North America was the largest regional market for the Sleep Apnea Devices Market in 2020
Northbrook, IL -- (SBWIRE) -- 09/01/2021 -- According to the new market research report "Sleep Apnea Devices Market by Type, Therapeutic (PAP (CPAP, APAP, BPAP) Facial Interfaces, Oral Appliances, Accessories), Diagnostic (PSG, Oximeter, Actigraphy Systems), End User (Sleep Laboratories & Hospitals, Home Care Settings) - Global Forecasts to 2026", published by MarketsandMarkets™, the Sleep Apnea Devices Market is projected to reach USD 9.9 billion by 2026 from USD 7.1 billion in 2021, at a CAGR of 6.9% during the forecast period.
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The massive pool of undiagnosed sleep apnea patients, increasing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, and an increasing number of companies venturing into the sleep apnea market, are the major factors driving the growth of the Market.
In 2020, therapeutic devices accounted for the largest share of the Sleep Apnea Devices Market and is expected to grow at the highest CAGR in the forecast period.
Based on type, the market is segmented into therapeutic and diagnostic devices. In 2020, the therapeutic devices segment accounted for the largest market share and is also expected to register the highest CAGR during the forecast period. Growth in this segment can be attributed to the expanding pool of diagnosed sleep apnea patients, increasing adoption of sleep apnea therapeutic devices, and the improving reimbursement scenario for these devices.
Sleep laboratories & hospitals account for the largest share of the Sleep Apnea Devices Market in 2020. The home care settings/individuals' segment is expected to grow at the fastest rate during the forecast period.
Based on end users, the market is segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment accounted for the largest share of the sleep apnea devices market in 2020. However, the home care settings/individuals' segment is estimated to grow at the highest CAGR during the forecast period. This is attributed to the increasing preference for home sleep testing by both patients and insurance companies, coupled with the favourable reimbursement scenario for home sleep testing.
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The Sleep Apnea Device Market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and Rest of the world (Latin America, and the Middle East & Africa). North America was the largest regional market for Sleep Apnea Devices Market in 2020. The large share of the North American market can be attributed to the increasing prevalence of the sleep apnea, growing awareness, wide usage of oral appliances for sleep apnea and of the leading players, such as ResMed, and Inspire Medical Systems, Inc., in the region.
However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Emerging APAC economies such as Japan, Australia and China are expected to see significant growth due the increasing prevalence of sleep apnea, the presence of a large undiagnosed patient pool in countries such as India, strategic agreements between global market leaders and regional players, and initiatives undertaken by governments and other private organizations to raise awareness on sleep disorders in several Asia Pacific countries are driving the market for sleep apnea devices in the region.
The Global Sleep Apnea Devices Market is consolidated. The prominent players operating in this market include ResMed (US), Koninklijke Philips N.V. (Netherlands), and Fisher & Paykel Healthcare (New Zealand).