One of the key factors influencing market growth is the growing prevalence of obstructive sleep apnea (OSA) among the worldwide population. Also, growing awareness regarding the target condition, early disease diagnosis, rising patient adherence for positive airway pressure devices, and growing medical coverage for sleep apnea devices are further expected to drive the market growth over the forecast period.
Moreover, the entrance of technologically advanced products by market participants directed at improving patient safety, comfort, and adoption is expected to improve treatment rates, especially in developed countries. For example, North America is one of the most organized markets for sleep apnea devices, due to high product adoption combined with government initiatives intended at reducing the healthcare burden associated with sleep apnea. Also, the availability of reimbursement policies that reduce the out of pocket expenditure is one of the main factors driving the global sleep apnea devices market growth.
Growth Drivers
Large number of Undiagnosed Sleep Apnea Patients
Sleep apnea is a very prevalent disorder that increases cardiovascular and metabolic disease-related morbidity and mortality, contributes to the risk of the motor vehicle and occupational accidents, and reduces occupational productivity. The repeated episodes of upper airway obstruction that characterize OSA have been attributed to both anatomic loads (e.g., retrognathia, micrognathia, excess pharyngeal mucosal tissues, large parapharyngeal fat pads) on the upper airway and impairments in neuromuscular responses. Potential treatments for OSA can be considered in light of the mechanisms identified to be important in its pathogenesis.
Global Sleep Apnea Devices Market: Product
Based on product, the global Sleep Apnea Devices market segmented into Therapeutic, and Diagnostic. The therapeutic devices product type segment is expected to dominate the market due to increasing disease awareness among patients, availability of advanced technological products, and growing market competition. For instance, Philips Respironics introduced DreamStation Go, which is a travel-friendly positive airway pressure (PAP) device for the active patient population. In March 2019, ResMed acquired HB Healthcare to strengthen its distribution network in the Asia Pacific. These initiatives adopted by companies to be at the lead are driving the growth of the segment.
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Global Sleep Apnea Devices Market: End-Use
Based on End-Use, the global Sleep Apnea Devices market segmented into Sleep Laboratories and Hospitals, and Home Care Settings/Individuals. Home Care Settings/Individuals segment is expected to grow at significant rate due to an increase in the number of sleep disorder patients globally. An increasing number of undiagnosed sleep apnea sufferers, the developing reimbursement scenario for these sleep devices, and the increase in usage of oral appliances are some of the key factors which are anticipated to fuel the market growth during the projected period.
Competitive Landscape
The major players in the global Sleep Apnea Devices are Curative Medical Inc., Philips Respironics, ResMed, Fisher & Paykel Healthcare, Cadwell Laboratories, and Invacare Corporation, ResMed, Philips Respironics and other prominent players.
Recent Development
April, 2020: Royal Philips, a global leader in health technology, announced that it can help general practitioners and healthcare institutions manage the increased patient flows resulting from the COVID-19 outbreak through a dedicated and scalable telehealth solution that facilitates the use of online screening, follow-up questionnaires and monitoring, and external call center collaborations. It aims to prevent unnecessary visits to general practitioners and hospitals and enables the remote monitoring of the vast majority of COVID-19 patients that are in quarantine at home.
March, 2020: Invacare Corporation announced the launch of the Invacare® AVIVA™ FX Power Wheelchair, setting a new standard for the front-wheel drive power mobility market. The power wheelchair will be available for order on Friday, March 6, 2020.
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