Drivers and Restraints Impacting Global Sleep Apnea Device Market Size | MRFR
Sleep Apnea Device Market Segmentation
Sleep Apnea Device Market size report has valued the industry at USD 5.5 billion in 2022 and is projected to grow from USD 5.9 Billion in 2023 to USD 8.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.52% during the forecast period (2023 - 2030).
A complex tapestry of drivers and limitations drives the trajectory of the Sleep Apnea Device Market, which is ever evolving. With a growing global awareness of sleep disorders and their negative health consequences, demand for novel sleep apnea equipment is increasing, fueled by an ageing population and an increase in obesity incidence. Portable CPAP equipment and remote monitoring solutions, for example, have opened up new commercial opportunities.
This increasing trajectory, however, is not without its problems; tough regulatory hurdles, pricing pressures, and the need for improved patient compliance all weigh heavily on the industry's success.
To flourish in this fast-paced environment, stakeholders must strike a balance between innovation and affordability, exploiting possibilities at the junction of cutting-edge technology and improved patient care.
Market Segmentation
The global sleep apnea device market segmentation is classified on the following basis: types and end-user.
By type, the market segments into diagnostic and therapeutic sleep apnea devices.
The therapeutic segment narrows down into Positive Airway Pressure (PAP) devices, Adaptive Servo-Ventilators (ASV), Continuous Positive Airway Pressure (CPAP), oral appliances, facial interfaces (mask), accessories, and other therapeutic devices such as airway clearance systems and oxygen concentrators. The diagnostic segment divides into oximeter and Polysomnographs (PSG).
By end-user, the market includes home care, hospitals, and sleep laboratories. During the forecast period, the home care segment is expected to grow at a massive scale.
Regional Analysis
The geographical segmentation of the global Sleep Apnea Devices market comprises of four major regions – North America, Asia-Pacific, Europe, and the Rest of the World.
North America is the biggest market holder in the global sleep apnea devices market. Factors supporting the growth of the market are the wide-spread prevalence of sleep apnea, the proliferating demand for these devices, and increasing investments from private as well as government institutions to promote awareness concerning the same. Europe is the second-largest market for these devices due to the use of non-invasive and painless cardiorespiratory monitors.
Asia-Pacific is positioned to register the highest growth percentage during the assessment period. Herein, the key factors driving the market are the rising prevalence of sleep disorders, the undiagnosed pool of patients in countries like India, and a growing impetus on raising the awareness of sleep apnea by government and private institutions. Lastly, the Middle East & Africa boasts the least market share owing to the presence of strict government policies and poor economic condition.
Competitive Analysis
Some of the pool of noteworthy key players listed in the Sleep Apnea Devices market overview report include BMC Medical Co, Ltd (China), Fisher & Paykel Healthcare Limited (New Zealand), Koninklijke Philips N.V. (Netherlands), Curative Medical (U.S.), Invacare Corporation (U.S.), GE Healthcare (U.S.), ResMed (U.S), Cadwell Industries, Inc (U.S.), Braebon Medical Corporation (Canada), and ImThera Medical Inc. (U.S.).
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