(PharmaNewsWire.Com, August 21, 2020 ) Growth in the Sleep Apnea Devices Application 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.
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the sleep apnea devices market. These methods were also used extensively to estimate the size of various sub segments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry and markets have been identified through extensive secondary research.
# The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
The major factors driving the growth of the Sleep Apnea Devices Application 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.
By type, 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.
By end user, sleep laboratories & hospitals accounted for the largest contributor of the sleep apnea devices market.
The portfolio of devices used in sleep laboratories and hospitals is limited mainly to diagnostic devices, such as clinical PSG devices, actigraphy systems, and tabletop pulse oximeters. There is a growth in the number of sleep labs and sleep tests performed using a clinical polysomnography device globally, as these tests are being considered the standard diagnostic test for sleep apnea over a long period of time.
North America is expected to dominate the sleep apnea devices market during the forecast period
On the basis of region, North America accounted for the largest share of the global Sleep Apnea Devices Application Market in 2018, whereas, the Asia Pacific region registered the highest CAGR during the forecast period. North American accounted for the largest share owing to factors like an increase in the number of patients diagnosed with sleep apnea in the region, growth in awareness initiatives being taken by various government and non-government organizations, availability of adequate funding for research and development, and substantial growth in the usage of oral appliances in the region.
Major players operating in the sleep apnea devices market include 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).
Analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as partnerships & agreements, expansions, service launches, and strategic acquisitions were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the sleep apnea devices market.
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