Global sleep apnea devices market is expected to reach over USD 7,991.2 Million by 2022 according to a new report by Grand View Research Inc. Technological advancements pertaining to the development of novel PAP devices and PAP masks which are portable, highly efficient and are easy to use is expected to positively reinforce market growth.
The U.S. has one of the highest numbers of people suffering from sleep apnea. In 2014, as per the National Sleep Foundation, more than 18 million adults across different age groups have sleep apnea and nearly two to three percent cases are related to childhood OSA and the numbers are much higher in children with habitual snoring. The increasing prevalence of sleep apnea in co-morbidities and subsequent increase in the diagnosis and treatment rate is a major factor expected to boost the product sales over the next seven years.
The most common conditions associated with this disorder include respiratory diseases, stroke, atrial fibrillation, coronary artery disease, congestive heart failure, hypertension, obesity and type II diabetes. The conditions such as COPD, asthma, and other respiratory disorders are significantly contributing to the growth in the number of obstructive sleep apnea (OSA) cases. Key reasons attributing to the aforementioned medical condition include obesity, rising air pollution levels, and life style factors such as smoking, substance abuse and lack of early stage diagnosis. As per data published by the American Thoracic Society (ATS), nearly 50% of the patients reported a significant disturbance in sleep quality and quality of life. The patients suffering from COPD are reported to have the higher chances of daytime sleepiness, insomnia and nightmares compared to the general population.
The sleep apnea devices market is expected to increase at a rapid pace over the forecast period an account of high prevalence of sleep apnea in geriatric population coupled with increasing instances of sleep apnea in co-morbidities.
On the basis of product, the market is segmented as therapeutics and diagnostics devices. In terms of revenues, the therapeutics segment accounted for the maximum share of over 47% and in terms of volumes, this segment accounted for over 63% respectively. The therapeutics devices segment is expected to continue its strong growth with a CAGR of 9.2% for revenues and a CAGR of 10.7% for volumes over the forecast period.
Furthermore, the rise in demand for CPAP, BiPAP, APAP devices, oral appliances and CPAP masks such as the full face masks, nasal masks, and other products is expected to provide lucrative opportunities for the market expansion over the forecast period.
Browse Full Research Report on Sleep Apnea Devices Market Analysis:
https://www.grandviewresearch.com/industry-analysis/sleep-apnea-devices-market
Further key findings from the study suggest:
- In 2014, North America dominated the sleep apnea devices market with the maximum volume share of 37%. The presence of advanced healthcare infrastructure, reimbursement structure, high prevalence and treatment rates for sleep disorders and COPD and the significant rise in geriatric population are amongst the key reasons for the high share.
- The Asia pacific sleep apnea devices market is expected to be the fastest growing region with a CAGR of 10.9% in terms volume for the next seven years. Rising geriatric population, high target disease prevalence rates, deteriorating life style and sleep patterns are expected to act as high impact drivers for the market growth in this region. Moreover, increasing awareness about sleep disorders and the establishment of several sleep testing labs and service centers is expected to boost the usage rates over the forecast period.
- Key market players include ResMed, Phillips Healthcare, ImThera Medical Inc., Invacare Corporation, BMC Medical Co.Ltd., Compumedics Limited, GE Healthcare, Braebon Medical Corporation, Fisher & Paykel Healthcare, Nihon Kohden, Cadwell Laboratories, and Curative Medical Inc.
Access Press Release Of This Research Report by Grand View Research: https://www.grandviewresearch.com/press-release/global-sleep-apnea-devices-market
About Grand View Research
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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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