In the recent times, sleep apnea devices market has been witnessing commendable growth owing to the drastic changes in lifestyle across the globe. Add to it, the growing prevalence of obesity among the general populace has resulted in increasing incidence rate of obstructive sleep apnea. It would be prudent to mention that untreated sleep apnea is known to alleviate the occurrence of stroke, various heart diseases, and diabetes. Apparently, numerous sleep apnea devices industry players have been deploying extensive resources in an effort to develop technologically advanced devices to significantly lower the ill-effects of this disorder.
U.S. Sleep Apnea Devices Market, By Product, 2013 – 2024 (USD Million)
Speaking along similar lines, it has been observed lately that various upcoming firms partaking in sleep apnea devices market appear keen on raising massive amounts of funds to manufacture enhanced sleep apnea preventing devices. For instance, the Australia based Oventus Medical has reportedly secured USD 6.5 million in a new round of financing in 2017. Apparently, the firm would utilize the funds to enhance it as an oral device, christened as O2Vent, designed to treat snoring and sleep apnea via incorporating an airway that would bypass tongue, soft palate, and nasal obstructions. Apparently, the new device has been garnering rave reviews across the sleep apnea devices industry given that the device was put through a clinical trial in which it significantly eliminated or reduced snoring in almost 100% patients.
In yet another instance that demonstrates the rising prominence of technically sound products, the Food and Drug Administration (FDA) of the United States has approved the oral appliance compliance system DentiTrac in 2016. The cutting-edge system has been developed by the leading sleep apnea devices market giant Braebon and can now be used with the Airway Management Inc TAP family of oral devices. Reportedly, the device is a combination of a web cloud portal and a wearable micro-recorder that would streamline the oral appliance measurements for sleep apnea. The wearable micro-recorder, integrated in an oral appliance, would seamlessly collate accurate data to affirm that the patient is following prescribed therapy. The measurements are then uploaded on the cloud portal where dentists and physicians can securely asses the implementation of sleep apnea therapy and review patient information.
Bearing in mind the aforementioned instances, it is quite imperative to state that the technologically progressive products being developed by firms, of late, have impelled the overall growth prospects of sleep apnea devices industry. In fact, as per a research report compiled by Global Market Insights, Inc., the total remuneration portfolio of sleep apnea devices market stood at USD 5.2 billion in the year 2016.
Speaking of the regional growth potential of sleep apnea devices industry, U.S. apportioned the largest revenue share in 2016, as per reliable estimates. Owing to the presence of high-grade technology products, increased investment in research and development, advanced healthcare services, and high prevalence of sleep related ailments in the nation, the requirement for novel sleep apnea devices is on the rise. According to National Sleep Foundation, approximately 18 million American adults are struggling to cope with sleep apnea and the number of children suffering with obstructive sleep apnea has been on the rise. As a consequence, there have been numerous government initiatives that focus on promoting the benefits of utilizing advanced devices to contain the growing menace of sleep apnea. The implementation of these programs would spur the growth prospects of U.S. sleep apnea devices market.
Furthermore, the highly-flexible Medicare reimbursement policies for therapeutic devices including Continuous Positive Airway Pressure (CPAP) is likely to propel the overall U.S. sleep apnea devices industry share in the ensuing years.
Regarded as one of the most promising niche verticals of health and medical devices industry, sleep apnea devices market is set to witness a plethora of unique innovations in the years to come. On account of the continuous research and development programs being undertaken by foremost firms such as Fisher & Paykel Healthcare, Invacare, Cadwell Laboratories, Philips, Carefusion, Braebon Medical, ResMed, Compumedics, and GE Healthcare, the overall sleep apnea devices industry is anticipated to make remarkable headway over the estimated time frame.