According to a new market research report "Sleep Apnea Devices Market by Type, (Therapeutic (CPAP, APAP, Masks, ASV, Oral Appliances, Mandibular Advancement Device), Diagnostic (PSG, Oximeter)), End User (Sleep Laboratories & Hospitals, Home Care/Individuals) - Global Forecasts to 2023", published by MarketsandMarkets™, the market is projected to reach USD 6.49 Billion by 2023 from an estimated USD 4.44 Billion in 2018, at a CAGR of 7.8%.
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Growth in this market can primarily be attributed to factors such as the increasing prevalence of sleep apnea globally owing to the increase of lifestyle diseases like obesity, initiatives by market players and the government to increase awareness regarding sleep apnea, and the various technological advancements brought about by players to make the products comfortable for patients and thus increase patient compliance and adherence to the treatment.
The oral appliances segment to grow at the highest CAGR during the forecast period
By product, the therapeutic devices segment has been further segmented into positive airway pressure (PAP) devices, facial interfaces (masks), accessories, oral appliances, adaptive servo-ventilators (ASV), and other therapeutic devices (oxygen concentrators and airway clearance systems). Of all these product segments, the oral appliances segment is projected to grow at the highest CAGR during the forecast period. Growth in this segment is largely due to the increasing issues associated with PAP compliance and the advantages of oral appliances over other therapies like enhanced patient comfort, noninvasiveness, small size, and convenience.
Sleep laboratories & hospitals to dominate the Sleep Apnea Devices Market during the forecast period
The major end users of sleep apnea devices include sleep laboratories & hospitals and home care/individuals. The sleep laboratories & hospitals segment is projected to grow at the highest CAGR during the forecast period. Growth in this segment is largely due to the increasing number of patients undergoing sleep testing at a laboratory or a hospital.
North America is expected to account for the largest share of the Sleep Apnea Devices Market in 2018, followed by Europe. The large share of this region can be attributed to the increasing obesity in the US which is in turn increasing the prevalence of sleep apnea, the high growth of the home sleep testing devices, and issuance of grants and funds by private and government institutions to promote awareness of sleep apnea as well as launch novel and technologically advanced products in the market space.
ResMed (US), Koninklijke Philips (Netherlands), and Fisher & Paykel Healthcare (New Zealand) are the key players in the Sleep Apnea Devices Market. Other players involved in this market are SomnoMed (Australia), Compumedics (Australia), Löwenstein Medical (Germany), Whole You (US), BMC Medical (China), Drive DeVilbiss Healthcare (US), and Braebon Medical (Canada).
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