The global sleep apnea diagnostic and therapeutic devices market was valued at $3,805.3 million in 2012 and is estimated to reach a market worth $6,437.6 million in 2019 at a compound annual growth rate of 7.8% from 2013 to 2019. This is according to a new market report published by Transparency Market Research, “Sleep Apnea Diagnostic and Therapeutic Devices Market (Actigraphy, Polysomnography (PSG) systems, Positive Airway Pressure (PAP) Devices, Oral Appliances and Others)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
Owing to the rapid pace of technological advances and increasing awareness of sleep apnea, the market for sleep apnea devices will exhibit tremendous growth potential in the near future, the report says.
The global sleep apnea devices market is majorly analyzed by diagnostic and therapeutic devices and geography. The sleep apnea diagnostics market is further segmented into four major types. Sleep studies are performed in order to diagnose the condition by sleep specialists. Polysomnography is the gold standard for the diagnosis; however, with the evolution of actigraphy systems, pulse oximeters, and others, there is a widened scope observed for the growth of these devices. Polysomnography devices accounted for the largest percent share (28.35%) of the global market in the year 2012. The rapid pace of technological sophistication renders improved performance and accurate diagnosis of sleep apnea.
The need for effective treatment devices generates a lucrative growth potential for development and commercialization of therapeutic devices worldwide. Increased investments by key market players toward development of efficient therapeutic devices coupled with inclination toward compact and comfortable devices. Some of the examples of novel treatment devices are implantable devices, compact continuous positive airway pressure (CPAP) devices, and the introduction of disposable devices. Owing to these factors, the sleep apnea therapeutic devices market is expected to record the highest growth rate during the forecast period from 2013 to 2019. However, factors such as lack of patient compliance, discomfort levels, and reliability of therapeutic devices pose a challenge for growth and acceptance of these devices.
At the regional level, North America accounted for the largest market share in the year 2012, followed by Europe. This is majorly attributed to elevated levels of sleep apnea awareness along with increasing adoption of diagnostic and treatment devices. In addition, the rising prevalence of obesity and presence of well-equipped sleep laboratories will further justify the high growth in these regions.
The growth and uptake of sleep apnea devices in Asia-Pacific and other regions is considerably low as compared to developed regions (the United States, Germany, France, etc). This is due to lack of sleep apnea awareness and the large number of undiagnosed cases in these regions, the report says.