Rising usage of oral appliances, growing awareness of the ill effects of untreated sleep apnea in developed countries, technological advances in diagnostics and therapeutic devices, and increasing lifestyle diseases such as diabetes and obesity are expected to drive the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Sleep Apnea Devices Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023” (July 2017).
According to Infoholic Research, the market for sleep apnea devices is growing due to factors such as increased usage of oral appliances, growing awareness of the ill-effects of untreated sleep apnea in developed countries, technological advances in diagnostics and therapeutic devices, and the increasing lifestyle diseases such as diabetes and obesity. However, alternative treatment for sleep apnea, lack of patient compliance, and stringent regulatory approval are some of the factors hampering the market growth. According to Infoholic Research, the Global Sleep Apnea Devices Market is expected to grow at a CAGR of 7.6% during the forecast period 2017–2023 to touch an aggregate of $11.86 billion by 2023.
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The Global Sleep Apnea Devices Market has been analyzed based on three segments, namely types, end-users, and regions. The regions covered in the report are the Americas, Europe, Asia Pacific, and Rest of the World (ROW). In the Americas, the US and Canada are the leading countries. Europe is the second leading region and held more than 26.70% of the market share in 2015. Germany is one of the leading countries in Europe in terms of revenue. In Asia Pacific, India and China are the most attractive markets for the vendors and holds huge business opportunities. The ROW is set to be an emerging market for the next 5–6 years.
The diagnostic and therapeutic sleep devices are the two segments considered. The therapeutic devices segment had the major market share in 2016. Lack of awareness about the disease and stringent regulatory approval are the major challenges hampering the growth of sleep apnea devices market. Nasal obstruction, discomfort of the CPAP masks, and nose & mouth dryness are some of the unmet needs of sleep apnea therapeutic devices. Oral appliances are used to address the unmet needs of the CPAP devices. Thus, they are slowly gaining importance in the market.
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Among the end-users, a large portion of the market share is occupied by hospitals and sleep laboratories. Technological advancements in the devices are giving rise to user-friendly and compact products. These factors are making the market for home sleep study products to grow at a high rate.
“Though sleep apnea is one of the most common conditions in the society, many people are unaware of its effects and symptoms, which has led to a large undiagnosed population. Increasing awareness of the disorder among people will widen opportunity for the sleep apnea devices manufacturers in both developed and developing regions. The availability of reimbursements will further help in the growth of the market” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides complete details about the various types of sleep apnea diagnostic and therapeutic devices
- Provides complete details about the analysis of top 10 players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies
Ms. Sunanda Ganguli
Infoholic Research LLP