Sleep Apnea Devices market is projected to witness a CAGR of 8.39% during the forecast period to reach a total market size of US$8.053 billion by 2023, increasing from US$5.383 billion in 2017. The increase in geriatric population and growing chronic diseases owing to changing lifestyle is the major factor driving the market growth. According to WHO (World Health Organization), it is estimated that by 2020 chronic diseases will account for almost three-quarters of the deaths worldwide. Thus, growing number of sleep apnea patients, as well as growing awareness about the ill effect of untreated sleep apnea disorder, further contribute to the market growth. However, the expensive tool and availability of substitute restraints the market growth. The untapped developing nations, particularly in Asia Pacific is creating numerous opportunities for sleep apnea device vendors. In addition, the high-speed technology advancement and innovation will propel the market growth over the projected period.
Oral appliances segment is expected to dominate the market share by the end of the forecasted period. It’s the most recommended product by doctors for sleep apnea disorder.
Geographically, North America dominates the global Sleep Apnea Devices market in 2016 owing to early technology adoption, especially in the United States. Moreover, the favorable regulation such as medical reimbursement policies will further contribute to the regional market growth. However, Asia Pacific is expected to grow at a high rate over the projected period. The large population base coupled with rapidly growing sleep apnea patients will augment the regional market growth over the projected period. The favorable government policies like 100% FDI in India attract international players which will further enhance the market growth.
The global Sleep Apnea Devices market is highly competitive owing to the presence of well diversified local, regional and international players. The low initial investment and favorable government regulation further attract more player in the industry while augmenting the competitive rivalry. New launch and product extension is the major strategy used by players in order to differentiate them.
Some of the major players discussed in the report are Koninklijke Philips N.V., ResMed, SomnoMed, Fisher & Paykel Healthcare Limited, Braebon Medical Corporation, and BMC Medical Co., Ltd.
Sleep Apnea Devices market has been segmented by product and geography.
- By Product
- Diagnostic Device
- Pulse Oximeters
- Polysomnography Devices (PSG)
- Actigraphy System
- Therapeutic Device
- Oral Appliance
- Oxygen Device
- Positive Airway Pressure (PAP) Device
- Adaptive Servo-Ventilation (ASV) Devices
- By Geography
- North America
- South America
- Europe Middle East and Africa
- Asia Pacific
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the sleep apnea devices market?
A1. The global sleep apnea devices market is projected to witness a CAGR of 8.39% over the forecast period.
Q2. What will be the sleep apnea devices market size by 2023?
A2. The sleep apnea devices market is projected to reach a total market size of US$8.053 billion in 2023.
Q3. What is the size of global sleep apnea devices market?
A3. Sleep Apnea Devices market was valued at US$5.383 billion in 2017.
Q4. Which region holds the largest market share in the sleep apnea devices market?
A4. Geographically, North America dominates the global Sleep Apnea Devices market owing to early technology adoption, especially in the United States.
Q5. What factors are anticipated to drive the sleep apnea devices market growth?
A5. The increase in geriatric population and growing chronic diseases owing to changing lifestyles is the major factor driving the sleep apnea devices market growth.