Sleep Apnea Diagnostics and Therapeutic Devices Market to Gain Edge Due to Well-equipped Healthcare Infrastructures in Developed Economies
Sleep apnea, a common sleep-related disorder characterized by a temporary and frequent interruption or pauses in breathing during sleep, continues to levy a huge economic burden on countries owing to high cost of sleep apnea diagnosis and therapy as well as the loss of productivity of patients with the condition. In the U.S. alone, with a patient base of more than 20 mn adults, the cost of management of the condition is around US$65 bn to US$165 bn every year. This is significantly higher than the cost of managing diseases such as hypertension, heart failure, and asthma, which fall in the range of US$20 bn–US$80 bn every year in the country.
In other parts of the world as well, the condition is rapidly gaining the attention of the respective healthcare fraternities and the demand for effective sleep apnea therapeutics and diagnostics devices is on a constant rise. In the near future, the rise in awareness regarding the severity of the condition, in the way it could lead to health conditions such as mood and memory issues, heart diseases, and hypertension, is expected to boost the global demand for effective sleep apnea diagnostic and therapeutic devices.
Transparency Market Research estimates that the market will register growth at a healthy pace in the next few years and rise from a valuation of US$5,138.9 mn in 2016 to US$6,437.6 mn in 2019.
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In this blog post, TMR analysts highlight some of the key aspects of the global sleep apnea diagnostics and therapeutic devices market:
Which strategies adopted by the leading players are likely to accelerate growth?
The market for sleep apnea devices is highly competitive owing to the dominance of few large players, which compete on the fronts of product features and cost. To stay ahead of the competition and strengthen their relationship with buyers, leading players are often seen to enter into long-term supply and post-purchase service contracts with key end-users such as diagnostic laboratories and hospitals. Leading vendors are also focused on extensive research and development activities to be able to cater effectively to the specific demands and needs of consumers and maintain a good level of product differentiation and technological sophistication in deliverables.
However, the market still offers excellent growth opportunities to new vendors in terms of the unmet needs in the field of devices that can offer online or real time monitoring of patient data and minimally invasive surgical techniques. Demand for Portable, easy-to-use, and convenient sleep apnea devices is also high in the global market, providing vast growth opportunities to companies already in the market or the ones wanting to venture into the area.
Why is the market expected to witness better growth avenues in developed economies compared to in developing economies?
Developed economies across regions such as North America and Europe lead in terms of the overall demand and expenditure for a variety of sleep apnea devices. The large patient pools, affluent consumer base, and a high level of awareness regarding the variety of highly effective diagnostic and treatment options for sleep apnea available in the market are the key factors making these regions the most attractive investment grounds for the sleep apnea devices market. These regions are also considered lucrative for the sleep apnea devices market owing to the favorable medical reimbursement scenario and the presence of several well-equipped sleep testing laboratories.
On the other hand, developing economies across regions such as Asia Pacific and Middle East and Africa exhibit slow growth prospects for the sleep apnea devices market. The chief factor leading to this scenario is the lack of awareness regarding the condition and its serious implications on human health and everyday life and the lack of technical expertise related to chronic sleep disorders. Moreover, unfavorable reimbursement scenario and ill-equipped healthcare infrastructures further restrict the growth prospects of the market in these regions.