Chicago, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Sleep Apnea Devices Market is projected to reach USD 9.9 billion by 2026 from USD 7.1 billion in 2021, at a CAGR of 6.9% during the forecast period, according to a new report by MarketsandMarkets™. Market growth is mainly driven by factors such as the large pool of undiagnosed sleep apnea patients, growing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, and an increasing number of companies venturing into the sleep apnea market.
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In contrast, the high cost of CPAP machines, complex referral pathways, long waiting periods, and product recalls are expected to limit market growth to a certain extent during the forecast period. The sleep apnea devices market is segmented based on type, end user and region.
Based on type, the sleep apnea devices market is segmented into therapeutic and diagnostic devices. The therapeutic devices account for the largest share of the sleep apnea devices market. The largest share of this segment is driven by the expanding pool of diagnosed sleep apnea patients, increasing adoption of sleep apnea therapeutic devices, and the improving reimbursement scenario for these devices.
Based on end user, the sleep apnea devices market is segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment accounted for the largest share of in the sleep apnea devices market. However, the home care settings/individuals’ segment is estimated to grow at the highest CAGR during the forecast period. This is attributed to the increasing preference for home sleep testing by both patients and insurance companies, coupled with the favourable reimbursement scenario for home sleep testing.
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Geographical Growth Scenario:
The global sleep apnea devices market is segmented into North America (the US and Canada), Europe (Germany, Italy, France, Spain, the UK, and Rest of Europe), Asia Pacific (Japan, China, Australia, and the Rest of Asia Pacific), and Rest of the world (Latin America and the Middle East & Africa). In 2020, North America dominated the global sleep apnea devices market, followed by Europe. The large share of the North American can be attributed to the increasing prevalence of the sleep apnea, growing awareness, wide usage of oral appliances for sleep apnea and the of the leading players, such as ResMed, and Inspire Medical Systems, Inc., in the region.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Emerging APAC economies such as Japan, Australia and China are expected to see significant growth due the increasing prevalence of sleep apnea, the presence of a large undiagnosed patient pool in countries such as India, strategic agreements between global market leaders and regional players, and initiatives undertaken by governments and other private organizations to raise awareness on sleep disorders in several Asia Pacific countries are driving the market for sleep apnea devices in the region.
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Key Players:
- ResMed (US),
- Koninklijke Philips N.V. (Netherlands), and
- Fisher & Paykel Healthcare (New Zealand).
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