The sleep apnea devices market is projected to grow at a CAGR of 7.8%
NEW YORK, April 26, 2018 /PRNewswire/ -- The sleep apnea devices market is projected to grow at a CAGR of 7.8%.
The sleep apnea devices market is projected to reach USD 6.49 billion by 2023 from an estimated USD 4.44 billion in 2018. The major influencing factors driving the growth of this market are increasing patient pool for sleep apnea on account of increasing obesity globally, improving patient compliance owing to stringent reimbursement regulations, and increasing home sleep testing as well as initiatives to increase awareness globally. However, complex referral pathways and long waiting periods are likely to restrain market growth in the forecast period.
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The therapeutic devices segment to dominate the sleep apnea devices market during the forecast period
On the basis of type, the sleep apnea devices market is segmented into therapeutic and diagnostic devices.The therapeutic devices segment accounted for the largest share of the global sleep apnea market.
This segment is also expected to register the highest CAGR from 2018 to 2023.The large share and high growth of this segment can be attributed to the increasing prevalence of sleep apnea globally and also the high growth of therapeutic oral appliances for sleep apnea.
Moreover, the PAP devices segment accounted for the largest share of the therapeutic devices market in 2018 owing to the technological advancements that have made these devices compact, comfortable, and easy to use to ensure better patient compliance and is expected to ensure steady growth for the PAP devices market in the coming years.
The home care/individuals segment is expected to be the fastest growing end-user segment
Based on end user, the sleep apnea devices market is segmented into sleep laboratories & hospitals and home care/individuals.The home care/individuals segment is estimated to grow at the highest CAGR during the forecast period.
This can be attributed to the preference for home care in sleep apnea diagnosed patients.
In 2017, North America dominated the sleep apnea devices market and Asia Pacific is projected to grow at the highest CAGR during the forecast period
The sleep apnea devices market is divided into four major regions— North America, Europe, Asia Pacific, and the Rest of the World.North America accounted for the largest share of the sleep apnea devices market.
The major factors contributing to the large share of this segment include increasing sleep apnea prevalence, high growth of the home sleep testing devices, issuance of grants and funds by private and government institutions to promote awareness of sleep apnea as well as launch novel and technologically advanced products in the market space.
Asia Pacific is expected to register the highest CAGR during the forecast period. The major factors driving the growth of this regional segment include increasing prevalence of sleep apnea disorders, the large undiagnosed pool in countries such as India, and initiatives by the government & other private organizations to raise awareness regarding sleep disorders.
Break of primary participants was as mentioned below:
• By Company Type – Tier 1: 40%, Tier 2: 55%, and Tier 3: 5%
• By Designation – C-level: 48%, Director Level: 37%, Others: 15%
• By Region – North America: 56%, Europe: 20%, Asia Pacific: 17%, RoW: 7%
The major market players in the sleep apnea devices market include ResMed, Inc. (US), Koninklijke Philips (Netherlands), and Fisher & Paykel Healthcare Ltd. (New Zealand).
Research Coverage:
The report analyzes the market and aims at estimating the market size and the future growth potential of this market based on various segments such as type, end user, and region. The report also includes the competitive landscape of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned strategies.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on products and services offered by the top players in the global sleep apnea devices market
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the sleep apnea devices market
• Market Development: Comprehensive information about the lucrative emerging markets by type, end user, and region
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global sleep apnea devices market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the global market
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