According to the latest report published by Credence Research, Inc. “Global Sleep Apnea Devices Market – Growth, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the sleep apnea devices market was valued at USD 3,942.5 Mn in 2015, and is expected to reach USD 6,868.4 Mn by 2022, expanding at a CAGR of 8.1% from 2016 to 2022.
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Market Insights
Sedentary lifestyle and associated lifestyle disorders, and rising prevalence of obstructive sleep apnea will contribute to fair growth of global sleep apnea devices market. Intensive R&D activities in developing advanced therapeutic devices and home-care solutions demonstrate lucrative future prospects for the global sleep apnea devices market.
At present, the demand for home sleep testing methods is consistently growing due added advantages such as ergonomic design of respective devices and user-friendly features for use at comfort of home. Persistent product development, commercialization of advanced products, and growth in awareness about sleep apnea and related health hazards are the prime factors contributing to the demand for sleep apnea devices market. However, lack of patient compliance in home-use high costs of sleep apnea diagnosis are some of the aspects that may hold back the desired market growth.
Currently, therapeutic devices hold the larger market share in the overall sleep apnea devices market. Innovation and cost effective product development play a critical role in the growth of this segment. Introduction of portable CPAP devices and cheaper oral devices have urged the emergence of home treatment for sleep apnea, thus opening lucrative avenue for sleep apnea devices market. Development of customized treatment devices is expected to be a key opportunity in the overall sleep apnea therapeutic devices market.
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The global sleep apnea devices market is highly fragmented with several players scattered around various segments of the market. Regional players also have a considerable presence in the respective markets. Some of the major players active in the global sleep apnea devices market are Respironics, CareFusion, GE Healthcare, Fisher & Paykel Healthcare and others.
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