Latest Update 2020: What Are the Key Players Evolving In the Growth of the Therapeutic Obstructive Sleep Apnea Device Market?
Pune, New York, USA, November 24 2020 (Wiredrelease) Research Dive –:Global therapeutic obstructive sleep apnea device market was valued at $ 4,661.6 Million in 2018 and is expected to reach of $ 9,561.3 Million by 2026, growing at a CAGR of 9.6% over the forecast period.
Obstructive sleep apnea is caused due to the blockage of the airways. This happens during sleep when the tongue folds with the soft palate and stops the air to pass on against the throat. It is being estimated that most of the mid age population tends to experience obstructive sleep apnea more than 5 times in half an hour.
Increasing number of cases in the sleep apnea is expected to drive the market for the therapeutic obstructive sleep apnea devices. It has been estimated that, around 80% of the patient who are suffering from obstructive sleep apnea are not being treated. The ratio between the total number of patients facing the obstructive sleep apnea and the patient who is being diagnosed is very minimal, so rising awareness among the patient can lead to the growth of the therapeutic obstructive sleep apnea market. Lack of awareness regarding the effects caused due to the obstructive sleep apnea such as, high blood pressure, diabetes, obesity and sometime the death of the patient may occur due to negligence and unawareness. Government initiative to raise the awareness among the people and the advanced technologies expected to give a boost to the overall obstructive sleep apnea therapeutic devices market.
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The main reason for dissension of therapeutic obstructive sleep apnea devices is due to the lack of acceptance from the patients, this is mainly due to the discomfort and anxiety caused by the mask. The cost of therapeutic obstructive sleep apnea devices market is very high as compared to the other sleep apnea disease. The cost is the main constraint for the increase of the therapeutic obstructive sleep apnea devices market.
Depending on the type the positive airway pressure segment held the largest market size in 2018 for $2,187.8 million and is expected to reach $4,542.3 million by 2026, at a CAGR of 9.7%. Positive airways reduce the sleep apnea occurrence and protect the airways from closing. The oral application is estimated to grow at 9.5% CAGR by generating revenue by $1,768.2 million by 2026. It is expected to offer patient with greater satisfaction. Oral applications are portable, flexible and easy to use, so American Academy of Sleep Medicine (AASM) suggested to wear oral application with severe obstructive sleep apnea, who cannot wear and use positive airway pressure.
Due to the rising number of hospitals and growing investment in healthcare the hospitals and sleep laboratories segment is anticipated to drive the market over the forecast period. Hospitals and sleep laboratories segment accounted for $2,569.3 million in 2018 and is expected to rise at a CAGR of 9.4% in the forecast period.
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North America holds the largest market share for the therapeutic obstructive sleep apnea devices market. This region registered 10.2% CAGR and is anticipated to generate a revenue of $3,970.7 million by 2026. The Asia-Pacific is the largest growing market for the therapeutic obstructive sleep apnea devices as most of the Asian countries are not developed in the medical facilities and are unaware of the therapeutic obstructive sleep apnea devices. It is projected that the region sleep apnea devices market is expected to grow at $1,777.7 million by 2026 at a CAGR of 9.0%.
The major key players in the therapeutic obstructive sleep apnea devices market are Invacare Corporation GE Healthcare, Compumedics Limited, BMC Medical Co., Fisher & Paykel Healthcare, Cadwell Laboratories Inc., Ltd, Braebon Medical Corporation, Becton Dickinson (CareFusion Corporation), Curative Medical Inc., ImThera Medical, Inc.
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