Sellbyville, DE -- (SBWIRE) -- 10/10/2018 -- The Sleep Apnea Devices Market size is set to exceed USD 9 billion by 2024; according to a new research report by Global Market Insights.

Key Players:

Some of the key players operating in sleep apnea devices includes Philips, Braebon Medical, Compumedics, ResMed, GE Healthcare, Cadwell Laboratories, Invacare, Carefusion and Fisher & Paykel Healthcare. Industry players are majorly focusing on new product launch, merger & acquisition and investment in research and development activities to gain revenue share.

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Market Overview:

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.

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.

Regional Analysis:

U.S. sleep apnea devices market size should witness robust growth over the forecast period. Rising government initiatives, high prevalence of sleep related disorders and COPD and advanced healthcare infrastructure are the foremost factors driving sleep apnea devices market growth over the forecast timeframe.

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UK should witness robust growth in sleep apnea devices market over the forecast period. Increasing funding on research activities and rising patient awareness levels regarding treatment for snoring and sleep should drive industry growth in the coming years.

India sleep apnea devices market should grow at significant rate over the forecast period. The growth is attributed to increasing prevalence of sleep apnea disorder and growing government initiatives to increase awareness. For instance, Indian initiative on obstructive sleep apnea guidelines (INOSA) developed under the support of Ministry of Family Welfare and Health, Department of Health Research and Government of India.