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Sleep Apnea Devices Market to Grow at a CAGR of 10.7% | Competitive Analysis, Opportunity and Leading Companies

02-28-2020 05:26 AM CET | Health & Medicine

Press release from: MarketsandMarkets.com

Sleep Apnea Devices Market to Grow at a CAGR of 10.7% | Competitive

Growth in the sleep apnea devices market can be attributed to factors such the large pool of undiagnosed sleep apnea patients, growing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, technological advancements in sleep apnea devices, considerable venture capital funding, and the increasing number of companies venturing into sleep apnea and oral appliances markets.

The market for sleep apnea devices is expected to grow from USD 4.5 billion in 2019 to USD 7.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period.

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Therapeutic devices segment is expected to grow at the highest rate during the forecast period.

An increasing pool of undiagnosed sleep apnea patients, the improving reimbursement scenario for these devices, and the growth in usage of oral appliances are some of the key factors which are expected to fuel market growth during the forecast period.

Opportunity: Increasing focus on telemedicine and mHealth (mobile health).

Several studies have reported that a main predictive factor for long-term CPAP compliance is patient adherence in the first few weeks of treatment. To improve compliance, support and follow-up during this period must be prompt. Telemedicine offers this kind of assistance since long waiting lists make it difficult to provide such support. Several studies suggest that patients in the telemedicine group expressed high satisfaction with their care. They especially liked the convenience of a live video visit with a sleep doctor.

Obstructive sleep apnea is a highly prevalent chronic condition, and telemedicine could play a vital role in the different phases of its management. In the future, using new devices capable of signal acquisition and analysis is expected to refine obstructive sleep apnea diagnosis; even smartphones' built-in sensors could offer improved comfort and the possibility of home sleep monitoring. Continuous positive airway pressure titration could be performed with wireless devices, whose parameters can be changed remotely from sleep centers.

Finally, the follow-up phase could be specially improved by using remote continuous positive airway-pressure data, self-management platforms, and mobile applications for patient feedback. Moreover, instead of replicating traditional visits, mHealth can provide shorter and more frequent assessments; alarm systems on the patients' devices could alert physicians and mobile applications with simple questionnaires may help on follow-up. The sleep apnea market is likely to show positive growth owing to these potential benefits offered by telemedicine and mHealth in improvising sleep apnea diagnosis and management.

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North America accounted for a significant share in the sleep apnea devices market in 2018 while the Asia Pacific region is expected to register the highest growth during the forecast period.

Factors such as the rising prevalence of sleep apnea in the region, increasing awareness initiatives taken by the government and organizations, adequate funding and growing usage of oral appliances in the region is driving the growth of the North American sleep apnea devices market. However, the high growth rate of the APAC region can be attributed to the increasing prevalence of sleep apnea disorders in this region, strategic agreements of global market leaders with regional players, the large undiagnosed pool in countries like India, and initiatives taken by the government & other private organizations to raise awareness regarding sleep disorders.

Leading Companies

ResMed (US), Koninklijke Philips (Netherlands), Fisher & Paykel Healthcare (New Zealand), SomnoMed (US), Oventus Medical (Australia), Compumedics (Australia), L?wenstein Medical (Germany), Drive DeVilbiss Healthcare (US), BMC Medical (China), Braebon Medical (Canada), and Panthera Dental (Canada).

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