NEW YORK, November 29, 2018 /PRNewswire/ --
Lucrative Growth Opportunities for Manufacturers of Sleep Aid Devices
Sleep related disorders such as sleep apnea and insomnia are becoming a global health concern. Lack of sleep is a secondary cause for several chronic diseases and obstructive sleep apnea is affecting millions of adults all over the globe. This is causing increasing burden on the healthcare industry, in turn putting pressure on medical devices companies to manufacture advanced sleep aid devices to help patients suffering from sleep apnea. A new research study by Persistence Market Research (PMR) throws light on the various market forces impacting growth and development of the global market for sleep aid devices.
"A growing global phenomenon of sleep apnea and other sleep related disorders has pushed the demand for drugs and devices such as sleep aids to treat such disorders. Patients are resorting to external means to cure conditions such as insomnia and sleep apnea and this is acting in favor of the global sleep aid devices market. We forecast the market to grow to just under US$ 20 Billion by the end of 2018, with the next few years witnessing rapid growth in demand for and adoption of sleep aid devices." - Senior Consultant - Medical Devices, Persistence Market Research
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Developed Regional Markets to Witness Burgeoning Demand for Sleep Aid Devices; Major Potential Predicted in Emerging Economies
Sleep apnea is medically considered to be a major health condition, impacting the lives of millions of adults across the world. It is estimated that nearly one billion people all over the globe suffer from sleep apnea. If this data is anything to go by, the opportunities for manufacturers of sleep aid devices are endless. While obstructive sleep apnea was once largely confined to developed countries such as the U.S, PMR forecasts indicate a steady growth of sleep disorders across developing regions. Given the limited number of manufactures of sleep aid devices in developing countries, the potential for revenue growth for existing market players is immense in deep local pockets. PMR recommends companies in the global sleep aid devices market to focus on manufacturing advanced sleep disorder diagnostic and therapeutic devices to broaden the scope of improvement in healthcare services and infrastructure in developing countries.
Sleep Aid Devices Market Research Report Overview @ https://www.persistencemarketresearch.com/market-research/sleep-aid-devices-market.asp
"Countries such as India and China lack the necessary healthcare infrastructure and professional expertise to treat sleep related disorders such as insomnia and sleep apnea. Given the high density of population in these countries coupled with the high propensity of sleep apnea among the adult population, the lucrativeness of the market for sleep aid devices is significantly high. Considering the fact that a vast majority of patients suffering from sleep disorders are left untreated, manufacturers of sleep aid devices should consider focusing on the promising markets in developing economies, especially in countries such as India and China."
Sleep Aid Devices Market - Revenue Pull Factors
This comprehensive PMR report on the sleep aid devices market also highlights the inherent challenges restricting revenue growth of the global market.
Poor reimbursement scenario. Reimbursements govern the global healthcare industry and the market for sleep aid devices is no exception. Patients seeking treatment for sleep related disorders depend on reimbursements by government health authorities, private health insurance providers, and other third party organizations. In several countries, treatments incorporating sleep aid devices are not covered by statutory reimbursement policies. This factor is anticipated to adversely impact revenues in the global market to a great extent. Then again, price controls or limitations imposed on unit sales of sleep aid devices is further expected to restrict global market revenue growth.
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Economic uncertainties. Price fluctuations resulting from volatile currencies coupled with changes to global policy regulations may hinder revenue growth of the global sleep aid devices market, according to PMR. With a large proportion of sleep aid devices manufacturers based either in the U.S or in Tier-1 European countries, any alterations in foreign regulations pertaining to medical devices are likely to stagnate sales of sleep aid devices. PMR anticipates the following factors capable of restricting growth in foreign trade for manufactures of sleep aid devices:
- Currency exchange rate fluctuations
- Foreign trade tariffs and tax legislations
- Compliance with regional regulations pertaining to medical devices
- Import and export complexities owing to highly complex regional legal systems
- Difficulty in procuring import licenses for medical devices
To know more about the various push and pull factors in the global market for sleep aid devices, schedule a briefing with Persistence Market Research analysts at [email protected]
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