Sleep Apnea Device Market: By Type (Therapeutic (CPAP, PAP, Facial Interfaces Mask, Oral Appliance, Mandibular Advancement Device) and Diagnostic (PSG, Oximeter)), End-User (Sleep Laboratories, Hospitals, Home Care & Clinics) – Forecast Till 2022
Global Sleep Apnea Devices Market is witnessing a constant rise in its revenues, mainly due to the rising prevalence of sleeping disorders. The market is also majorly driven by the efficacies that these therapeutic devices offer to the people suffering from serious disorder, known as sleep apnea. Sleep apnea devices provide significant relief and evade further complications by treating causative factors of the disorder, which, in turn, increases the popularity and the uptake of these devices.
Resultantly, the sleep apnea devices market is garnering increasing traction year by year. According to Market Research Future (MRFR), the global sleep apnea devices market is estimated to grow at approximately 7.8% CAGR during the forecast period (2018 – 2022). In addition, factors such as the fast-paced lifestyle and various prevailing addictions such as alcohol, smoking, etc. are contributing to the market increase. Also, government initiatives to increase the spread awareness is playing a major role in market growth.
Additionally, augmenting demand for technologically advanced and user-friendly & comfortable to use devices by physicians and patients is propelling the market growth excellently. On the other hand, high costs associated with these devices and lack of technical expertise among professionals are the major growth impeders of the market. Also, skepticism about the efficacies of these devices is considered as a major growth restricting factors.
Sleep Apnea Devices Market – Segments
The analysis has been segmented into three major dynamics.
By Type : Therapeutic (CPAP, PAP, Oral Appliance, Facial Interfaces Mask, Mandibular Advancement Device, others) and Diagnostic (PSG, Oximeter, others), and others.
By End-Users : Hospitals/clinics, Cognitive Care Centres, Research Institutes, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
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Sleep Apnea Devices Market – Regional Analysis
North America leads the global sleep apnea devices market. The significant market share of the region attributes to the increasing prevalence of sleep apnea and large technological advances. Besides, high growth of home sleep testing devices and increasing funds by the private and government sectors to increase the awareness about the disorder and to drive R&D activities required for the development of technologically-advanced products, are some of the major factors substantiating the growth of the market.
Europe stands the second leading position in the global sleep apnea devices market. Factors such as the well-proliferated healthcare sector that is witnessing the growing number of advanced diagnostic facilities and increasing healthcare expenditures are driving the growth of the regional market. Also, the availability of technologically advanced devices and infrastructure, alongside the growing awareness for advantages & efficacies of these devices, are influencing the market growth in the region.
Moreover, factors such as advancements in technology and prevailing disorders associated with sleep are contributing to the growth of the regional market. The Europe sleep apnea devices market is projected to demonstrate healthy growth throughout the review period.
The Asia Pacific region is an emerging market for sleep apnea devices on the global front. This market is predominantly led by the increasing numbers of sleep apnea patients in the population, which is increasingly inclining towards the sedentary lifestyle. Furthermore, the growing funding support from the government and private organizations in the region is fostering the market growth increasing R&D activities in the field. APAC sleep apnea devices market is estimated for a huge development during the assessment period.
Sleep Apnea Devices Market – Competitive Analysis
Highly competitive, the sleep apnea devices market appears to be diversified due to the presence of many players. Competing for a substantial market share, these players tap the growing markets for expansions. Innovation, mergers & acquisitions, collaboration, and brand reinforcement remain the key trends for leading players. Manufacturers develop a range of efficient devices with advanced technology that can deliver outstanding outcomes. They integrate novel technologies such as IoT, robotics, nanotechnology, wearable technology, and non-invasive medical technologies.
Players driving the sleep apnea devices market include MedTech, Cadwell Laboratories Inc., Fisher & Paykel Healthcare Limited, Invacare Corporation, Consumer Sleep Solution LLC, Natus Medical Incorporated, Philips Healthcare, Nihon Kohden Corporation, Resmed Inc., Koninklijke Philips, Compumedics, SomnoMed, Lowenstein Medical, BMC Medical, Drive Devilbiss Healthcare, and Braebon Medical Corporation, and others.
March 02, 2020 —- Itamar Medical Ltd.(Israel), a medical technology company, announced its collaboration with Israel’s largest state-mandated health service organization and a subsidiary of Clalit Health Services (CHS)- Clalit Research Institute (CRI) to explore WatchPAT Signals’ ability to predict health outcomes using existing big data & artificial intelligence.
Itamar Medical is focused on the development & commercialization of non-invasive medical devices that help in the diagnosis of respiratory sleep disorders and uses a digital healthcare platform to facilitate the continuum of care for effective sleep apnea management with a focus on the cardiology market. During this research collaboration, Itamar & CRI would study the association between sleep-disordered breathing and serious health outcomes. The well-documented data would have tremendous potential not only to aid in the diagnosis of sleep apnea and help phenotype patients but also to predict serious cardiovascular health outcomes.