CHICAGO, May 17, 2019 /PRNewswire/ -- According to the new market research report "Sleep Apnea Devices Market by Type, (Therapeutic (CPAP, APAP, Masks, ASV, Oral Appliances, Mandibular Advancement Device)), Diagnostic (PSG, Oximeter), End User (Sleep Laboratories & Hospitals, Home Care Settings/Individuals) - Global Forecasts to 2024", published by MarketsandMarkets™, the global Sleep Apnea Devices Market is expected to reach USD 7.5 billion by 2024 from USD 4.5 billion in 2019 at a CAGR of 10.7%.
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The major factors driving the growth of the Sleep Apnea Devices Market are primarily a large pool of undiagnosed sleep apnea patients, growing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, technological advancements in sleep apnea devices, considerable venture capital funding, and an increasing number of companies venturing into sleep apnea and oral appliances markets.
The therapeutic devices segment accounted for the largest market share during the forecast period.
On the basis of type, the Sleep Apnea Devices Market has been segmented into therapeutic devices and diagnostic devices. The therapeutic devices segment accounted for the largest share of the market during the forecast period and is projected to register the highest CAGR during the forecast period. The key factors contributing to this growth are the increasing number of undiagnosed sleep apnea patients across the globe and the improving reimbursement scenario for these devices. Moreover, there is also an inclination towards adoption of oral appliances considering the high rate of non-compliance with PAP devices.
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Home care settings/individuals projected to grow at the highest CAGR in the global Sleep Apnea Devices Market during the forecast period
On the basis of end user, the Sleep Apnea Devices Market has been segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment accounted for the largest share of the market in 2018, while home care settings/individuals end-user segment is projected to grow at the highest CAGR during the forecast period. This high growth is likely driven by factors such as the rising preference for home sleep testing by both patients and private insurance companies, along with the favorable reimbursement scenario for home sleep testing.
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North America is expected to dominate the Sleep Apnea Devices Market during the forecast period
On the basis of region, North America accounted for the largest share of the global Sleep Apnea Devices Market in 2018, whereas, the Asia Pacific region registered the highest CAGR during the forecast period. North American accounted for the largest share owing to factors like an increase in the number of patients diagnosed with sleep apnea in the region, growth in awareness initiatives being taken by various government and non-government organizations, availability of adequate funding for research and development, and substantial growth in the usage of oral appliances in the region.
Major players operating in the Sleep Apnea Devices Market include ResMed (US), Koninklijke Philips (Netherlands), Fisher & Paykel Healthcare (New Zealand), SomnoMed (US), Oventus Medical (Australia), Compumedics (Australia), Löwenstein Medical (Germany), Drive DeVilbiss Healthcare (US), BMC Medical (China), Braebon Medical (Canada), and Panthera Dental (Canada).
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