Global sleep apnea devices market is expected to generate $6.8 billion revenue by 2023
LONDON, Oct. 11, 2018 /PRNewswire/ -- Sleep Apnea Devices Market by Product (Therapeutic Devices [PAP devices {CPAP, APAP, BPAP}, Facial Interfaces {Masks, Cushions}, Oral Appliances, ASVs], Diagnostic Devices [Polysomnography Devices, Respiratory Polygraphs, Pulse Oximeters, Actigraphy Devices, Sleep Screening Devices, Home Sleep Testing Devices]), by End User (Sleep Laboratories, At-Home), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, Australia, India, Brazil, Mexico) - Global Market Size, Share, Development, Growth and Demand Forecast, 2016-2023
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Global sleep apnea devices market is expected to generate $6.8 billion revenue by 2023, the market growth in the coming years is predicted to be mainly driven by the growing prevalence of obstructive sleep apnea (OSA) and co-morbidities, increasing government support for start-up companies, and rising use of portable sleep apnea devices. Moreover, growing healthcare facilities, and increasing geriatric population are also propelling the market growth.
Therapeutic devices held a larger share in the global sleep apnea devices market, with 84.7% contribution in 2017, mainly due to increase in the research and development activities to develop technologically advanced PAP devices.
Among the various types of therapeutic devices, PAP devices generated $1.2 billion revenue in 2017. PAP devices are the most commonly prescribed treatment option by the doctors due to its targeted medication benefits over other sleep apnea devices. However, oral appliances devices is expected to be the fastest growing category in the sleep apnea devices industry, demonstrating a CAGR 8.6% during the forecast period.
Of all types of diagnostic devices, polysomnography devices held the largest share, of 28.4% in the global sleep apnea diagnostic devices market in 2017.
Sleep laboratories and at-home are the major end users in the sleep apnea devices market, where sleep laboratories held the larger share in the market, in 2017. This can be attributed to rise in the prevalence of sleep apnea, and rising awareness among people for the health implications of the disease.
During the forecast period, the sleep apnea devices market is expected to witness the fastest growth in Asia-Pacific (APAC), owing to the increasing prevalence of sleep apnea disorders in the region. Furthermore, the large undiagnosed patient pool in countries, such as China and India; and increasing initiatives by the government and other private organizations to raise awareness about the harmful effects of sleep disorders, including sleep apnea, are the factor that will contribute to the region's faster growth in the sleep apnea devices industry.
In order to increase their market share, the key players in the sleep apnea devices industry are developing innovative products to expand their product portfolio. For instance, in September 2018, ResMed Inc. launched AirFit F30, a minimal-contact full face CPAP mask. The product is an addition to the company's AirFit mask portfolio, that reduces facial marks occurrence due to the masks.
Some of the other major players operating in the sleep apnea devices market are Koninklijke Philips N.V., Fisher & Paykel Healthcare Limited, Natus Medical Incorporated, SomnoMed Limited, Compumedics Limited, Löwenstein Medical Technology GmbH & Co. KG, BMC Medical Co. Ltd., Drive DeVilbiss Healthcare Inc., and BRAEBON Medical Corporation.
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