Sleep Apnea Devices Market to Grow at a CAGR of 8.79% by 2026 | TechSci Research
by Shipra J. Market Research for Better Business Growth
Growing awareness among the population about the ill effects of untreated sleep apnea is expected to drive the growth of the global sleep apnea devices market.
According to TechSci Research report, “Global Sleep Apnea Devices Market By Type (Therapeutic Devices v/s Diagnostic Devices), By Therapeutic Devices (CPAP, APAP, Facial Interfaces, Oral Appliances, Adaptive Servo-Ventilators), By Diagnostic Devices (Polysomnography Devices, Home Sleep Testing Devices, Sleep Screening Devices, Oximeters, Others), By Indication Type (Obstructive Sleep Apnea v/s Central Sleep Apnea), By End User (Hospitals & Clinics v/s Homecare), By Region, By Company, Forecast & Opportunities, 2026”, the global sleep apnea devices market stood at USD4.78 billion in 2020 and is expected to grow at an impressive rate of around 8.79% during the forecast period. This can be ascribed to the growing geriatric population worldwide which is more susceptible to undiagnosed sleep apnea. This in turn has drastically increased the patient pool, thereby positively influencing the market growth over the next few years.
Additionally, growing use of oral appliances on account of their low cost as compared to other sleep apnea devices and ease of use is further expected to spur the market growth through 2026. Besides, various governments across the globe, healthcare organizations and companies operating in the sleep apnea devices market are spreading awareness among the population with respect to the disease, its symptoms, causes, risks associated and treatment, thereby supporting the market growth. However, high cost of therapeutic devices such as Continuous Positive Airway Pressure (CPAP) Devices, servo-ventilators, among others can restrict the market growth during the forecast period. Also, stringent regulatory approval process and product recalls can further slowdown the market growth.
Browse 123 Figures spread through 110 Pages and an in-depth TOC on "Global Sleep Apnea Devices Market"
Global sleep apnea devices market can be segmented on the basis of type, indication type, end user, region and company. Based on end user, the market can be split into hospitals & clinics and homecare. The hospitals & clinics segment dominated the market in 2020 with an overall market share of around 65.16%. This can be ascribed to the availability of sophisticated treatment and diagnosis devices at these facilities for diagnosis and treatment of sleep apnea.
ResMed Inc., Koninklijke Philips N.V., Fisher & Paykel Healthcare Corporation Limited, Invacare Corporation, Oventus Medical Ltd., Teleflex Incorporated, Itamar Medical Ltd., SomnoMed Limited, Compumedics Limited, DeVilbiss Healthcare LLC, among others are some of the leading players operating in the global sleep apnea devices market. The leading players are adopting several growth strategies to enhance the market scenario of sleep apnea devices. Other competitive strategies include product launches; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diverse their product portfolio in order to strengthen their market position.
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“Asia-Pacific is expected to register the highest growth in global sleep apnea devices market during the forecast period. This can be attributed to increasing population base in the region especially countries like China and India. The population in these countries is susceptible to various chronic, life-style associated and infectious diseases. Additionally, Australia has a huge market for sleep apnea devices on account of the high prevalence of sleep apnea diseases in the country coupled with the presence of large number of sleep apnea device manufacturers in the country. Companies like SomnoMed Limited and Compumedics Limited are based out in Australia. Also, Fisher & Paykel Healthcare Corporation Limited which is one of the leading market players is based out in New Zealand.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Sleep Apnea Devices Market By Type (Therapeutic Devices v/s Diagnostic Devices), By Therapeutic Devices (CPAP, APAP, Facial Interfaces, Oral Appliances, Adaptive Servo-Ventilators), By Diagnostic Devices (Polysomnography Devices, Home Sleep Testing Devices, Sleep Screening Devices, Oximeters, Others), By Indication Type (Obstructive Sleep Apnea v/s Central Sleep Apnea), By End User (Hospitals & Clinics v/s Homecare), By Region, By Company, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global sleep apnea devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global sleep apnea devices market.
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Created on Aug 23rd 2021 06:50. Viewed 78 times.