The global sleep apnea device market is expected to reach USD$6.8 billion by 2020, according to a study by Grand View Research Inc.
Rising prevalence of sleep-related conditions coupled with lifestyle associated disorders are expected to serve this market as a high impact rendering driver. In addition, rising prevalence of sleep apnea comorbidities such as hypertension, diabetes, obesity, congestive heart failure, and atrial fibrillation is expected to increase the demand of these equipment over the forecast period.
Rising geriatric population base is more prone to development of sleep-related disorders; hence, acts as a high impact rendering driver for this market.
Technological advancements such as devices that do not require a mask, machine, and external power source, are expected to increase market demand. Furthermore, large patient pool of this disease is undiagnosed; hence, government is taking initiatives to promote early diagnosis, thereby opening up avenues for the market players.
Further key findings suggest:
- Diagnostic devices consisting of actigraphy systems, polysomnography (PSG), respiratory polygraph, and single channel screening pulse oximeters held substantial share in the product segment. This can be attributed to rising awareness of early and preventive diagnosis.
- Actigraphy systems in diagnostics devices are expected to witness lucrative growth over the forecast period owing to its state-of-the-art design and round-the-clock monitoring
- Therapeutic devices are anticipated to witness substantial growth in the coming six years. Growing awareness about sleep apnea and its complications are expected to boost the usage of these equipment.
- North America dominated the regional sleep apnea device market with over 36.0% share. Supportive government initiatives to improve healthcare infrastructure coupled with growing disposable income are anticipated to drive this region’s growth. Moreover, favorable policies such “Disability Tax Credit for Sleep Apnea in Canada” helped the growth of sleep apnea equipment market in the region.
- Asia Pacific is expected to witness lucrative growth over the forecast period. Favorable government support to improve healthcare delivery with economic development in emerging countries such as India and China are expected to increase demand for these devices.
- Key players operating in this market include Phillips Healthcare, BMC Medical Co.Ltd., Braebon Medical Corporation, Cadwell Laboratories, Carefusion Corp., Compumedics Limited, Curative Medical Inc., Fisher & Paykel Healthcare, GE Healthcare, ImThera Medical Inc., Invacare Corporation, Nihon Kohden, and ResMed. The key trends witnessed in this market include new product launches, technological advancements, and collaborations to gain competitive advantage.
For instance, in February 2015, Carefusion entered into a distribution agreement with Breas Medical for their range of respiratory products.