(PharmaNewsWire.Com, September 09, 2019 ) The major factors driving the growth of the Sleep Apnea Devices Market are primarily a 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 an increasing number of companies venturing into sleep apnea and oral appliances markets.
The therapeutic devices segment accounted for the largest market share during the forecast period.
On the basis of type, the sleep apnea devices market has been segmented into therapeutic devices and diagnostic devices. The therapeutic devices segment accounted for the largest share of the market during the forecast period and is projected to register the highest CAGR during the forecast period. The key factors contributing to this growth are the increasing number of undiagnosed sleep apnea patients across the globe and the improving reimbursement scenario for these devices. Moreover, there is also an inclination towards adoption of oral appliances considering the high rate of non-compliance with PAP devices.
Home care settings/individuals projected to grow at the highest CAGR in the global sleep apnea devices market during the forecast period
On the basis of end user, the sleep apnea devices market has been segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment accounted for the largest share of the market in 2018, while home care settings/individuals end-user segment is projected to grow at the highest CAGR during the forecast period. This high growth is likely driven by factors such as the rising preference for home sleep testing by both patients and private insurance companies, along with the favorable reimbursement scenario for home sleep testing.
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.
The major vendors in the global Sleep Apnea Devices Market are ResMed (US), Koninklijke Philips (Netherlands), Fisher & Paykel Healthcare (New Zealand), SomnoMed (US), Oventus Medical (Australia), Compumedics (Australia), Löwenstein Medical (Germany), Drive DeVilbiss Healthcare (US), BMC Medical (China), Braebon Medical (Canada), and Panthera Dental (Canada).
The dominant players, which includes ResMed (US), Koninklijke Philips (Netherlands), Fisher & Paykel Healthcare (New Zealand), together accounted for ~94.4% of the global sleep apnea devices market in 2018 while the other players together accounted for ~5.6% of the market, owing to their substantial product innovations and expansion in business strategies across the globe.
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