The global sleep apnea devices market is expected to witness substantial growth owing to high prevalence of obstructive sleep apnea (OSA) patients, according to a new study by Grand View Research Inc. Downsides of urban lifestyle such as long working hours, obesity, diabetes, and anxiety have resulted in increased sleep disorders, consequently driving sleep apnea devices demand. Leading market players have invested heavily in the development of compact therapeutic devices, which is expected to favorably impact sleep apnea devices market growth. Lack of patient compliance and discomfort caused by the devices may pose a challenge to industry participants.
Further key findings from the study suggest:
- Diagnostic sleep apnea devices accounted for over 50% of the overall market in 2013; however, they are expected to lose market share to therapeutic devices by 2020, which are projected to overtake the former.
- PSG devices contributed over 25% to the overall diagnostic sleep apnea devices market revenue in 2013. PAP devices accounted for over 20% of the overall therapeutic sleep apnea devices market revenue in 2013. Oral appliances are expected to gain therapeutic devices market share over the forecast period.
- North America dominated the market in 2013, accounting for approximately 35% of the overall revenue. This can be attributed to increased sleep apnea awareness, increased obesity among the population, sophisticated healthcare infrastructure, and high insurance coverage in the region. The Asia Pacific sleep apnea devices market is relatively untapped and has high growth potential over the forecast period, with the level of awareness projected to increase among patients and the medical fraternity.