LONDON, Jan. 25, 2017 /PRNewswire/ -- The sleep apnea devices market is projected to reach USD 6.70 billion by 2021 from USD 4.59 billion in 2016, growing at a CAGR of 7.8% during the forecast period. The growth of the overall sleep apnea devices market can be attributed to the growing awareness regarding the ill effects of sleep apnea, growing usage of oral appliances for sleep apnea treatment, and the large pool of undiagnosed and untreated sleep apnea patients. Additionally, technological advancements in sleep apnea devices are also supporting the growth of this market.
The global sleep apnea devices market is segmented on the basis of product, end user, and region. On the basis of product, the therapeutic devices segment is expected to command the largest share of the global sleep apnea devices market, in 2016; it is also expected to grow at the highest CAGR during the forecast period. The large market share of this segment can be attributed to the wide use of these compact devices in the treatment of sleep apnea.
The PAP devices segment is estimated to account for the largest share of the global sleep apnea therapeutic devices market in 2016. Technological advancements have made these devices compact, comfortable, and easy to use to ensure better patient compliance; this is expected to ensure steady growth for the PAP devices market in the coming years. The oral appliances segment is projected to register the highest CAGR during the forecast period.
The PSG devices segment is estimated to account for the largest share of the global sleep apnea diagnostic devices market in 2016. These devices are used to study the sleep patterns and physiological functions of a patient during sleep. Furthermore, the single-channel screening devices segment is projected to register the highest CAGR in the forecast period. The high growth of this segment can be attributed to its noninvasive and painless cardiorespiratory monitors that are used to assess the oxygen saturation level of arterial blood.
On the basis of end user, the home care settings segment is estimated to account for the largest share of the global market in 2016. The high growth of this segment can be attributed to the preference for home care in sleep apnea diagnosed patients.
In 2016, North America is expected to account for the largest share of the market. On the other hand, Europe is expected to register the highest CAGR during the forecast period. This can be attributed the new legislation of PAP devices, growing funding and grants for sleep apnea devices and treatment, introduction of new devices in the European market, and focus of industry players are likely to boost market growth in the region.
In-depth interviews were conducted with CEOs, sales and marketing directors, other innovation and technology directors, and executives from various key organizations operating in the sleep apnea devices market.
- By Company Type: Tier 1: 50%, Tier 2: 42%, Tier 3: 8%
- By Designation: Director Level: 58%, C-level: 25%, Others: 17%
- By Region: North America: 51.9%, Europe: 32.6%, APAC: 10.5%, RoW: 5.0%
In 2015, ResMed, Inc. (U.S.), Philips Healthcare (Netherlands), and Fisher & Paykel Healthcare Ltd. (New Zealand) dominated the global sleep apnea devices market. The other players include SomnoMed Ltd. (Australia), Compumedics Limited (Australia), Weinmann Medical Devices GmbH (Germany), Whole You, Inc. (U.S.), BMC Medical Co., Ltd. (China), DeVilbiss Healthcare (U.S.), and Braebon Medical Corporation (Canada).
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The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the products and services offered by top players in the sleep apnea devices market. The report analyzes the sleep apnea devices market by product and end user
- Product Development/Innovation: Detailed insights on upcoming products, research and development activities, and new product launches in the sleep apnea devices market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for sleep apnea devices across regions
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