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The disorder of sleep apnea occurs when a patient's breathing patterns during sleep decreases or pauses momentarily (called apnea) for 10 seconds or longer and it can occur 30 times or more in an hour.
The global sleep apnea diagnostic and therapeutic market is anticipated to generate revenue of $9,986 million by 2027 and will grow at an estimated CAGR of 6.72% between 2019 and 2027. Increase in the number of shift workers, the rising prevalence of sleep apnea and the technological advancements are mainly driving the market growth.
Obesity is considered a major risk factor in the development and progression of sleep apnea. The prevalence of sleep apnea in obese patients is almost two-fold higher than the normal case. Some of the factors that are expected to contribute to the sleeping disorders in the elderly population are retirements, various cognitive problems, excessive daytime sleepiness, and many more.
The medical devices are specialized equipment that requires government approval for their sale. Obtaining approval can be a time-consuming and high-cost procedure, which can affect market growth. The need for R&D efforts and low heat resistance are the major factors hindering the sleep apnea diagnostic and therapeutic market.
Geographically, the global sleep apnea diagnostic and therapeutic market has been segmented on the basis of four major regions, i.e., North America, Europe, Asia Pacific and the remaining countries forming the Rest of World regional segment.
The North America sleep apnea diagnostic and therapeutic market is expected to hold the largest share by 2027 because of the rise in number of incidences of sleep apnea and lack of patient awareness regarding the disease and also the presence of sophisticated healthcare infrastructure coupled with high healthcare expenditures and patient disposable incomes.
The major market players operating in the market are CareFusion (Merged With Becton Dickinson), Koninklijke Philips N.V. (Philips), Resmed Inc., Nihon Kohden Corporation, Medtronic PLC, Smiths Group PLC (Smiths Medical), Itamar Medical Ltd., Invacare Corp., Fisher & Paykel Healthcare, Drive Devilbiss Healthcare, Cadwell, GE Healthcare, Teleflex, Braebon Medical Corporation and Somnomedics. These market players follow several key developmental strategies and focus on launching innovative diagnosis products to cater to patient's as well as medical professional's requirements and to strengthen their market share.