New York, Feb. 05, 2024 (GLOBE NEWSWIRE) -- According to Market.us, the Global Sleep Apnea Device market size is forecasted to exceed USD 17.4 Billion by 2033, with a promising CAGR of 7.2% from 2024 to 2033.
Sleep apnea devices are equipment designed to assist users in maintaining open airways during sleep. These machines utilize gentle air pressure to facilitate breathing while asleep. Typically recommended by healthcare professionals, sleep apnea devices are prescribed to individuals experiencing sleep-related breathing disorders, specifically addressing conditions such as obstructive sleep apnea and central sleep apnea. These devices play a crucial role in the treatment of various forms of sleep apnea by ensuring proper airflow and respiratory support during the sleep cycle.
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Key Takeaway
- Based on device type, the market is bifurcated into therapeutic devices and diagnostic devices. Among these, therapeutic devices emerged as the dominant segment in 2023.
- As far as end-use is considered, the market shows distinct 2 segments, namely – sleep laboratories & hospitals, and home care settings. The sleep laboratories and hospitals segment was the leading segment in the market with a market share of 62.1%.
- North America remained the top contributor to the market and achieved a substantial market share of 49.2%.
Factors Affecting the Growth of the Sleep Apnea Device Market
- Increasing awareness about the dangers associated with sleep apnea has effectively boosted market growth in 2023.
- The prices of sleep apnea devices remain expansive, which hinders the growth of the market.
- There has been increasing research and development activities, which have propelled the process of market expansion for sleep apnea devices.
- With the increasing popularity and adoption of sleep apnea devices, the growth of the sleep apnea devices market is accelerated.
Top Trends in the Global Sleep Apnea Device Market
- The growth of the sleep apnea devices market is being propelled by the evolving preferences of patients, who are increasingly favoring technologically advanced devices over traditional options. Notably, many patients are opting for mandibular advancement devices (MAD) as their preferred choice for treating obstructive sleep apnea, moving away from continuous positive airway pressure (CPAP).
- This shift in patient preferences is attributed to the discomfort and complications associated with continuous positive airway pressure. The adoption of CPAP has witnessed a notable decline in recent years, primarily due to the introduction of alternatives like oral appliances. These factors collectively contribute to a positive impact on the global sleep apnea devices market, anticipating favorable trends over the forecast period.
Market Growth
The sleep apnea devices market is witnessing substantial growth driven by factors such as rising awareness of sleep apnea disorders globally and evolving patient preferences towards technologically advanced devices. The shift from traditional sleep apnea devices to innovative solutions, particularly mandibular advancement devices (MAD), over continuous positive airway pressure (CPAP), has further fueled market expansion. While the high cost of sleep apnea treatments poses a challenge, ongoing research and development activities by key players aim to create opportunities by enhancing the efficiency of devices and reducing the need for constant monitoring.
Geographically, North America dominates the market, benefiting from a developed healthcare infrastructure, while the Asia Pacific region is anticipated to experience significant growth due to a growing geriatric population and an increasing number of patients with respiratory disorders. The market's dynamic landscape is characterized by strategic initiatives, such as acquisitions and partnerships, as companies strive to strengthen their positions and tap into emerging markets.
Macroeconomic Factors
Several macroeconomic factors significantly influence the sleep apnea devices market. Global healthcare spending trends play a crucial role, as increased expenditure on healthcare services positively impacts the adoption of advanced medical devices, including those addressing sleep apnea. Economic stability and income levels are critical determinants, as higher disposable incomes enable greater access to expensive sleep apnea treatments and devices. Additionally, demographic shifts, such as an aging population, contribute to the market's growth, given the higher prevalence of sleep apnea in older individuals.
Government healthcare policies and regulations also shape the market landscape, affecting factors like reimbursement policies and overall market accessibility. Finally, technological advancements and research funding drive innovation, influencing the development of more effective and user-friendly sleep apnea devices. The interplay of these macroeconomic factors creates a dynamic environment, impacting the overall trajectory of the sleep apnea devices market.
Regional Analysis
North America stands as the dominant force in the global sleep apnea devices market, commanding a substantial revenue share of 49.2%. This robust growth in the North American region can be attributed to its well-established healthcare infrastructure. Countries such as the United States and Canada host numerous key companies in the sleep apnea devices market, benefiting from advanced healthcare structures prevalent in the region.
Following North America, the Asia Pacific region is poised for significant growth, expected to exhibit a notable Compound Annual Growth Rate (CAGR) during the forecast period. The expansion in the Asia Pacific market is propelled by factors such as the increasing geriatric population and a rising prevalence of individuals with respiratory disorders. These dynamics contribute to the growth of the sleep apnea devices market in the Asia Pacific region.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 8.7 Billion |
| Forecast Revenue 2033 | USD 17.4 Billion |
| CAGR (2024 to 2033) | 7.2% |
| North America Revenue Share | 49.2% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Market Drivers
The global expansion of the sleep apnea devices market is primarily driven by the increasing recognition of sleep apnea disorders, such as obstructive sleep apnea, among individuals worldwide. A significant number of people remain uninformed about sleep apnea disorders globally. To address this, numerous governmental and non-governmental organizations are actively undertaking diverse initiatives to enhance awareness regarding sleep apnea disorders.
Market Restraints
The increasing awareness of sleep apnea is prompting many individuals to embrace sleep apnea devices. Nevertheless, the elevated costs associated with sleep apnea treatments and devices are a significant impediment, limiting a considerable portion of the population from adopting these devices. CPAP (Continuous Positive Airway Pressure) and PSG (Polysomnography) are the most favored sleep apnea devices, particularly for conditions like obstructive sleep apnea.
Market Opportunities
The market is anticipated to witness numerous opportunities in the forecast period due to a surge in research and development efforts by key players. Significant investments are being made by key players in the global sleep apnea devices market to enhance the efficiency of these devices, aiming to eliminate the necessity for continuous monitoring by professionals. Currently, sleep apnea devices necessitate ongoing medical supervision and regular use to achieve the desired effects. The ongoing research and development activities are expected to pave the way for advancements that may reduce the need for constant monitoring, thereby enhancing the overall usability and effectiveness of sleep apnea devices.
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Report Segmentation of the Sleep Apnea Device Market
Device Type Insight
The global sleep apnea market is categorized based on device type into therapeutic devices and diagnostic devices. Further subtypes include nasal devices, oral devices, positive airway pressure (PAP) devices, and chin straps under therapeutic devices. Diagnostic devices, on the other hand, are subdivided into respiratory polygraphs, polysomnography (PSG) devices, actigraphs, and pulse oximeters. Among sleep apnea devices, therapeutic devices remained the dominant category, commanding a substantial revenue share of 77.6% within the global market segment.
This dominance can be attributed to the increasing awareness surrounding obstructive sleep apnea (OSA), which propels the demand for therapeutic solutions. The growth of therapeutic devices is further accelerated by proactive government initiatives and continuous advancements in sleep apnea devices.
End-Use Insight
The global sleep apnea market is categorized based on end-users into sleep laboratories & hospitals and home care settings. Among these end-users, sleep laboratories & hospitals emerged as the leading segment in 2023, capturing the revenue share amounting to 62.1%. This signifies that sleep laboratories and hospitals play a predominant role in the utilization of sleep apnea-related products and services within the market.
Recent Development of the Sleep Apnea Device Market
- In September 2023, ResMed acquired Propeller Health for $225 million, strengthening its position in the digital health market and enhancing connectivity for sleep apnea patients.
- In October 2023, Fisher & Paykel Healthcare Corporation Limited has introduced the F&P Solo mask, aiming to revolutionize the treatment of obstructive sleep apnea (OSA). As a company specializing in respiratory care products, this innovation underscores their commitment to advancing solutions for individuals with sleep-related breathing disorders.
- In October 2023, the FDA has requested additional testing in relation to the recall of specific Philips Respironics ventilators, bilevel positive airway pressure (BiPAP) machines, and continuous positive airway pressure (CPAP) machines.
- In August 2023, Invacare partnered with Olive Healthcare to provide remote sleep apnea testing, making diagnosis more accessible and convenient for patients.
- In June 2023, Philips Respironics recalled certain DreamStation devices nationwide due to foam degradation issues, potentially releasing harmful particles into the airpath.
Market Segmentation
By Device Type
- Therapeutic Devices
-
- Nasal Devices
- Oral Devices
- Positive Airway Pressure (PAP) Devices
- Chin Straps
- Diagnostic Devices
-
- Respiratory Polygraphs
- Polysomnography (PSG) Device
- Actigraphs
- Pulse Oximeters
By End-User
- Sleep Laboratories & Hospitals
- Home Care Settings
By Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Competitive Landscape
The global sleep apnea devices market encompasses numerous companies providing these products. Key players in the market are directing their efforts towards the development of novel and innovative products to enhance and expand their market share. Many prominent companies are actively engaging in strategic business approaches, including acquisitions, mergers, collaborations, and partnerships. These initiatives are designed to extend their market presence into new regions, fortify their positions in the market, and foster growth. This dynamic landscape reflects the competitive nature of the sleep apnea devices market and the ongoing efforts of key companies to stay at the forefront of innovation and market expansion.
Market Key Players
- Phillips Respironics
- Fisher & Paykel Healthcare Limited
- ResMed
- Invacare Corporation
- Somnetics International, Inc.
- BMC Medical Co. Ltd.
- Natus Medical Incorporated
- Compumedics Limited
- Itamar Medical Ltd.
- Nihon Kohden Corporation
- G.E. Healthcare
- Other Key Players
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