-:Global Industry Dynamics:-
Drivers:
- Large Pool of Undiagnosed Sleep Apnea Patients
- Growing Awareness About the Ill Effects of Untreated Sleep Apnea
- Growing Usage of Oral Appliances
- Technological Advancements in Sleep Apnea Devices
- Considerable Venture Capital Funding
- Increasing Number of Companies Venturing Into the Sleep Apnea and Oral Appliances Markets
Restraints:
- High Cost of CPAP Machines
- Complex Referral Pathways and Long Waiting Periods
Opportunities:
- Growing Demand for Home Healthcare
- Increasing Focus on Telemedicine and Mhealth (Mobile Health)
Challenges:
- Lack of Patient Compliance
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The therapeutic devices segment accounted for the largest market share during the forecast period.
On the basis of type, the sleep apnea devices market has been segmented into therapeutic devices and diagnostic devices. The therapeutic devices segment accounted for the largest share of the market during the forecast period and is projected to register the highest CAGR during the forecast period.
Home care settings/individuals projected to grow at the highest CAGR in the global sleep apnea devices market during the forecast period
On the basis of end user, the sleep apnea devices market has been segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment accounted for the largest share of the market in 2018, while home care settings/individuals end-user segment is projected to grow at the highest CAGR during the forecast period.
By type, therapeutic devices segment is expected to grow at the highest rate during the forecast period
An increasing pool of undiagnosed sleep apnea patients, the improving reimbursement scenario for these devices, and the growth in usage of oral appliances are some of the key factors which are expected to fuel market growth during the forecast period.
The major players in the sleep apnea devices market include ResMed (US), Koninklijke Philips (Netherlands), and Fisher & Paykel Healthcare (New Zealand).
Analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as partnerships & agreements, expansions, service launches, and strategic acquisitions were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the sleep apnea devices market.
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In 2018, ResMed (US) dominated the sleep apnea devices market. The company has a diversified product portfolio, widespread geographical presence, and focuses on strategies such as product launches and innovations. The company also focuses on launching technologically advanced products in order to maintain its leading position in the market. Additionally, ResMed has a broad product portfolio for sleep apnea disorders and offers a variety of devices and accessories. The company prominently operates in the Americas. It pursues business strategies such as product launches, approvals, enhancements, and acquisitions in order to sustain its position in the sleep apnea devices market.
In 2018, Koninklijke Philips (Netherlands) was the second largest player with a share of ~39%. The company’s wide geographical presence and strong distribution network have also helped it gain a significant market share. In the past three years, innovation has been the company’s core business strategy in order to increase its share in the sleep apnea devices market. This strategy is largely supported by the company’s strong R&D activities. Philips invested USD 2.07 billion in R&D activities in 2017.
In 2018, Fisher & Paykel Healthcare (New Zealand) was the third largest player with a share of ~13%. The company employs multiple distribution channels to market its products in more than 120 countries. It employs a direct sales team in around 36 countries to sell its products directly to hospitals, long-term care facilities, and home healthcare dealers. The direct sales team enables the firm to have a dedicated focus on its products, rather than being present in the distributor’s portfolio with other companies
