Ongoing medical advancements and increasing awareness regarding the severity of sleep apnea is expected to be the vital factor driving sleep apnea devices market. Increasing lifestyle induced diseases such as obesity and cardiovascular are giving rise to growing prevalence of sleep apnea. A study suggests that over 50% of the global adult population habitually snore, which leads to growth in the rate of obstructive sleep apnea (OSA). As per American Sleep Association, more than 25 million adults in US are diagnosed with OSA. This data proves that there is a massive rise in the incidence of sleep and respiratory disorders, which will lead to significant usage of these devices. Moreover, favorable reimbursement schemes and awareness regarding adoption of these devices is likely to accelerate sleep apnea devices industry trends. As per Global Market Insights, Inc., “Sleep Apnea Devices Market size is estimated to register an annual growth rate of 7% over the period of 2016-2023.”
Germany sleep apnea devices market size, by product, 2012-2023 (USD Million)
Sleep apnea devices market is at a developing stage and will see a profitable future with rapidly growing attention towards sleep related disorders. The sleep apnea devices market can be bifurcated into airway clearance system, positive airway pressure, oral appliances, adaptive servo-ventilation, and oxygen device in terms of products. The oral appliances segment is estimated to surpass USD 1 billion by 2023. The flexibility in usage of this device and its generous recommendation to large patient pool is generating lucrative growth prospects in sleep apnea devices market. Moreover, with rising demand for easy-to-use miniature products, positive airway pressure (PAP) devices have witnessed a remarkable surge. This product segment is foreseen to attain a Y-O-Y growth of 10.4%, hitting the track record of being the highest revenue generating therapeutic device in 2015.
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A large pool of untapped opportunities in the emerging nations will provide sleep apnea devices industry with rewarding grounds over the years to come. Along with this, attention towards serious implication of this disorder on human health and promising reimbursement scenario will fuel the market growth.
Considering the regional outlook, below are the key highlights of sleep apnea devices market dynamics over 2016-2023
- China sleep apnea devices market is expected to register to a CAGR of 11% from 2016-2023. Increasing incidence of OSA coupled with the rising geriatric population will ignite the regional growth.
- Japan market, contributing more than 44% of the total regional revenue in 2015, is projected to witness heavy gains in the coming six years. Rising healthcare expenditure and the presence of the huge patient pool is likely to drive the demand for sleep apnea industry.
- U.S. sleep apnea devices industry is projected to register a CAGR of 7.5% over the span of 2016-2023. The regional growth can be attributed to favorable Medicare policies and deployment of advanced products in the region.
- UK sleep apnea devices industry is set to grow at a CAGR of 7% over 2016-2023. Favorable government initiatives in this regard will surge the industry growth.
- Brazil and Germany sleep apnea industry is also anticipated to witness a momentous growth, owing to rising patien awareness levels.
Market players will focus more on product innovation and invest heavily in research to come up with novel products. Prominent companies operating in sleep apnea devices market include ResMed, Carefusion, Cadwell Laboratories, Philips Respironics, Braebon Medical, and Compumedics.
Author Name :Ojaswita Kutepatil