Sleep Apnea Devices Market Is Anticipated To Reach $7.5 Billion By 2024

Posted on 2020-01-16 by MarketsandMarkets in Healthcare // 0 Comments

CITY – Northbrook, Country – USA, 2020-Jan-16 — /EPR Network/ —

The global sleep apnea devices market is projected to reach USD 7.5 billion by 2024 from USD 4.5 billion in 2019, at a CAGR of 10.7%. 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.

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.

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.

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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/individual’s 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.

Geographically, North America dominated the global sleep apnea devices 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.

Major players operating 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).

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Key Questions Addressed by the Report

Which type segment will dominate the sleep apnea devices market in the future?
Emerging countries have immense opportunities for the growth and adoption of sleep apnea devices, therefore will this scenario continue in the next five years?
Where will all the advancements in technology offered by various companies take the industry in the mid to long term?
What are the upcoming alternative therapies and devices related to the same in the sleep apnea devices market?

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