apnea devices. Another factor that is aiding the industry growth is the increasing geriatric population, which is more prone to sleep disorders.
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Based on product, the sleep apnea devices market can be categorized into therapeutic devices and diagnostic devices. These are majorly used in sleep clinics or at people’s homes. In 2016–2017, the demand for therapeutic devices was more than five times that for diagnostic devices, since sleep apnea is a common and often harmless disorder, known to most people. However, these instruments are being used more at sleep clinics than homes, hinting that patients still are not fully aware of the causes and therefore consider a doctor’s guidance important in its management. In 2018–2023, the revenue from therapeutic devices is expected to grow a rate of 7.9%.
People are increasingly going for wearable sleep apnea tracking devices that measure the blood pressure, heart rate, respiration rate, and oxygen saturation, making it easier for doctors to diagnose the condition. The demand for home sleep testing devices is also on the rise, as these are non-invasive and come with an in-built electroencephalography (EEG) feature. Another observance in the sleep apnea devices market is the growing inclination of patients to be treated at their homes than in the hospital.
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The U.S. led the sleep apnea devices market during 2016–2017, mainly due to the increasing cases of OSA, awareness-raising campaigns, and technological advancements in devices. While the U.S. will still be the largest user of sleep apnea devices in 2018–2023, the Asia-Pacific (APAC) region, especially Japan, will witness the highest market growth globally. Factors such as increasing sleep disorder incidents, along with those of heart diseases and obesity that further result in sleep apnea, and awareness programs will keep the market stable in the U.S. Lifestyle changes and habits like smoking and tobacco chewing have been linked to sleep apnea as well.
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Less number of sleep labs resulting in a high waiting time for sleep therapy is somewhat restricting the market growth. However, as its impact is expected to be low to medium in the long term, the sleep apnea devices market will flourish worldwide. Additionally, opportunities for the sector’s growth across the world are vast. Among these, the most significant is an increase in the per capita healthcare expenditure, which is encouraging people to spend more on their overall wellbeing. Further, there is a huge unexplored market in developing countries, where the increasing sedentary lifestyle is resulting in health issues, including sleep apnea.
So, as urban life becomes more chaotic, sleep apnea is slated to further take a toll on human beings, thus leading to a bright prospect for sleep apnea devices.
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