The global Sleep Apnea Devices Market size is projected to reach USD 10.3 billion by 2027, expanding at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc. Increasing number of patients suffering from obstructive sleep apnea (OSA) is a key factor expected to drive the market growth. Furthermore, growing awareness about the condition and related comorbidities is likely to drive the growth over the forecast period. However, high cost of diagnosis and treatment for sleeping disorders is one of the key factors anticipated to restrain the market growth.
Based on product type, the market is segmented into
diagnostic and therapeutic devices. In 2019, the therapeutic devices segment
dominated the market with a revenue share of 64.1%. The penetration of these devices
has grown at a lucrative rate over the past few years, owing to promising
reimbursement guidelines in various countries. Moreover, availability of
technologically advanced and innovative products has enhanced the growth of
this segment. On the other hand, the diagnostic device segment is expected to
grow at the fastest rate over the forecast period, owing to a rise in the
number of patients diagnosed with respiratory disorders.
Based on region, North America dominated the market in 2019
with a revenue share of 51.5%. Presence of major market participants and rising
awareness related to sleeping disorders and associated diseases in the region
has reinforced the sleep apnea devices industry growth in the region. On the
other hand, the Asia Pacific region is expected to grow at the fastest CAGR
over the forecast period, owing to rising prevalence of geriatric population
suffering from sleep disorders and establishment of sleep laboratory facilities
for testing sleep apnea patients.
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Further key findings from the report suggest:
- The
therapeutic devices segment accounted for a major revenue share of 64.1%
in 2019 owing to the availability of technologically advanced products
- The
diagnostic devices segment is expected to witness a lucrative growth rate
of 7.6% owing to increasing number of patients diagnosed with respiratory
disorders and rising awareness regarding the disease
- North
America dominated the market in 2019, owing to increasing awareness
related to obstructive sleep apnea (OSA) and associated comorbidities in
the region
- Some of the
key players in the sleep apnea devicesmarket are Curative Medical Inc.;
Philips Respironics; ResMed; Fisher & Paykel Healthcare; Cadwell
Laboratories; and Invacare Corporation.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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