Global sleep apnea device market is expected to flourish at a significant CAGR of 7.7% during the forecast period. Moreover, the global sleep apnea device market is expected to garner USD 5.5 Billion by the end of 2023. Rising incidences of sleep apnea and increasing awareness in people are some of the major factors spurring the growth of the global sleep apnea device market.
The global sleep apnea device market is segmented into device type such as diagnostic devices and therapeutic devices. Among these segments, diagnostic devices segment is expected to occupy top position in overall sleep apnea device market during the forecast period. Furthermore, sleep apnea diagnostic device is segmented into actigraphy systems, polysomnography (PSG) devices, respiratory polygraphs and single-channel screening devices (pulse oximeters). Rising awareness among people about advanced diagnostic devices is fuelling the growth of Sleep Apnea diagnostic device market.
North America captured largest market of sleep apnea device, with a market share of 62.3% in 2015. Further, North America is projected to continue its dominance over the forecast period. Availability of technologically advanced sleep apnea device coupled with rising adoption of these devices is driving the growth of the market. Europe is anticipated to substantially contribute to the growth of sleep apnea device market. This can be attributed to the rising utilization of therapeutic devices in the region. Asia Pacific is anticipated to showcase lucrative growth in sleep apnea device market during the forecast period. Rising awareness about ill effects of sleep apnea is driving the demand for sleep apnea device in Asia-Pacific region.
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Increasing Demand for Home Healthcare Solutions
Rising adoption of home healthcare products and introduction of effective and low cost home healthcare solutions are shifting the population towards homecare systems. This factor is expected to bolster the demand for sleep apnea device. On the other hand, rising number of respiratory disorder such as respiratory diseases, stroke, atrial fibrillation, hypertension, obesity and type II diabetes are likely to foster the demand for sleep apnea device.
Innovations and Advances in Technologies
Technological advancements and developments in sleep apnea devices such as compactness high accuracy are anticipated to significantly increase the demand for sleep apnea devices during the forecast period. Furthermore, increasing spending on research & development activities by the manufacturing companies is expected to positively impact the growth of the market
However, high cost of devices and lack of awareness towards medical devices in underdeveloped nations are some of the factors which are likely to inhibit the growth of the global sleep apnea device market in the near future.
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The report titled “Sleep apnea device Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global sleep apnea device market in terms of market segmentation by device type, by end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global Sleep Apnea Device market which includes company profiling of Philips Healthcare, Cadwell Laboratories Inc., GE Healthcare, CareFusion Corporation, ResMed Inc., BMC Medical Co., Ltd., Fisher & Paykel Healthcare Limited, SomnoMed Ltd., Compumedics Limited and Invacare Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global sleep apnea device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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