Sleep Apnea Devices Market Market to Soar at a CAGR of 10% to 2024
Sleep apnea devices market is estimated to register an annual growth rate of 7% over the period of 2016-2024. Rising awareness regarding sleep-related disorders and increasing prevalence of obstructive sleep apnea will drive sleep apnea devices market. Conditions such as stroke, coronary heart disease, hypertension, diabetes, obesity, and congestive heart failure are likely to cause sleep apnea. Rising incidences of such diseases coupled with accurate medical diagnosis will positively favor sleep apnea devices market. Introduction of advanced technologies and growing elderly population in emerging economies is expected to increase the adoption rate of these devices, driving regional demand.
High expenditure related to sleep apnea treatment and a certain level of non-cooperation from patients regarding treatment methodologies is likely to hamper the market growth. The fact that approximately 80% of the global population suffering from this disorder are not diagnosed is another factor that will negatively impact the industry dynamics.
The sleep apnea devices market is segmented in terms of products and regions.
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Sleep Apnea Devices Market By Product
In terms of products, the industry is bifurcated into therapeutics and diagnostics. Therapeutics is further segmented into Airway Clearance System, Positive Airway Pressure (PAP), Oxygen Device, Oral Appliance, and Adaptive Servo-Ventilation. Diagnostics product type, on the other hand, is segmented into Polysomnography Device (PSG), Actigraphy System, Respiratory Polygraph, Single-Channel Screening Device.
Positive airway pressure (PAP) market is projected to grow at a CAGR of 10% over the period of 2016-2024. The steep growth can be attributed to the growing demand for miniaturization and customized products.
Polysomnography devices (PSG) are predicted to exhibit a lucrative growth in sleep apnea devices industry over the coming years. Cost-effectiveness and increasing usage of actigraphy systems to monitor circadian rhythms in patients’ suffering from various sleep-related disorders will stimulate product demand over 2016-2024.
Oral appliance industry, worth USD 495 million in 2015, is anticipated to surpass USD 1 billion by 2024, owing to increasing product recommendation for patients diagnosed with obstructive sleep apnea.
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Sleep Apnea Devices Market By Regions
The regional landscape comprises countries such as U.S., UK, Germany, Mexico, Brazil, Japan, China, etc.
Japan sleep apnea devices market accounted for over 44% of regional revenue in 2015, and will witness heavy gains in the years to come. This growth can be credited to the increase in disposable incomes of the regional population and the presence of a large aging patient base.
According to the American Sleep Association, over 25 million of the adult population in the U.S. is diagnosed with obstructive sleep apnea (OSA). This scenario has resulted in the introduction of favorable reimbursement policies and awareness initiatives from the government, which will fuel regional demand. U.S. sleep apnea devices market is anticipated to surpass USD 3 billion by 2024, owing to excellent Medicare reimbursement schemes and the adoption of portable and compact products in the region.
Germany sleep apnea devices market share, worth over USD 450 million in 2015, is predicted to witness substantial gains over the forecast period. Rising awareness levels and growing prevalence of lifestyle induced diseases will boost regional sleep apnea devices industry size.
Industry participants will invest heavily in R&D and adopt key market strategies such as product differentiation and innovation. Prominent companies operating in sleep apnea devices market include Philips Respironics, Carefusion, Braebon Medical, Cadwell Laboratories, Compumedics, and ResMed.
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