The global sleep apnea market is largely fragmented in nature having an establishment of big and emerging companies. Players such as ResMed, Inc., Philips Respironics, and Fisher & Paykel Healthcare are amongst the well-established players presenting an extensive range of sleep apnea products in the market. All these players are highly focused on providing consistent product innovation and novel technologies by carrying on extensive research and development for backing the newly launched product advancement processes. In addition, the skyrocketing demand for advanced technologies within sleep apnea devices market and the growing financing activities of upcoming companies may raise the threat from new entrants in this market in forthcoming years.
The global sleep apnea diagnostics and therapeutic devices market is predicted to touch US$ 6,437.6 mn by 2019. In terms of diagnostic devices, polysomnography (PSG) devices represented the top share in the market in the past and are predicted to touch US$788.7 mn by 2019. On the other hand, the segment of actigraphy systems is poised to hold the most lucrative opportunities in the market during the forecast period.
Increasing Inclination toward Customized Comfortable Devices to Bolster Demand for PAP Devices
On the basis of therapeutic devices, the segment of positive airway pressure (PAP) devices accounted for a significant share in the past. On the other hand, the segment of oral appliances is poised to exhibit the greatest growth rate of 11.80% during the forecast period. This is owing to the growing inclination toward comfortable custom made devices and the launch of economical devices with enhanced comfort levels.
Geographically, the global sleep apnea diagnostic and therapeutic devices market is led by the region of North America and the North America sleep apnea diagnostic and therapeutic devices market is predicted to touch 2,518.4 mn by 2019. Europe trailed North America and held the second position in the market. The reasons for the superiority of these two regions include the ongoing technological advances and the growing acceptance of cutting-edge therapeutics and diagnostic platforms here.
New Innovative Technologies to Shift Market to High Gear
The ongoing rise in the count of patients suffering from sleep apnea globally is a key factor boosting the growth of the market. In addition, sleep apnea is extremely prevalent in obese individuals owing to their airways becoming blocked or obstructed because of enlarged tongue and excessive fat around their neck. Hence, the growing occurrence of obesity will provide impetus to the development of the global sleep apnea diagnostic and therapeutic devices market. “The introduction of new technologies in both treatment and diagnosis will positively impact the growth of the market”, says a TMR analyst.
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On the other hand, factors such as absence of patient compliance owing to handling difficulties and discomfort experienced by patients while using sleep apnea devices may impede the growth of this market. Nonetheless, a number of companies are putting in efforts for developing easy to utilize and compact, yet effective devices in this market, thus bringing in new opportunities in the market and bolstering market growth, states a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Sleep Apnea Diagnostic and Therapeutic Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”