Sleep Apnea Devices Market growth outlook with industry review and forecasts
Ocean View, DE -- (SBWIRE) -- 05/12/2020 -- Sleep Apnea Devices Market will exceed USD 10.0 billion by 2025; as per a new research report.
Sleep apnea is an acute sleep disorder in which breathing is frequently interrupted during sleep. It can lead to several chronic disorders such as diabetes, heart diseases and other long-term health risks if left untreated. Increasing prevalence of sleeping disorders across the globe is a major growth stimulating factor for sleep apnea industry. According to the National Healthy Sleep Awareness Project, in 2014 nearly 25 million U.S. adults suffered from sleep apnea and other sleeping disorders, leading to business growth.
Technological advancements in sleep apnea devices is a major market growth augmenting factor. Hypoglossal Nerve Stimulation (HNS), is a completely novel approach for treating obstructive sleep apnea. Moreover, growing alcohol intake in developed as well as developing economies will significantly contribute to rise in sleeping disorders, thus fostering industry growth across the forecast timeframe.
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However, high cost associated with the therapeutic and diagnostic sleep apnea devices might limit the business growth in forthcoming years. Additionally, stringent regulatory scenario for the approval of these devices is another major industry growth limiting factor.
Airway clearance systems segment is estimated to witness 6.0% CAGR across the forecast timeframe. Primary purpose of the airway clearance system is to facilitate entry of oxygen and to eliminate carbon dioxide from the body. High segmental growth is attributable to increasing prevalence of sleeping disorders coupled with rising awareness among the population about various treatment solutions for obstructive sleep apnea.
Polysomnography (PSG) device segment is expected to hold major revenue of USD 770.1 million in 2018. This device is used for the diagnosis of sleep disorders. The rising demand of efficient, superior and portable sleep apnea devices will drive the segmental growth. Moreover, availability of favorable insurance coverage for treatment of sleep apnea and other sleep disorders will further augment sleep apnea devices industry growth.
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U.S. sleep apnea devices market accounted for revenue over USD 2.0 billion in 2018 owing to easy availability of high-quality and efficient sleep apnea treatment in the market. Also, rising number of companies manufacturing sleep apnea diagnostic and therapeutic devices is another chief business growth fostering factor. U.S. consists of a large proportion of the population suffering from sleeping disorders, will further boost U.S. sleep apnea market growth.
France sleep apnea devices market is projected to expand at 8.7% CAGR across the analysis period owing to increasing technological advancements in these devices. Sleep apnea syndrome have been subjected to remote monitoring by application of telemedicine. Hence, increasing technological developments coupled with rising initiatives of government and other private organizations to raise awareness regarding sleeping disorders will propel the growth of France sleep apnea devices market.
Prominent industries players involved in sleep apnea devices market are Becton Dickinson, BMC Medical Co. Ltd., Cadwell Laboratories Inc., Braebon Medical Corporation, Compumedics Limited, GE Healthcare, Fisher & Paykel Healthcare, ImThera Medical Inc., Itamar Medical Ltd., Invacare Corporation, Curative Medical Inc., Natus Medical Inc., Philips Healthcare and others. These key industry players adopt various strategies such as geographic expansion, joint ventures, mergers and acquisitions to capture larger market share. For instance, in April 2017, Philips announced the launch of "Dream Series" range, to help treating people with obstructive sleep apnea, thus boosting the business growth.