Market Research Report
Sleep Apnea Devices Market Size, Share & Trends Analysis Report By Product Type (Therapeutic, Diagnostic), By Region (North America, Europe, APAC, LATAM, MEA), And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||906553|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Sleep Apnea Devices Market Size, Share & Trends Analysis Report By Product Type (Therapeutic, Diagnostic), By Region (North America, Europe, APAC, LATAM, MEA), And Segment Forecasts, 2020 - 2027|
|Published: March 12, 2020||Content info: 100 Pages||
The global sleep apnea devices market size is projected to reach USD 10.3 billion by 2027, expanding at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc. Increasing number of patients suffering from obstructive sleep apnea (OSA) is a key factor expected to drive the market growth. Furthermore, growing awareness about the condition and related comorbidities is likely to drive the growth over the forecast period. However, high cost of diagnosis and treatment for sleeping disorders is one of the key factors anticipated to restrain the market growth.
Based on product type, the market is segmented into diagnostic and therapeutic devices. In 2019, the therapeutic devices segment dominated the market with a revenue share of 64.1%. The penetration of these devices has grown at a lucrative rate over the past few years, owing to promising reimbursement guidelines in various countries. Moreover, availability of technologically advanced and innovative products has enhanced the growth of this segment. On the other hand, the diagnostic device segment is expected to grow at the fastest rate over the forecast period, owing to a rise in the number of patients diagnosed with respiratory disorders.
Based on region, North America dominated the market in 2019 with a revenue share of 51.5%. Presence of major market participants and rising awareness related to sleeping disorders and associated diseases in the region has reinforced the sleep apnea devices industry growth in the region. On the other hand, the Asia Pacific region is expected to grow at the fastest CAGR over the forecast period, owing to rising prevalence of geriatric population suffering from sleep disorders and establishment of sleep laboratory facilities for testing sleep apnea patients.
Further key findings from the report suggest:
The therapeutic devices segment accounted for a major revenue share of 64.1% in 2019 owing to the availability of technologically advanced products
The diagnostic devices segment is expected to witness a lucrative growth rate of 7.6% owing to increasing number of patients diagnosed with respiratory disorders and rising awareness regarding the disease
North America dominated the market in 2019, owing to increasing awareness related to obstructive sleep apnea (OSA) and associated comorbidities in the region
Some of the key players in the sleep apnea devicesmarket are Curative Medical Inc.; Philips Respironics; ResMed; Fisher & Paykel Healthcare; Cadwell Laboratories; and Invacare Corporation.
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