SELBYVILLE, Del., June 1, 2021 /PRNewswire/ — According to the latest report, “Sleep Apnea Devices Market by Product (Therapeutics, Diagnostics), End-use (Home Care Settings & Individuals, Sleep Laboratories & Hospitals), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of sleep apnea devices will cross $11.6 billion by 2027. High adoption of technologically advanced sleep apnea devices along with the increasing number of sleep apnea disorders across the globe will stimulate the market growth.
The increasing geriatric population, availability of insurance coverage for treatment of sleep apnea & other sleep disorders in the U.S., and innovations in sleep apnea devices will spur the industry growth. For instance, the U.S. Health Maintenance Organization, Preferred Provider Organization, and Medicare provide insurance coverage for sleep studies, sleep apnea, and continuous positive airway pressure therapy. According to the IDF Diabetes Atlas, an anticipated 87.6 million people aged 20-79 years were diagnosed with diabetes in the South East Asia region in 2019. Hence, a rising prevalence of chronic conditions associated with sleep ailments is expected to surge the acceptance of sleep apnea devices. Developments in sleep disorder treatment and easily accessible non-invasive options enable faster stabilization in patients. Furthermore, the introduction of smart sleep apnea machines integrated with smart technologies provides an auto-titration to breathe with patients and deliver needed pressure with each inhale, thereby providing better outcomes, assessment, and patient care.
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The therapeutics segment in the sleep apnea devices market exceeded USD 3.72 billion in 2020 and is poised to witness a 9.9% growth rate by 2027. The benefits of sleep apnea therapeutic devices comprise increasing the air pressure in a patient’s throat so that the airway doesn’t collapse, helping move mucus from smaller to larger airways, dislodging mucus from the bronchial walls, etc. The high growth rate of the segment is attributable to the rising prevalence of obstructive sleep apnea and correlated co-morbidities. Additionally, the introduction of technologically advanced devices, such as smart airway clearance systems that provide effective bronchiectasis, innovative oral appliance therapy, improved oxygen concentrators, etc., are propelling the segment growth. The surging number of product innovation strategies adopted by key market players will act as a high-impact rendering factor for enhancing the demand for sleep apnea therapeutic devices.
Sleep apnea devices market for home-care settings & individuals segment is estimated to attain a CAGR of 9.5% during 2021 to 2027, owing to increasing usage of oral appliances in the home-care settings, treatment availability and emergence of telemedicine & remote care in sleep apnea. Advent of novel devices that integrate signal acquisition and analysis technology would further influence obstructive sleep apnea diagnostics in home-care settings. The use of smartphone-based applications to monitor sleep apnea treatment has improved comfort and convenience in home sleep apnea treatment.
Brazil dominated the Latin America sleep apnea devices market and accounted for over USD 198 million in 2020, led by the rising prevalence of sleep disorders, high number of chronic obstructive pulmonary disease (COPD) patients and growing awareness regarding sleep apnea treatment. In Brazil, COPD is one of the leading causes of death, with around 19% prevalence. It is one of the major factors that catalyze the risk of obstructive sleep apnea. In addition, according to a Journal of Clinical Sleep Medicine study, in Brazil, the majority of the participants reported sleep-related complaints such as insomnia, snoring breathing pauses, etc. Moreover, a growing number of leaders entering the market, a large population base of undiagnosed patients and the increasing adoption of oral appliances would augment the sleep apnea devices market demand in the country.
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Some of the major companies operating in the sleep apnea devices market are BMC Medical, CareFusion Corporation, Cadwell Laboratories, Braebon Medical, Compumedics, Curative Medical, Fisher & Paykel Healthcare, GE Healthcare, ImThera Medical, Invacare Corporation, Natus Medical, Itamar Medical, Philips Healthcare, ResMed, Nihon Kohden, Somnetics International, SOMNOmedics, Weinmann Medical Devices and Teleflex. These participants are implementing several strategic initiatives such as research and development activities to introduce novel sleep apnea devices in the market.
Table of Contents (ToC) of the report:
Chapter 3 Sleep Apnea Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Reimbursement scenario
3.8 Technology landscape
3.9 Porter’s analysis
3.10 Competitive landscape, 2020
3.10.1 Competitive matrix analysis, 2020
3.11 PESTEL analysis
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Sleep Apnea Devices Market Growth Predicted at 9% Through 2027: GMI
Major sleep apnea devices market players include BMC Medical, CareFusion Corporation, Cadwell Laboratories, Braebon Medical, Compumedics, Curative Medical, Fisher & Paykel Healthcare, GE Healthcare, ImThera Medical, Invacare Corporation, Natus Medica
SOURCE Global Market Insights Inc.