Sleep Apnea Devices Market - COVID19 Impact on the Global Growth


Posted July 6, 2022 by mmvaidya01

This study involved four major activities in estimating the current size of the sleep apnea devices market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.

 
Major Objectives Behind This Study:

# To define, describe, and forecast the global sleep apnea devices market based on the type, end user and region.

# To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and challenges).

# To strategically analyse micromarkets with respect to individual growth trends, prospects, and contributions to the overall sleep apnea devices market.

# To analyse opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.

# To forecast the size of the market segments with respect to five main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World.

# To strategically profile the key players and comprehensively analyse their product portfolios, market positions, and core competencies.

# To track and analyse competitive developments such as acquisitions, product launches, expansions, agreements, partnerships, and R&D activities in the sleep apnea devices market.

Recent Developments in the Global Sleep Apnea Devices Market:

# In June 2021, Oventus Medical signed a partnership agreement with Aeroflow Healthcare to provide Oventus’ obstructive sleep apnea (OSA) treatment solutions, including O2Vent Optima, directly to consumers via sleep clinics in the US.

# In February 2021, Oventus Medical launched 02Vent Optima, a customizable oral appliance therapy device that offers an alternative to CPAP therapy in the US through GoPAPfree.

# In November 2020, Panthera Dental collaborated with Dentsply Sirona.

# In December 2019, Fisher & Paykel Healthcare signed a USD-1.5-million partnership agreement with Counties Manukau Health (CM Health) to provide funding for clinical research at Middlemore Hospital.

# In March 2019, ResMed acquired HB Healthcare, a home medical equipment provider, which offers sleep and respiratory care devices.

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Major Growth Influencing Factors:

Market growth is mainly driven by factors such as the large pool of undiagnosed sleep apnea patients, growing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, and an increasing number of companies venturing into the sleep apnea market.

Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, the high cost of CPAP machines, complex referral pathways, long waiting periods, and product recalls may restrict market growth to a certain extent.

OPPORTUNITY: Growing demand for home sleep apnea tests (HSATs), and increasing focus on telemedicine, mHealth (mobile health), and artificial intelligence

People are opting more for the home sleep apnea tests (HSATs) due to their affordability and comfort of sleep apnea management at home. The telemedicine has witnessed a surge in the demand maid the pandemic. The incoming advanced technologies in the domain of sleep apnea devices such as Artificial Intelligence (AI) are also creating more opportunities for the market.

CHALLENGES: Lack of patient compliance

The lack of patient compliance to CPAP therapy is a challenging aspect in the growth of the market. Treatment compliance, especially of the CPAP, has always been an issue with sleep apnea patients. This is mainly due to the lack of affordability and comfort.

Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the sleep apnea devices market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

# The key players in the industry and market have been identified through extensive secondary research
# The revenues generated from the sleep apnea devices business of leading players have been determined through primary and secondary research
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources

Data Triangulation:

After arriving at the overall market size from the market size estimation process, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Projected Revenue Surge:

The sleep apnea devices market is projected to reach USD 9.9 billion by 2026 from USD 7.1 billion in 2021, at a CAGR of 6.9% during the forecast period.

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End Users:

Sleep laboratories & hospitals account for the largest share of the sleep apnea devices market. The home care settings/individuals’ segment is expected to grow at the fastest pace during the forecast period.

Based on end user, the market is segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment accounted for the largest share of in themarket in 2020. However, the home care settings/individuals’ segment is estimated to grow at the highest CAGR from 2021 to 2026, owing to the increasing preference for home sleep testing by both patients and insurance companies, coupled with the favourable reimbursement scenario for home sleep testing.
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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags sleep apnea , sleep apnea care , sleep apnea devices , sleep apnea devices market , sleep apnea diagnostics , sleep disorders
Last Updated July 6, 2022