The Future of the $10.3 Bn Sleep Apnea Devices Industry, 2020-2027 - The High Cost of Diagnosis & Treatment for Sleeping Disorders is a Major Challenge
DUBLIN, April 8, 2020 /PRNewswire/ -- The "Sleep Apnea Devices Market Size, Share & Trends Analysis Report by Product Type (Therapeutic, Diagnostic), by Region (North America, Europe, APAC, LATAM, MEA), and Segment Forecasts, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
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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.
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.
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.
Companies Mentioned
-- BMC Medical Co. Ltd.
-- Braebon Medical Corporation
-- Carefusion Corp
-- Compumedics Limited
-- Curative Medical Inc.
-- Fisher & Paykel Healthcare
-- GE Healthcare
-- ImThera Medical Inc.
-- Invacare Corporation
-- Itamar Medical Ltd.
-- Natus Medical Inc.
-- Nihon Kohden
-- Philips Respironics
-- ResMed Inc.
-- Somnetics International Inc.
-- SOMNOmedics GmbH
-- Teleflex Inc.
-- Weinmann Medical Devices GmbH & Co. KG.
For more information about this report visit https://www.researchandmarkets.com/r/imv912
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