SOURCE: Radiant Insights, Inc.

Radiant Insights, Inc.

March 10, 2016 08:15 ET

North America Sleep Apnea Diagnostic Systems Market to Grow Substantially At 7.8% CAGR: Radiant Insights, Inc

SAN FRANCISCO, CA--(Marketwired - Mar 10, 2016) - The sleep apnea diagnostic systems market was valued at $4,407 million in 2014. It is projected to grow at a CAG rate of 7.8% in the forecast period (2014-2020). The growing occurrence of sleep-related disorders is said to be the high-impact rendering driver for the sleep apnea diagnostic market.

The growing occurrence of sleep apnea in comorbidities is said to be vital for this market. The prominent conditions that might occur as a result of this disorder include obesity, type II diabetes, stroke, hypertension and many more. An individual's age is considered as one of the major risk factors for developing this disorder. Statistics published by the World Health Organization (WHO) suggest that the worldwide population base in the age group of 65+ years is projected to increase from 6% in 2000 to 15% in 2050. Plus, an increasing occurrence of sleep disordered breathing in the elderly population is over 20-50%. This occurrence is almost double in the geriatric population. Rapidly growing elderly population is projected to be the essential driver for the market growth.

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The entry of technologically developed products is said to witness a tremendous growth in this market. For example, Provent, a disposable tool that needs no machine & uses the patient's breathing power to produce Expiratory Positive Airway Pressure, eventually allowing natural airflow.

The major products that are analyzed in this report are therapeutic & diagnostic devices. Diagnostic devices topped the product segment accounting for over 51% of the total share, increasing the demands for early diagnosis. Increased awareness in patients is projected to boost the usage rate in the near future.

Therapeutic devices are projected to witness a huge growth in the next six years, mainly due to the increasing use of treatment equipment. Moreover, growing awareness about complications related to this disorder is said to result in increased use of apnea equipment.

Geographically, the sleep apnea diagnostic systems market is segmented into Europe, North America, Asia-Pacific, and RoW. North America dominated the market. It accounted for over 36% of the total market share, mainly due to its sophisticated & developed healthcare infrastructures. Moreover, high healthcare spending along with rising disposable income resulted in the growth of the industry in this region.

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Asia-Pacific is said to witness a rapid growth rate in the forecast period. Presence of huge untapped opportunities in the emerging nations such as China & India are projected to boost the region's growth. Plus, developing healthcare infrastructure & favorable government programs are expected to spur the industry growth.

The major trends witnessed in the market are technological advancements, new product launches, and collaborations to achieve competitive advantage.

Some of the key players in the sleep apnea diagnostic systems market are BMC Medical Co. Ltd., Phillips Healthcare, Carefusion Corp., Curative Medical Inc., GE Healthcare, ResMed etc.

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