Sleep Apnea Devices Market - Emerging Trends to Boost Global Revenue

Overview of This Study:

The study involved four major activities in estimating the current market size for sleep apnea devices. Exhaustive secondary research was done to collect information on the market and its different sub-segments.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and sub-segments.

Research Methodologies Followed for This Study:

Secondary Research:

In the secondary research process, various secondary sources such as Hoovers, D&B, Bloomberg Business, and Factiva have been referred to, so as to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, regulatory bodies, and databases.

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Primary Research:

The sleep apnea devices market comprises several stakeholders such as sleep apnea devices and related device manufacturing companies, medical centers, government research organizations, hospitals and clinics, research and consulting firms, medical devices companies, regulatory bodies, insurers, credentialing organizations, medical societies, physician associations. Various primary sources from both, the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following the breakdown of primary respondents.

Expected Growth in Revenue:

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%. 

Major Growth Boosters:

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.

End Users:

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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Geographical Growth Scenario:

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.

Key Players:

The major players in the sleep apnea devices market include ResMed (US), Koninklijke Philips (Netherlands), and Fisher & Paykel Healthcare (New Zealand).

Different Growth Strategies Adopted by Them:

Analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as partnerships & agreements, expansions, service launches, and strategic acquisitions were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the sleep apnea devices market.

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