Sleep Apnea Devices Market – Key Players Are Adopting Different Strategies to Retain Their Places, Globally..!

PUNE, India, 2021-Jan-04 — /EPR Network/ —

Major Growth Boosters:

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. Also, there are growth opportunities for the market due to the increasing demand for home healthcare and increasing focus on telemedicine and mHealth (mobile Health). On the other hand, the high cost of CPAP machines and complex referral pathways & long waiting periods are expected to be the key factors that restrain market growth to a certain extent during the forecast year.

Expected Revenue Surge:

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%.

Global Leaders and Growth Strategies Adopted by Them:

The major players in the sleep apnea devices market include ResMed (US), Koninklijke Philips (Netherlands), and Fisher & Paykel Healthcare (New Zealand).

Analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as partnerships & agreements, expansions, service launches, and strategic acquisitions were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the sleep apnea devices market.

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In 2018, ResMed (US) dominated the sleep apnea devices market. The company has a diversified product portfolio, widespread geographical presence, and focuses on strategies such as product launches and innovations. The company also focuses on launching technologically advanced products in order to maintain its leading position in the market. Additionally, ResMed has a broad product portfolio for sleep apnea disorders and offers a variety of devices and accessories. The company prominently operates in the Americas. It pursues business strategies such as product launches, approvals, enhancements, and acquisitions in order to sustain its position in the sleep apnea devices market.

In 2018, Koninklijke Philips (Netherlands) was the second largest player with a share of ~39%. The company’s wide geographical presence and strong distribution network have also helped it gain a significant market share. In the past three years, innovation has been the company’s core business strategy in order to increase its share in the sleep apnea devices market. This strategy is largely supported by the company’s strong R&D activities. Philips invested USD 2.07 billion in R&D activities in 2017. Philips’ rich pool of skilled R&D personnel ensures constant development and launch of technologically advanced products in the sleep apnea devices market. This further helps the company in launching products like masks, PAP devices, and ventilators in the market.

In 2018, Fisher & Paykel Healthcare (New Zealand) was the third largest player with a share of ~13%. The company employs multiple distribution channels to market its products in more than 120 countries. It employs a direct sales team in around 36 countries to sell its products directly to hospitals, long-term care facilities, and home healthcare dealers. The direct sales team enables the firm to have a dedicated focus on its products, rather than being present in the distributor’s portfolio with other companies.

The company invested 9.0%, 9.6%, and 9.7 % of its total revenue in 2015, 2016, and 2017, respectively, into R&D activities and introduced about five new products in the same period. Fisher & Paykel’s rich pool of skilled R&D personnel ensures constant development and introduction of technologically advanced products in the market.

North America is expected to dominate the sleep apnea devices market during the forecast period

On the basis of region, North America accounted for the largest share of the global sleep apnea devices market in 2018, whereas, the Asia Pacific region registered the highest CAGR during the forecast period. North American accounted for the largest share owing to factors like an increase in the number of patients diagnosed with sleep apnea in the region, growth in awareness initiatives being taken by various government and non-government organizations, availability of adequate funding for research and development, and substantial growth in the usage of oral appliances in the region.

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