Sleep Apnea Devices Market to Reach Valuation US$ 10.1 BN by 2027

The global sleep apnea devices market is expected to reach valuation of around US$ 10.1 billion by 2027, expanding growth at a CAGR of 7.1% during forecast period 2022 to 2027.

Growth Factors

Sleep apnea is a prevalent type of sleep disorder in which a person has problems breathing during sleep, with breathing stopping and starting repeatedly. The obstructive sleep apnea (OSA) syndrome, complex sleep apnea syndrome, central sleep apnea syndrome are the most common sleep apnea syndromes treated with sleep apnea devices. The use of continuous positive airway pressure to treat obstructive sleep apnea (OSA) is commonly recommended.

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The older population has a significant prevalence of sleep apnea, which is not diagnosed properly due to variables such as lack of knowledge and the disease’s unspecific presentation. Sleep disturbances are projected to become more common as the geriatric population grows as life expectancy increases. Due to this population group is more vulnerable to sleep apnea, the surge in the senior population is projected to drive use of the sleep apnea devices. In addition, as diseases linked with sleep apnea are common in the elderly, the prevalence of sleep apnea is rising in the geriatric population.

Thus, with the rise in the geriatric population, the prevalence of chronic diseases such as metabolic disorders, arthritis, cancer, orthopedics, and respiratory diseases is rising, the older population is more prone to the disorders, so there is a strong relationship between age and the rise in the number of snoring people as it tends to deteriorate with age. As people become more aware of the negative effects of snoring and sleep apnea, the market for sleep apnea devices is projected to expand during the forecast period.

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Report Highlights:

• Based on the product, the therapeutic devices segment dominated the global sleep apnea devices market in 2020 with highest market share. This is attributed to the expanding pool of diagnosed sleep apnea patients, increased acceptance of sleep apnea treatment devices, and improving reimbursement scenarios for sleep apnea devices.
• Based on the end user, the sleep laboratories and hospitals segment dominated the global sleep apnea devices market in 2020 with highest market share. This is due to the rising popularity of home sleep testing among patients and insurance companies.
• North America is the largest segment for sleep apnea devices market in terms of region. This is due to the region’s higher frequency of the disorder and favorable reimbursement rules, both of which have aided in the region’s acceptance of such devices.
• Asia-Pacific region is the fastest growing region in the sleep apnea devices market. This is attributed to the rising demand for sleep apnea devices in the region as well as rising prevalence of sleep apnea in developing countries.

Future of Sleep Apnea Devices Market

Technological innovation is widely regarded as the sleep apnea devices market’s most powerful driving force. Businesses can create safe and effective sleep apnea products by incorporating modern digital technology. Because of the increased focus on creative concepts such as telemedicine and mHealth, businesses now have the potential to incorporate new technology into their sleep apnea solutions. Manufacturers of sleep apnea equipment may be able to focus on these areas and provide better care if they adopt new technologies. Businesses in the sleep apnea devices industry can increase their market share of sleep apnea equipment by implementing appropriate strategic measures, such as partnerships. Thus, all these factors will create lucrative opportunities for the growth of the sleep apnea devices market in the future.

COVID-19 Impact Analysis:

• Due to the unexpected breakout of the COVID-19 pandemic, the market for sleep apnea devices has grown dramatically. Due to the implementation of nationwide lockdowns, businesses encountered operational and logistical issues.
• The enormous flow of COVID-19 patients along with the virus’s negative influence on sleep apnea sufferers, eventually led to an increase in demand for and manufacturing of sleep apnea devices.

Key Developments in the Marketplace:

• ResMed will release the next generation PAP device to treat obstructive sleep apnea (OSA) in October 2021. As a result of rising developments and innovations by key market players, the usage of the sleep apnea devices is likely to rise throughout the forecast period.
• Nyxoah SA, the developer of obstructive sleep apnea (OSA) neurostimulator device, partnered with Vanderbilt University in February 2021 to develop novel neurostimulation options for obstructive sleep apnea (OSA) treatment.
• Cadwell Laboratories released the ApneaTrak home sleep apnea diagnostic gadget in April 2020. This gadget comes in three types to suit the clinical requirements for diagnosing sleep apnea and validating treatment efficacy.

Key Players are:

• Philips Healthcare
• GE Healthcare
• BMC Medical
• Curative Medical
• Weinmann Medical Devices
• CadwellLaboratorie
• Invacare Corporation
• Compumedics
• Teleflex
• CareFusion Corporation
• Natus Medical
• Fisher &Paykel Healthcare
• ResMed
• SOMNOmedics

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