WILMINGTON, DE / ACCESSWIRE / December 20, 2022 / Transparency Market Research Inc. - According to a study conducted by Transparency Market Research, the global positive airway pressure devices market is expected to grow at a CAGR of 7.8% during the forecast period between 2019 and 2027.
Lifestyle of the working population has gradually changed in the last decade. This has led to a rise in occurrence of disorders such as sleep apnea, which has increased the demand for positive airway pressure devices market.
By launching new products, prominent market players are looking to generate new revenue streams and gain an edge over other players. For example, ResMed Inc., in August 2021, announced the launched of a new positive airway pressure devices designed to help population diagnosed with sleep apnea in the U.S. Furthermore, leading players are collaborating with other players to expand their market presence.
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Key Findings of Market Study
Increase in Prevalence of Sleep Apnea Propels Global Market Growth: Based on application, the overall market has been divided into sleep apnea and chronic obstructive pulmonary disease. Sleep apnea emerged as the most dominant application segment in 2018 and is anticipated to account for a key market share during the forecast period. Rise in the population diagnosed with sleep apnea, especially in developed countries, emerged as the key factor driving growth in 2018.
Rise in Demand for BiPAP Products Likely to Boost Market Growth During Forecast Period: Based on product, the global market is classified into CPAP, BiPAP, and APAP. The BiPAP product segment is expected to account for a key market share during the forecast period. BiPAP is emerging as an effective treatment method for population sections suffering from central sleep apnea and is likely to emerge as the most recommended option over CPAP and APAP products by sleep specialists, thereby helping the growth of the segment and also augmenting the positive airway pressure devices industry growth.
Positive Airway Pressure Devices Market-Key Drivers
Increase in the number of sleep centers and sleep labs worldwide is driving growth in the overall positive airway pressure devices market
Rise in product demand to manage patients suffering from chronic obstructive pulmonary diseases is helping in market development
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Positive Airway Pressure Devices Market-Regional Insights
North America held a key market share in 2018. Early adoption of positive airway pressure devices to effectively manage sleep apnea and supportive government policies in countries such as the U.S. and Canada helped market growth in the region in 2018
Asia Pacific is expected to witness significant growth during the forecast period because of the rise in geriatric population in both developed and developing economies such as China and India, triggering the demand for positive airway pressure devices
Positive Airway Pressure Devices Market-Key Players
The global positive airway pressure devices market has very few players, and the competition is not intense. New players entering the market are likely to intensify the competition during the forecast period.
Leading market players are investing in research and development activities to develop improved positive airway pressure devices. This would improve outcomes and ensure improved reliability, thereby boosting market demand.
Some of the key players in the market include Fisher & Paykel Healthcare Ltd., Drive DeVilbiss Healthcare LLC, Philips Healthcare, Lowenstein Medical, and ResMed Inc.
The global positive airway pressure devices market is segmented based on:
Product Application End-use
Hospitals & Sleep Labs
Home Care Settings
Middle East & Africa
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