The global sleep apnea implants market is anticipated to expand at an impressive 17.3% CAGR through the forecast year 2021-2031, finds Future Market Insights (FMI) in its new study.
Obstructive sleep apnea (OSA) is a severe sleep disorder that increases the risk of fatal accidents. The need for technologically advanced sleep apnea implants and innovations in the same will be prevalent, enabling growth in the market in the coming years.
According to a medical journal published in the US National Library of Medicine – National Institutes of Health, 30% of the population suffers from sleep-related disorders worldwide. Such disorders are more prevalent in working professionals and older adults.
Various sleep-related problems such as insomnia, jet lag narcolepsy and sleep walking remain undiagnosed. Government and non-government institutions across the globe are conducting awareness programs to educate the masses about the importance of sleep and usage of sleep apnea devices.
For instance, the National Sleep Foundation celebrated Sleep Awareness Week in March 2020, with the theme “My Sleep Health”. Such efforts will propel the demand for sleep apnea devices, providing lucrative opportunities for players in the market.
The COVID-19 pandemic has disrupted medical practices globally, resulting in delays in sleep apnea therapy procedures and screening of patients for treatment eligibility. Nonetheless, with increasing number of cases, the market will witness steady growth post-pandemic, finds the ESOMAR-certified firm FMI in this study.
“Increasing focus on spreading awareness on sleep-related disorders, importance of sleep, and rising investments in research & development in the sector will assist the market growth in near future,” remarks the FMI analyst.
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Key Takeaways:
- As per the study by FMI, the OSA segment is expected to dominate the market, accounting for 90% of the market share during the forecast period.
- Hypoglossal neurostimulation devices will witness a surge in demand in the sleep apnea implants market.
- The hospital segment will experience a higher footfall of sleep apnea patients, emerging as a dominant end user.
- Growth prospects seem bright in the U.S. due to the high prevalence of sleep disorders and conscious efforts made by the government to educate people about sleep-related disorders.
- Private health insurance, favorable regulatory scenarios, and conducive reimbursements are attracting growth opportunities in Germany.
- Increasing affordability of healthcare services and prevalent cases of sleep-related disorders will make China a lucrative market.
Prominent Drivers:
- Government guidelines regarding prescription reformation will potentially attract end-users, boosting the demand for sleep apnea implants.
- Implementation of programs based on sleep awareness will generate the demand for technologically advanced sleep apnea implants, thereby fueling the growth of the market.
- Rising popularity of sleep apnea devices such as wearables will provide growth opportunities to players operating in the sector.
Key restraints
- High product costs can negatively impact the sales in the market.
- Expenditure involved in technological advancement of the products will hamper the market growth.
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Competitive Landscape
Prominent players operating in the sleep apnea implants market are aiming for higher investments to expand their offerings across the globe. Additionally, players are also focusing on acquisitions and collaborations to expand their product portfolio. For instance:
- In April 2021, Zoll Medical Corporation, a subsidiary of Asahi Kasei Company, acquired Resipicardia, Inc., to combine its cardiac and respiratory care expertise.
- In March 2021, Inspire Medical Systems, Inc. received FDA approval for their improved surgical implant procedure for Inspire Airway Therapy for OSA. The new procedure reduced average procedure time for Inspire therapy by approximately 20%.
Leading Players Profiled by FMI in the Sleep Apnea Implants Market include:
- Inspire Medical Systems
- Respicardia, Inc.
- Medtronic Plc
- LinguaFlex LLC
- Siesta Medical, Inc.
- Pillar Palatal LLC/ The Snoring Center
- Nyxoah SA
- LivaNova/ImThera
More Insights on FMI’s Sleep Apnea Implants Market
The latest market study on global sleep apnea implants market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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Product
- Phrenic Nerve Stimulator
- Hypoglossal Neurostimulation Devices
- Bone Screw Implant System
- Flexible Tongue Retractor System
- Palatal Implants/Pillar Procedure
Indication
- Central Sleep Apnea
- Obstructive Sleep Apnea (OSA)
End User
- Hospitals
- Ambulatory Surgical Centers
- Office Based Clinics
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East and Africa (MEA)
- Oceania
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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