The market is mainly driven by the increasing patient pool for sleep apnea on account of increasing obesity globally, improving patient compliance owing to stringent reimbursement regulations, increasing home sleep testing as well as initiatives to increase awareness globally.
Based on product, the sleep apnea devices market has been categorized into diagnostic and therapeutic devices. During the forecast period, the market demand for therapeutic devices is expected to witness faster growth. Therapeutic devices are further categorized into positive airway pressure (PAP) devices, facial interfaces, oral appliances, adaptive servo-ventilators (ASVs), and others. Among all the types of therapeutic devices, PAP devices are expected to exhibit the fastest growth in the sleep apnea therapeutic devices market during the forecast period.
During the forecast period, the sleep apnea devices market is expected to witness the fastest growth in Asia-Pacific (APAC), owing to the increasing prevalence of sleep apnea disorders, the large undiagnosed pool in countries such as India, and initiatives by the government and other private organizations to raise awareness regarding sleep disorders.
In order to increase their market share, key players in the sleep apnea devices industry are developing new products to expand their product portfolio. For instance, in May 2018, Fisher & Paykel Healthcare launched F&P SleepStyle, a CPAP device used in the treatment of obstructive sleep apnea (OSA). The device offers built-in cellular and Bluetooth connectivity options, which ensures that both patients and clinicians receive information when required. SleepStyle will be available in New Zealand and Australia in June, and in other countries, upon receipt of the relevant regulatory clearances.
Some of the other major players operating in the sleep apnea devices market are ResMed Inc., Koninklijke Philips N.V., SleepMEd Inc., SomnoMed Ltd., Compumedics Limited, Löwenstein Medical GmbH & Co. KG., BMC Medical Co. Ltd., Drive DeVilbiss Healthcare, and Braebon Medical Corporation.