Sleep Apnea Devices Market project to grow at 7.5% CAGR from 2017 to 2024: Global Market Insights Inc. Rapid advancements in technology for sleep apnea devices coupled with growing geriatric population across the world should drive the global sleep apnea devices market growth over the forecast period. Rising prevalence of sleep apnea disorder with changing lifestyle habits such as unhealthy sleep patterns, smoking and excess alcohol consumption causes sleep related disorder and further drive industry growth. Sleep Apnea Devices Market size is set to exceed USD 9 billion by 2024; according to a new research report by Global Market Insights. Growing government initiatives for increasing awareness levels among people regarding sleep related diseases due to growing incidence of Obstructive Sleep Apnea (OSA) across the world. For instance, American Academy of Sleep Medicine (AASM) represents evidence-based endorsement for diagnosis and management of OSA. However, high cost associated with sleep apnea devices and lack of patient compliance should hinder industry growth.
Rising advancement in technology for sleep apnea devices will ensure effective diagnosis and treatment which will enhance patient outcomes and upsurge demand for the product. Start-up companies are engaged in developing adjustable and automatic devices for patient comfort and also to gain revenue share. Therapeutic devices accounted for significant revenue share in 2016. Increasing demand for highly effective therapeutic devices such as oral appliances, Adaptive Servo-Ventilation (ASV), oxygen devices and various other will drive industry growth over the forecast period. Positive airway pressure (PAP) therapeutic device will witness robust growth over the forecast timeframe. CPAP device is cost effective and improves sleepiness, hypertension, and various cardiovascular diseases. Such factors should drive industry growth. Respiratory polygraphs accounted for significant revenue share in 2016. Respiratory polygraphs are cost-effective, efficient, easy to use and have application in home care setting for diagnosis of sleep-related disorders. Such factors will drive segment growth over the forecast period.
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