Business AwardObstructive sleep apnea device maker SomnoMed Limited was recently recognized and honoured by Frost & Sullivan in their awards for 2015 by receiving Obstructive Sleep Apnea Company of the Year Award.

The award is part of Frost & Sullivan’s “Australia Excellence Awards,” which are presented each year to companies recognized as the best in their class and have delivered excellence in their respective industries, with the selection process based on interviews and primary market analysis conducted by Frost & Sullivan’s industry analyst team.

The annual awards select leading businesses which are predicted to encourage significant growth in their industries, have identified emerging trends before they became the standard in the marketplace and have created advanced technologies that will help transform industries in the near future.

SomnoMed Chief Executive Officer, Dr Peter Neustadt, said: “We are honoured to receive this distinctive recognition from Frost & Sullivan. All of our team in Australia is focused on building a world-class medical device business and providing clinicians and patients with effective, alternative solutions to CPAP to help address the major global medical problem of obstructive sleep apnea. We are all very excited to receive acknowledgement from thought leaders in healthcare for our efforts, especially in Australia where our global head office is based.”

SomnoMed is emerging as a significant participant within the treatment of obstructive sleep apnea on a global basis and continues to make significant progress in 2015/2016. The company’s investment in technology and product development continues, as well as the expansion into new markets in Europe, contracts with new insurers across two continents and a doubling of the company’s manufacturing capacity.

Frost & Sullivan Managing Director, Australia and New Zealand, Mark Dougan, said: “Frost & Sullivan believes it is important to highlight industry best practices and acknowledge those who have accomplished noteworthy achievements. Our awards endeavour to identify and spotlight companies that have delivered excellence in their respective industries, as well as spur companies to continue pushing boundaries and share best practices.”