The study involved four major activities in estimating the current market size for sleep apnea devices. Exhaustive secondary research was done to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and sub-segments
Major Objectives behind This Study:
# To define, describe, and measure the global market by type, end user, and region
# To provide detailed information about major factors influencing market growth (such as drivers, restraints, growth opportunities, and challenges)
# To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the global market
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
# To forecast the size of the market in North America, Europe, Asia Pacific (APAC), and the Rest of the world (RoW)
# To strategically analyze the market structure and profile key players and their core competencies3 in the global market
# To track and analyze competitive developments such as service launches, expansions, acquisitions, partnerships & collaborations; in the market.
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# In 2019, ResMed (US) launched AirFit N30i, its first top-of-head-connected nasal CPAP mask, across the US with a newly designed nasal cradle cushion that sits just under the wearer’s nose.
# In 2016, Koninklijke Philips (Netherlands) launched its Dream Family solution which comprises of a DreamWear mask, DreamStation PAP device, and DreamMapper patient engagement app.
Key Questions Addressed by the Report:
# Which type segment will dominate the sleep apnea devices market in the future?
# Emerging countries have immense opportunities for the growth and adoption of sleep apnea devices, therefore will this scenario continue in the next five years?
# Where will all the advancements in technology offered by various companies take the industry in the mid to long term?
# What are the upcoming alternative therapies and devices related to the same in the sleep apnea devices market?
Factors Influencing Global Growth:-
Growth in the sleep apnea devices market can be attributed to factors such the 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, and the increasing number of companies venturing into sleep apnea and oral appliances markets.
# High Cost of Cpap Machines
# Complex Referral Pathways and Long Waiting Periods
# Growing Demand for Home Healthcare
# Increasing Focus on Telemedicine and Mhealth (Mobile Health)
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Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: The global sleep apnea devices market is expected to reach USD 7.5 billion by 2024 from USD 4.5 billion in 2019 at a CAGR of 10.7%.
Geographical Growth Scenario:
On the basis of region, North America accounted for the largest share of the global sleep apnea devices market in 2018, whereas, the Asia Pacific region registered the highest CAGR during the forecast period. North American accounted for the largest share owing to factors like an increase in the number of patients diagnosed with sleep apnea in the region, growth in awareness initiatives being taken by various government and non-government organizations, availability of adequate funding for research and development, and substantial growth in the usage of oral appliances in the region.
Leading Market Players:
# ResMed (US)
# Koninklijke Philips (Netherlands)
# Fisher & Paykel Healthcare (New Zealand)
# SomnoMed (US)
# Oventus Medical (Australia)
# Compumedics (Australia) and many more…
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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