DUBLIN–(BUSINESS WIRE)–The “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” report has been added to ResearchAndMarkets.com’s offering.
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.
Market growth is mainly driven by factors such as the 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. In contrast, the high cost of CPAP machines, complex referral pathways, long waiting periods, and product recalls are expected to limit market growth to a certain extent during the forecast period. The sleep apnea devices market is segmented based on type, end user and region.
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 sleep apnea devices market is segmented into therapeutic and diagnostic devices. 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 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. However, the home care settings/individuals’ segment is estimated to grow at the highest CAGR during the forecast period. 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 will dominate the market during the forecast period.
Geographically, the sleep apnea devices market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2020, North America accounted for the largest share of the sleep apnea devices market. 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.
Market Dynamics
Drivers
- Large Pool Of Undiagnosed Sleep Apnea Patients
- Favorable Reimbursements And Financial Aid For Sleep Apnea Devices And Therapies
- Growing Awareness About The Ill Effects Of Untreated Sleep Apnea
- Growing Usage Of Oral Appliances
- Increasing Number Of Companies Venturing Into The Sleep Apnea Devices And Oral Appliances Markets
Restraints
- High Cost Of Cpap Machines
- Complex Referral Pathways, Long Waiting Periods, And Product Recalls
Opportunities
- Growing Demand For Home Sleep Apnea Tests (Hsats)
- Increasing Focus On Telemedicine, Mhealth (Mobile Health), And Artificial Intelligence
Challenges
- Lack Of Patient Compliance
Companies Mentioned
- ResMed (US)
- Koninklijke Philips N.V. (Netherlands)
- Fisher & Paykel Healthcare (New Zealand)
- Inspire Medical Systems, Inc. (US)
- Lowenstein Medical Technology GmbH + Co. K.G. (Germany)
- SomnoMed (US)
- Oventus Medical (Australia)
- Compumedics (Australia)
- Nihon Kohden (Japan)
- Natus Medical (US)
- Itamar Medical (Israel)
- Whole You, Inc. (US)
- Drive DeVilbiss Healthcare (US)
- BMC Medical Co. Ltd. (China)
- BRAEBON Medical (Canada)
- Invacare Homecare (US)
- Nidek Medical India (India)
- Curative Medical (US)
- LivaNova (UK)
- Panthera Dental (Canada)
- Myerson LLC (US)
For more information about this report visit https://www.researchandmarkets.com/r/58g82z
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