Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
The sleep apnea device market is estimated to garner a sizeable revenue by growing at a significant CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to growing patient pool of undiagnosed sleep apnea patients, major changes in lifestyle and rise in use of oral appliances. It is calculated that sleep apnea occurs in more than 9% women and 24% men worldwide. Along with these, increasing technological advancements to develop more effective sleep apnea devices is also expected to drive growth to the market in the near future. Additionally, growing interest of companies in sleep apnea disorder and escalating capital funding by leading medical companies worldwide are projected to provide ample opportunities to the market over the forecast period.
The market is segmented by product type into sleep apnea masks, therapeutic devices and diagnostic devices, out of which, the therapeutic devices segment is anticipated to hold the largest share in the sleep apnea device market on account of growing usage of oral, nasal and chin-strap appliances, and increasing availability of technologically advanced devices. However, the segment for sleep apnea masks is evaluated to grow with the highest CAGR during the forecast period owing to the rising adoption of continuous positive airway pressure therapy (CPAP) machines and surge in the number of instances of sleep apnea comorbidities. Additionally, based on end user, the hospitals & sleep laboratories segment is anticipated to account for the largest share in the coming years, which can be credited to the growth in the number of sleep tests performed with the help of a polysomnography device.
On the basis of geographical analysis, the sleep apnea device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North America region is estimated to grab the largest market share over the forecast period on the back of high prevalence of sleep apnea in the United States, rising awareness about this disorder and the strong presence of leading market players in the region. In the United States, every one out of fifteen people suffer from a sleeping disorder. Moreover, Asia Pacific is assessed to witness a notable growth during the forecast period owing to the increasing geriatric population and growing patient pool in the region. In addition to these, surging rate of obesity as a result of sedentary lifestyle and the rising disposable income of the people in countries such as China and India, which is expected to boost the demand of the product in APAC in the near future. CLICK TO DOWNLOAD SAMPLE REPORT
The sleep apnea device market is further classified on the basis of region as follows:
Our in-depth analysis of the sleep apnea device market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising patient pool of undiagnosed sleep apnea patients is estimated to drive growth to the sleep apnea device market.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
High treatment and diagnosis cost for sleep apnea is estimated to hamper the market growth.
Asia Pacific region will provide more business growth opportunities on the back of increasing patient pool and geriatric population in the region.
The major players in the market are ResMed Corp., Fisher & Paykel Healthcare Limited, Cadwell Industries Inc., GENERAL ELECTRIC COMPANY, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, end user, and by region.
The hospitals & sleep laboratories segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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