Detailed examination of the Sleep Apnea Devices Market to hold a high potential for growth by 2023
In 2017, the global sleep apnea devices market attained a value of $4.4 billion and is predicted to advance at a 7.7% CAGR during the forecast period (2018–2023).
By: P&S Intelligence
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Between the two, the therapeutic division dominated the sleep apnea devices market in 2017 and is further projected to grow at a faster CAGR of 7.9% during the forecast period. The reason for this is the rising number of OSA cases around the world. The division is further categorized into adaptive servo-ventilators (ASV), facial interfaces, oral appliances, positive airway pressure (PAP) devices, and others (which include stimulators, hypoglossal pacemakers, nasal stents, and infusion pumps). Among these, the PAP devices accounted for the major share (32.1%) of the market in 2017.
The rising prevalence of OSA is a key driving factor of the sleep apnea devices market (https://www.psmarketresearch.com/
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The rising utilization of portable sleep apnea devices is another factor driving the sleep apnea devices market. Due to technological advancements, the adoption of portable sleep apnea devices has risen. For example, products with innovative features, such as products which use algorithm and pressure sensor for determining the best pressure, are available in the market. These portable devices are further compact and can be taken anywhere. In addition to this, the rising utilization of oral appliances is also driving the growth of the market, as they are comparatively economical.
Hence, the market is growing due to the rising prevalence of OSA and increasing utilization of portable sleep apnea devices.