Pune, April 29, 2020 (GLOBE NEWSWIRE) -- The global sleep apnea treatment devices market size is set to touch USD 8.97 billion by 2026, exhibiting a CAGR of 8.2% during the forecast period. Steadily climbing demand for sleep apnea devices, stemming from a consistent spread in the prevalence of sleep apnea, will be a major growth driver for this market, shares Fortune Business Insights™ in its new report, titled “Sleep Apnea Treatment Devices Market Size, Share & Industry Analysis, By Device Type (Positive Airway Pressure (PAP) Devices, Oral Appliances, Masks & Accessories, and Others), By End User (Sleep Laboratories & Clinics, and Homecare & Other Settings), and Regional Forecast, 2019-2026”.
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A study published in the medical journal Lancet in 2019 found that nearly 1 billion people worldwide suffer from Obstructive Sleep Apnea (OSA). Regionally, too, the statistics conform to the global trends. For instance, the European Respiratory Society estimates that 13% to 32% of the geriatric population in Europe suffer from sleep apnea. As a result, the demand for sleep apnea treatment is escalating and driving the sleep apnea treatment devices market trends. Furthermore, the incidence of OSA is spiking owing to the rising prevalence of obesity, the most common cause for interrupted sleep, which according to the World Health Organization, presently affects close to 650 million adults worldwide.
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According to the report, the value of the market stood at USD 4.82 billion in 2018. The report further contains:
- Thorough analysis of the factors and trends driving and restraining the market;
- Comprehensive research into the regional and competitive dynamics of the market;
- Detailed segmentation of the market and in-depth evaluation of the individual market segments; and
- Precise computation of market figures and values.
Market Restraint
Discomfort Caused by CPAP Masks to Stall Market Growth
Continuous Positive Airway Pressure (CPAP) is a highly recommended therapy for sleep apnea patients. It involves a machine that uses mild air pressure to keep airways open, helping an apneic person get sound sleep. However, despite its popularity, CPAP entails certain disadvantages that are likely to negatively affect the sleep apnea treatment devices market growth. For example, CPAP machines are infamous for causing discomfort as patients find it difficult to sleep in specific positions so as to not to displace the mask on their face. Moreover, the mask can also lead to a runny nose or cause nasal congestion. The biggest hindrance for this market, however, is the high cost associated with CPAP devices, especially in emerging economies. The challenge is humungous as insurance coverage in these countries is poor and limited and reimbursement policies are unfavorable for patients, hampering the adoption of this treatment method.
Regional Analysis
Availability of Advanced Treatment Options to Propel the Market in North America
With a market size of USD 2.35 billion in 2018, North America is poised to dominate the sleep apnea treatment devices market share during the forecast period. The key factors augmenting this regional market include wide availability and high adoption of advanced products, along with growing prevalence of sleep disorders among the populace. In addition to this, supportive health insurance and reimbursement policies are further fueling the uptake of these devices in the region.
In Asia-Pacific, the major driving force for the market is the rising demand for sleep apnea therapies in Japan and the presence of a large, underpenetrated market in the rest of the region. These factors are expected to aid Asia-Pacific to register a considerable CAGR in the upcoming years.
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Competitive Landscape
Innovative Product Offerings to Characterize Market Competition
Key players in this market are focusing on consolidating their position, according to the sleep apnea treatment devices market report. These companies aim to entrench themselves in this market through frequent launch of innovative products, which also helps them diversify their portfolio of offerings to consumers.
Industry Developments:
- April 2019: San Diego-based medical devices manufacturer ResMed launched its novel top-of-head, sleep apnea solution called the AirFit P30i. The mask features a tube-up mechanism that enables the patient to sleep in any position without causing any discomfort.
- September 2019: Koninklijke Philips N.V., commercially introduced its sleep position therapy product for Positional Obstructive Sleep Apnea (POSA) patients, the Philips NightBalance. This is the company’s clinically-verified alternative to mask-based treatments for OSA, which also provides doctors and patients with real-time data.
List of Key Companies Operating in the Sleep Apnea Treatment Devices Market are:
• Braebon Medical Corporation
• Glidewell
• Oventus
• Fisher & Paykel Healthcare Limited
• ResMed
• DeVilbiss Healthcare
• BMC Medical Co., Ltd.
• SomnoMed
• Koninklijke Philips N.V.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Obstructive Sleep Apnea Disorder (OSA), By Key Region/Country, 2018
- Reimbursement Scenario in Key Countries
- Technological Advancements in Sleep Apnea Treatment Devices
- Key Developments - Partnerships, Mergers and Acquisitions
- Global Sleep Apnea Treatment Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device Type
- Positive Airway Pressure (PAP) Devices
- Oral Appliances
- Masks & Accessories
- Others
- Market Analysis, Insights and Forecast – By End user
- Sleep laboratories & Clinics
- Homecare & Other Settings
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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