Sleep Apnea Devices Market exhibiting CAGR of 6.1% from 2023 to 2032, owing to the growing prevalence of sleep apnea worldwide | insightSLICE
The market for Sleep Apnea Devices was valued at US$ 3.9 billion in 2021 and is projected to increase at a CAGR of 6.1% from 2023 to 2032.
For millions of Americans, the increase in obstructive sleep disorder continues to be a serious problem. The disorder is becoming more prevalent, as per publications in Nature as well as Science. 11 studies that were conducted between 1993 and 2013 found that the disorder annually affected 17% to 22% of individuals.
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Its effects continue to be a significant burden for people with such conditions and also for healthcare workers, and policymakers.
For instance, the nature and science of sleep journal links sleep deprivation to a number of long-term health effects, such as an increase in accidents, weariness, cardiac and metabolic diseases, and even mental impairments. Additionally, the condition is a significant contributor to the growth in fatalities and lost productivity across the world.
The key players of the Global Sleep Apnea Devices Market are:
Major rivals including Natus Medical Inc., Invacare Corporation, Fisher & Paykel Healthcare, Koninklijke Philips N.V., ResMed Inc., and Teleflex Inc., among others, compete in the global market for sleep apnea devices. To obtain a competitive edge in the market, industry companies are focusing on new launches and increasing their product lines.
Sleep Apnea can affect daily life activity of individuals:
Lethargy, headaches, and loss of memory are a few of the additional prevalent symptoms of the disease. Additionally, the study also shows that patients have difficulty using first-line therapy for the treatment of Sleep Apnea.
Oral appliance therapy as well as upper airway surgery, promise increasing efficacy as a result of larger clinical data, but a lack of understanding and adherence continue to be challenges for therapies like CPAP.
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The market for sleep apnea devices is expected to have significant growth in the near future due to a growing understanding of disorders like Obstructive Sleep Apnea, rising instances of the disorder, and increasing treatment efficacy.
Major causes and preventive treatments:
The Centre for Disease Prevention and Control reports that individuals that sleep for fewer than seven hours a night experience serious health problem, such as obesity, increased smoking prevalence, and lack of exercise.
Additionally, compared to people who slept for less than 7 hours, those who slept for more than 7 hours likewise reported having fewer chronic difficulties.
Even though there may not be a direct causative link, chronic diseases pose a significant threat in developed nations like the US because of rising health expenses and an increasing geriatric population.
Therefore, to treat conditions like OSA, effective, durable healthcare solutions are required. Additionally, the market for sleep apnea devices is expected to rise shortly thanks to the proliferation of technical innovations such as sleeping masks with customizable shapes and sizes.
Factors that may increase adoption and use of Sleep Apnea Devices:
Favorable reimbursement arrangements for OSA have become essential as a result of the growing correlation between OSA and chronic diseases, mishaps, and lost productivity.
Furthermore, when compared to traditional surgeries and other treatments, sleep apnea appliances are still a very affordable therapy option for patients with chronic illnesses.
Additionally, the normalization of sleep apnea testing and its rising acceptability in laboratories continue to be positive growth indicators for companies competing in the sleep apnea devices market. Although patients continue to prefer oral devices, there is hope for the future because of greater patient awareness of other treatment options.
Global Sleep Apnea Devices Market Key Segments:
By Type
- Therapeutic Devices
- Diagnostic Devices
By End User
- Sleep Laboratories and Hospitals
- Home Care Settings/Individuals
By Geography:
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
The leading market segments of Global Sleep Apnea Devices Market
By 2030, the diagnostics market share is expected to surpass USD 4.5 billion, up from a sizeable market share in 2021.
The sleep apnea device market is divided into two categories based on end-users into home care settings, individual care, sleep laboratory & hospitals.
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Through 2030, the sleep laboratories and hospitals market is anticipated to expand gradually at a CAGR of over 7%, driven mostly by patients’ increasing preference for these facilities’ effective and reasonably priced treatment of sleep disorders.
Regional performance of Sleep Apnea Devices Market
According to studies from around the world, there may be over 900 million people who have sleep apnea. Additionally, the data is predicted to be ten times more significant than the previously published study.
Additionally, it’s estimated that nearly 22 million Americans and about 2 million adults in the UK suffer from severe cases of sleep apnea. Important products will also increase as a result of a number of variables, including the presence of well-known manufacturers and a rise in consumer awareness of earlier detection, among others.
Additionally, rising rates of sleep apnea as well as other sleep problems in the region are predicted to accelerate market growth.
A potentially significant boost for diagnosis and subsequent treatment exists in high-population nations like China and India where the diagnosis rate is still less than 1%. The market for sleep apnea devices will probably experience a significant increase as a result of growing efficacy and awareness in the Asia-Pacific market.
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