The global sleep apnea device market is witnessing a significant growth owing to the rise in prevalence of obstructive sleep apnea worldwide. The growth can be attributed to the increase in the awareness regarding the adverse effects of sleep apnea such as high blood pressure, diabetes, heart failure, and depression, among others along with better healthcare facilities available worldwide.
Sleep apnea devices are used for the treatment of obstructive sleep apnea through various means. The device can ultimately lead to improvement within the airflow and reduce the chances of tissue collapse that would narrow the airway.
Insights by Type
On the basis of type, the global sleep apnea device market is segmented into therapeutic and diagnostic devices. The therapeutic device type includes oral appliances, positive air pressure devices, facial interfaces, and others. The diagnostic device type includes polysomnography devices, oximeters, sleep screening devices, home sleep testing devices, and actigraphy systems. The higher growth is expected to be witnessed by the therapeutic devices by 2030.
Insights by End User
On the basis of end users, the global sleep apnea device market is segmented into hospitals, sleep clinics and laboratories, and homecare. Hospitals accounted for the major share in the global sleep apnea device market owing to improving healthcare infrastructure and increased number of such healthcare centers, which are the first point of contact for majority of the patients.
The growing population of undiagnosed sleep apnea patients, increasing awareness regarding subsequent conditions resulting from sleep apnea, such as cardiac disorders, hypertension, and anxiety, among others, rise in healthcare expenditure, availability of reimbursements for sleep apnea devices are the major factors driving the growth of the global sleep apnea device market. Moreover, the increasing availability of m-health devices, telemedicine and high pace of technological advancements are also emerging to be a significant opportunity for the respective market.
However, the high cost of the available devices and low adherence to sleep apnea treatment among patients is restraining the growth of the global sleep apnea device market.
Regionally, North America accounted for the major share in the sleep apnea device market owing to the increasing awareness among the population for the sleep apnea condition and growing geriatric population. Moreover, factors such as increasing number of companies with manufacturing units is also propelling the growth of the respective market in the region.
In addition, Asia-Pacific is expected to witness the fastest growth in the sleep apnea device market, due to large number of undiagnosed sleep apnea patients, increasing awareness regarding sleep apnea, and rising healthcare expenditure by the government.
Key Companies Operating in the Sleep Apnea Device Market
In recent years major companies that are operating in the sleep apnea device market are involved in various strategic developments to achieve a competitive approach in the industry. For instance, in September 2019, the Koninklijke Philips company launched a sleep position therapy device for patients with obstructive sleep apnea. Koninklijke Philips N.V., Resmed, Fisher & Paykel Healthcare, Somnomed, Oventus Medical, Compumedics, Löwenstein Medica, Drive Devilbiss Healthcare, BMC Medical, Braebon Medical Corporation, Whole You, and Panthera Dental are some of the major players operating in the sleep apnea device industry.
Key Questions Answered in this Report:
• What are the types of therapeutic and diagnostic devices available within the sleep apnea device market?
• What are the factors acting as the drivers, restraints, opportunities, and challenges in the global sleep apnea device market?
• Emerging countries have immense opportunities for the growth and adoption of sleep apnea devices. Is this scenario expected to remain the same for the next ten years?
• What are the upcoming alternative therapies and devices related to the treatment and diagnosis of sleep apnea in the respective market?
• Where will the innovations in technology by various companies take the industry in the mid to long term?
• How is the industry anticipated to evolve during the forecast period 2020-2030?
• What is the regulatory and reimbursement scenario for the devices within the sleep apnea device market?
• How is each segment of the global sleep apnea device market expected to grow during the forecast period, and what is the revenue expected to be generated by each of the segments by the end of 2030?
• Which region is expected to grow at the maximum CAGR in the sleep apnea device market and what are the factors behind the same?
• What is the patent scenario pertaining to the global sleep apnea device market?
• What are the current trends being followed within the research domain in the global sleep apnea device market?
• What are the significant key developmental strategies opted by the key players in the market?
• What are the pipeline products currently being developed by the companies for the treatment and diagnosis of sleep apnea?
• What is the share of major companies operating within the sleep apnea device market?
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