Sleep Apnea Devices Market to hit $8.5bn by 2023: Fractovia.org
Rising awareness about sleeping disorders along with increase in healthcare spending will spur Sleep Apnea Devices Market. Growing geriatric population base and increasing prevalence of lifestyle induced diseases such as cardiovascular and obesity will augment sleep apnea device industry. As per American Sleep Association, over 25 million adults are diagnosed with obstructive sleep apnea (OSA) in US. Favorable reimbursement policies in this regard will improve the rate of adoption of these devices thus, propelling sleep apnea devices industry. According to Global Market Insights, Inc., Sleep Apnea Devices Market is anticipated to witness a CAGR of 7% over the period of 2016 to 2023. Emerging economics, growing awareness towards incontinence, and introduction of premium quality surgical and medical disposals have resulted in wide acceptance of non-woven disposal products.
In terms of product. sleep apnea devices industry is segmented into oral appliances, adaptive servo-ventilation, positive airway pressure (PAP), oxygen device, and airway clearance system. The oral appliances market is anticipated to surpass USD 1 billion by 2023, owing to its high recommendation to patients who suffer from mild obstructive sleep apnea. Flexibility in usage of this device will be another factor stimulating the sleep apnea devices industry. Oxygen devices market will witness prominent growth over the coming six years. Patients diagnosed with central sleep apnea finds oxygen devices very effective. Furthermore, positive airway pressure devices market is another lucrative product segment growing at a rate of 10.4 % over the period of 2016-2023. Increasing demand for miniature devices will primarily complement the industry growth. Below are the regional trends influencing the industry over 2016-2023: • U.S. sleep apnea devices market is expected to grow at a rate of 7.5% over the period of 2016-2023. Availability of advanced products and favorable Medicare policies will be the key factors driving the market. • China market is foreseen to register a CAGR of 11% from 2016-2023. Increasing occurrence of OSA and rising geriatric population will stimulate the regional growth of sleep apnea devices. 1|Page