According to a new market report published by Transparency Market Research "Sleep Apnea Diagnostic and Therapeutic Devices Market (Actigraphy, Polysomnography (PSG) systems, Positive Airway Pressure (PAP) Devices, Oral Appliances and Others)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global sleep apnea diagnostic and therapeutic Devices market was valued at USD3,805.3million in 2012 and is estimated to reach a market worth USD6,437.6million in 2019at a CAGR of 7.80% from 2013 to 2019.
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Good sleep is a necessity to maintain physical and emotional well-being. Lack of quality of sleep can have adverse effects on one's energy level, emotional balance and overall health. Regular occurrence of sleep problems indicates the onset of sleep disorders. Sleep disorders are touted to be an epidemic and sleep apnea is one of the major contributors. Sleep apnea is characterized by breathing cessations or pauses in breathing due to blockage of airways. Association of sleep apnea with several serious health conditions (cardiac disorders, hypertension, etc.) makes it more life threatening and potential sleep disorder. Obstructive, central and complex sleep apnea constitutes three major types of sleep apnea and of these obstructive sleep apnea is the most common forms. As per certain research studies around more than 100 million people are suspected to have sleep apnea worldwide and of these around more than 80% remain undiagnosed. Owing to rapid pace of technological advances and increasing awareness of sleep apnea, the market for sleep apnea devices will exhibit tremendous growth potential in near future.
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The global sleep apnea devices market is majorly analyzed by diagnostic and therapeutic devices and geography. The sleep apnea diagnostics market is further segmented into four major types. Sleep studies are performed in order to diagnose the condition by sleep specialists. Polysomnography is the gold standard for the diagnosis however, with the evolution of actigraphy systems, pulse oximeters and others, there is a widened scope observed for the growth of these devices. Polysomnography devices accounted for the largest percent share(28.35%)of the global market in the year 2012. Rapid pace of technological sophistication render improved performance and accurate diagnosis of sleep apnea.
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The need for effective treatment devices generate a lucrative growth potential for development and commercialization of therapeutic devices worldwide.Increased investments by key market players towards development of efficient therapeutic devices coupled with inclination towards compact and comfortable devices. Some of the examples of novel treatment devices are implantable devices, compact continuous positive airway pressure (CPAP) device and introduction of disposable devices. Owing to the aforementioned factors, sleep apnea therapeutic devices market is expected to record the highest growth rate during the forecast period from 2013 to 2019.However, factors such as lack of patient compliance, discomfort levels and reliability of therapeutic devices pose a challenge for growth and acceptance of these devices.
At the regional level, North America accounted for the largest market share in the year 2012 followed by Europe. This is majorly attributed to elevated levels of sleep apnea awareness along with increasing adoption of diagnostic and treatment devices. In addition, rising prevalence of obesity and presence of well-equipped sleep laboratories will further justify the high growth in these regions. According to National Sleep Foundation in the year 2012, there were around 40 million Americans who had reported chronic sleep disorders. Also, according to The European Sleep Apnea Database (ESADA), by March 2014, enrolled patients reached 15,956 along with 5,313 follow up visits. Hence, these factors provide the facts for the increasing number of sleep apnea patients. The growth and uptake of sleep apnea devices in Asia-Pacific and Rest of the World (RoW) regions is considerably low as compared to developed regions (the United States, Germany, France, etc.). This is due to lack of sleep apnea awareness and large number of undiagnosed cases in these regions.
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Sleep apnea devices market is highly fragmented with the presence of well-established market players along with emerging companies. The major companies competing in this market accounts for ResMed, Inc., Philips Healthcare (Respironics), Fisher & Paykel Corporation, CareFusion Corporation and GE Healthcare.
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