Transparency Market Research (TMR) has published a new report titled, “Positive Airway Pressure Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027”. According to the report, the global positive airway pressure devices market was valued at US$ 1.56 Bn in 2018. It is projected to expand at a CAGR of 7.8% from 2019 to 2027. High prevalence of sleep apnea across the globe and launch of technologically advanced PAP devices are anticipated to boost the global market during the forecast period. North America and Europe are expected to dominate the global PAP devices market from 2019 to 2027. This is attributed to early adoption of technologically advanced products, such as portable PAP devices, for sleep apnea management, rapid increase in geriatric population, rise in prevalence of obesity, and favorable medical reimbursement policies. The market in Asia Pacific is likely to expand at a higher CAGR by 2027.
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High prevalence of sleep related disorders including sleep apnea to propel market
Sleep apnea is a highly prevalent disorder across the globe. It is a chronic medical condition, require overnight therapy to efficiently limit the number of apneas and hypopneas that would occur without intervention. The gold-standard treatment for OSA is continuous positive airway pressure therapy (PAP), which offers a pneumatic splint of the soft tissue in the upper airway. According to the Sleep Apnea Organization, in the U.S., 1 in 12 people suffers from obstructive sleep apnea. An estimated 22 million people from U.S. suffer from moderate to severe sleep apnea. Additionally, about 3% to 7% men and 2% to 5% women suffer from sleep apnea in the U.S.
CPAP to be highly attractive segment
The report offers detailed segmentation of the global PAP devices market based on product, application, and end-user. In terms of product, the CPAP segment is expected to account for a leading share of the global market during the forecast period. Factors attributed to the higher share of the segment include the launch of technologically advanced CPAP devices and an increase in prevalence and incidence of sleep apnea. For instance, in January 2019, an India-based medical technology innovation startup, InnAccel, launched the world’s first portable neonatal CPAP device. The product addresses more than 160,000 annual deaths of premature babies in India due to respiratory distress.
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Sleep apnea segment to expand at a higher CAGR
In terms of application, the sleep apnea segment is projected to expand at a higher CAGR during the forecast period. This is due to an increase in the number of diagnosed sleep apnea cases worldwide, especially in developed countries. According to a study published in the Sleep Apnea Zone blog 2018, more than 100 million people suffer from sleep apnea worldwide. An estimated 50 to 70 million adults in the U.S. suffer from sleep disorders. Among which, obstructive sleep apnea is a highly common sleep disorder. According to the Sleep Apnea Organization, in the U.S., 1 in 12 persons suffers from obstructive sleep apnea.
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North America to create high incremental opportunity
In terms of revenue, North America is projected to dominate the global PAP devices market from 2019 to 2027. This is attributed to the early adoption of technologically advanced products, such as portable PAP devices, for sleep apnea management, and favorable medical reimbursement policies in the U.S. and Canada. Europe is anticipated to be the second-largest and a highly attractive market for PAP devices.
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Development of technologically advanced PAP devices and merger and acquisitions of parallel companies: Key Trend among Leading Players
The report also provides profiles of leading players operating in the global PAP devices market. ResMed Inc, Fisher & Paykel Healthcare Limited, Philips Healthcare (Philips Group), 3B Medical Inc., Drive DeVilbiss Healthcare LLC., and Lowenstein Medical (Lowenstein Group) are the major players operating in the market offering products with proprietary technologies. Several companies have introduced technologically advanced PAP devices in the market in order to address the unmet needs in the PAP devices market. Key players are expanding their presence in the PAP devices market through acquisitions and collaborations. For instance, in May 2018,
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