The globalsleep apnea devices market size is predicted to reach USD 13.24 billion by2027, exhibiting a CAGR of 6.8% during the forecast period. The rising cases ofcardiovascular disorders and diabetes among the geriatric population have ledto a surge in sleep apnea, which, in turn, will bolster the growth of themarket during the forecast period, states Fortune Business Insights in areport, titled “Sleep Apnea Devices Market Size, Share&Covid-19 Impact Analysis, By Device Type (Therapeutic Devices, andDiagnostic Devices), By End User (Sleep Laboratories & Clinics, andHomecare & Other Settings), and Regional Forecast, 2020-2027” the market sizestood at USD 7.81 billion in 2019.
An Overview of the Impact of COVID-19 on this Market:
Theemergence of COVID-19 has brought the world to a standstill. We understand thatthis health crisis has brought an unprecedented impact on businesses acrossindustries. However, this too shall pass. Rising support from governments andseveral companies can help in the fight against this highly contagious disease.There are some industries that are struggling and some are thriving. Overall,almost every sector is anticipated to be impacted by the pandemic.
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MarketDriver:
Release of Advanced Devices to AidColossal Development
The development of new alternativedevices owing to the escalating incidence will have a tremendous impact on themarket. For instance,the introduction of the mandibular advancement device(MAD) for the treatment of OSA. The shift from CPAP devices to oral applianceowing to the discomfort caused by CPAP, can be a vital factor impellingmanufacturers to launch alternative devices. Moreover, the effectiveness and comfort offered by oral devices willspur demand for such devices, which, in turn, will foster the growth of themarket in the forthcoming years. The growing awareness regarding earlydiagnosis among patients will encourage the healthy growth of the market. The growing incidence of sleep apnea around the world will createopportunities for the market during the forecast period. In addition, therising demand for advanced treatment and devices will spur opportunities forthe market in the foreseeable future.
Shift towardsTelehealth & HomecareModel During Coronavirus Outbreak to Incite Business
The corona virus outbreak has disrupted themanagement of sleep apnea patients across the globe. Reduction in number ofspecific procedures in sleep labs due to the threat of corona virus hasresulted in decline in number of new cases reported of sleep apnea during thepandemic. For instance according to theguideline provided by American Academy of Sleep Medicine, all the in-laboratoryadministration of PAP therapy and PSG diagnosis has been rescheduled orpostpone during the COVID-19 pandemic. However,the introduction of several homecare model by pre-eminent players for sleepapnea patients will have a tremendous impact on the market. For instance, inMarch 2020, Oventus announced the launch of its Telehealth & homecare modelsto provide complete care to its patients suffering from obstructive sleep apnea(OSA).
RegionalAnalysis:
Rising Adoption of Innovative Therapeutics toBoost Market in North America
The market in North America generated arevenue of USD 3.77 billion in 2019 and is predicted to grow rapidly during theforecast period. The favorable reimbursement policies will enable speedyexpansion of the market. The growing adoption of advanced treatment deviceswill further foster growth in the region. According to the American Academy ofSleep Medicine (AASM), an estimated 26% of the adult population in the U.S.,was suffering from sleep apnea in 2018. Europe is expected to riseexponentially during the forecast period owing to the rising awareness aboutsleep apnea in the region. The increasing number of diagnostic tests along withthe high adoption of advanced treatment devices will propel market in Europe.Asia Pacific is predicted to witness an excellent growth rate during theforecast period due to the rising cases of sleep apnea.
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