Sleep apnea devices are medical devices used for the treatment of sleep apnea, a potentially serious sleep disorder in which breathing repeatedly stops and starts during sleep. The major types of sleep apnea devices available in the market are positive airway pressure (PAP) therapy devices, oxygen equipment, oral appliances, and surgical treatments. Positive airway pressure therapy devices offer effective treatment through continuous positive airway pressure (CPAP) or bilevel positive airway pressure (BiPAP) machines. Oral appliances are mouthpieces that move the lower jaw or tongue forward to open the airway.
The global sleep apnea devices market is estimated to be valued at US$ 5.8 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the global sleep apnea devices market is primarily driven by the increasing diagnosis of obstructive sleep apnea (OSA), which has been referred from the heading. OSA occurs due to the relaxation of throat muscles during sleep and blockage of airflow to the lungs. It is estimated that over 26% of adult population suffers from mild to severe OSA. However, majority go undiagnosed. A rise in awareness regarding the symptoms and risks associated with untreated sleep apnea among the general population has led to an increase in diagnosis rates. Moreover, various awareness initiatives by health organizations and governments worldwide regarding sleep disorders is also expected to contribute to the growth of the market over the forecast period.
Segment Analysis
The global sleep apnea devices market is dominated by the CPAP devices segment. The rising cases of obstructive sleep apnea (OSA) across the globe has contributed to high demand for continuous positive airway pressure (CPAP) devices over the years. CPAP devices function by maintaining a steady stream of air pressure in the throat to prevent the airway from collapsing during sleep. Its non-invasive nature and high efficacy in treating OSA makes it the most prescribed choice by physicians worldwide.
PEST Analysis
Political: The sleep apnea devices market is positively impacted by favorable health reimbursement policies for CPAP devices in developed countries. However, policy changes affecting medical device imports could impact market dynamics.
Economic: With rising incomes and growing health awareness, more patients are opting for diagnoses and treatment of sleep disorders. This augurs well for industry players. However, high device costs pose affordability challenges in developing nations.
Social: Growing participation in individual sports and changing lifestyle patterns have increased obesity rates and the associated risk for sleep apnea globally. This has boosted the demand for screening and management solutions.
Technological: Leading players are focusing on introducing innovative products embedded with advanced sensors and connectivity features. Integration of technologies like AI and machine learning is allowing for real-time monitoring and personalized therapy enhancements.
Key Takeaways
The global sleep apnea devices market is expected to witness high growth over the forecast period of 2023 to 2030, supported by increasing awareness of sleep disorders, rising healthcare expenditure and favorable reimbursement policies in many countries. The global Sleep Apnea Devices Market is estimated to be valued at US$ 5.8 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030
Regional analysis: North America currently holds the largest share of the global market owing to availability of advanced products, presence of key industry players and high adoption of diagnostic and therapeutic devices. Asia Pacific is anticipated to exhibit the fastest growth rate over the coming years given improving access to care and rising medical tourism in the region.
Key players: Key players operating in the sleep apnea devices market are ResMed, Philips Respironics, Fisher & Paykel Healthcare, and BMC Medical. ResMed dominates the CPAP devices segment with its innovative machines incorporated with humidifiers, masks, and cloud-based monitoring capabilities. Philips Respironics is a leader in the ventilators and therapeutic pulmonary care space.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.