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(Medical-NewsWire.com, May 06, 2022 ) Global Sleep Apnea Devices Market Dynamics
DRIVER: Large pool of undiagnosed sleep apnea patients, growing 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
The massive pool of undiagnosed patients of sleep apnea holds tremendous potential for the sleep apnea devices market. It is expected with the ongoing awareness campaigns and efforts, the untouched patients base would be diagnosed and treated for the sleep apnea. The increasing trend of oral appliances and home sleep care for the management of sleep apnea are pushing the growth of the market. Over past few years, there is an increasing number of companies venturing into the sleep apnea market.
RESTRAINT: The high cost of CPAP machines, complex referral pathways, long waiting periods, and product recalls
The high expenses of the CPAP machines are burden to the patients of sleep apnea, the expenses of these machines are sparsely covered by Medicare in the US, while other countries don’t cover any cost of CPAP. The medical visits to multiple locations, the inconvenient and high cost of diagnosis, and therapy creates a huge hurdle for patients.
OPPORTUNITY: Growing demand for home sleep apnea tests (HSATs), and increasing focus on telemedicine, mHealth (mobile health), and artificial intelligence
People are opting more for the home sleep apnea tests (HSATs) due to their affordability and comfort of sleep apnea management at home. The telemedicine has witnessed a surge in the demand maid the pandemic. The incoming advanced technologies in the domain of sleep apnea devices such as Artificial Intelligence (AI) are also creating more opportunities for the market.
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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 sleep apnea devices 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.
North America was the largest regional market for the Sleep Apnea Devices Market in 2020
The Sleep Apnea Devices 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.
Key Players:
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).
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