The Global Sleep Apnea Devices Industry is poised for substantial growth, projected to maintain a steady Compound Annual Growth Rate (CAGR) of 9.5% throughout the forecast period. In 2023, the market has already secured a substantial share of US$ 8.2 billion and is forecasted to exceed a remarkable value of US$ 20.4 billion by 2033. Furthermore, by 2032, the market is anticipated to reach US$ 14.94 billion.
Sleep disorders are becoming a growing concern globally, and this is fueling the steady expansion of the Sleep Apnea Devices Industry. The market is expected to exhibit a CAGR of 7.8% from 2022 to 2032, driven by the increasing prevalence of sleep apnea and related co-morbidities, as well as the growing awareness of sleep disorders.
One of the key catalysts for this market’s growth is technological advancement. Ongoing improvements in oral appliances, oxygen devices, and actigraphy systems have significantly enhanced the efficacy and success rate of sleep disorder treatments. To capitalize on these opportunities, key players in the Sleep Apnea Devices Industry are dedicating their efforts to research and development to introduce innovative technologies.
The European region is predicted to experience the most substantial CAGR in the market for sleep apnea devices through 2032. This geographical focus underscores the global impact of sleep-related issues and the importance of addressing them effectively.
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Newly released lightweight, portable sleep apnea solutions are integrated with pressure compensating sensors that can correct for altitude-related reductions in atmospheric pressure, enhancing their acceptance. Sleep apnea devices are becoming increasingly popular since they provide patients with more options and freedom. Thus, the adoption of technology-enabled sleep apnea devices for both diagnostic and therapeutic reasons in various sleep disorders is expected to skyrocket in the future years.
One of the key challenges impeding the adoption of sleep apnea devices is a lack of commitment to sleep apnea therapy. Positive airway pressure sleep apnea devices are highly recommended for treating a variety of sleep disorders. Despite their great effectiveness, these devices’ action efficacy is limited in certain circumstances due to the fact that they require correct and frequent usage as well as ongoing medical monitoring.
In the medium term, this lack of adherence will be a key impediment to the expansion of the sleep apnea equipment market. However, in the long run, it will have little influence because sleep apnea devices manufacturers are focusing on making their sleep apnea devices more technologically sophisticated and lowering the difficulties associated with their adherence to sleep apnea therapy.
The increased incidence of sleep disorders and related co-morbidities is predicted to considerably enhance sleep apnea devices Industry revenue.
The rapidly rising senior population suffering from sleep apnea and related health concerns have accelerated the need for sleep disorders diagnosis and treatment, which has favourably impacted the sleep apnea devices market revenue.
Key Takeaways:
- By type, therapeutic devices account for the majority of the market for sleep apnea devices owing to the increasing adoption of sleep apnea therapeutic devices and improving reimbursement scenarios for these devices.
- By end use, the home care settings segment is expected to grow at the fastest CAGR due to increasing patient and insurance company preference for home sleep testing, as well as a favourable reimbursement scenario for home sleep testing.
- Due to the rising prevalence of elderly people with chronic diseases such as diabetes and obesity, the geriatric segment is expected to dominate the sleep apnea devices market, thereby spiking the sales of sleep apnea devices.
- The direct tender segment is expected to dominate the global sleep apnea devices Industry since it provides high-quality and easily accessible sleep apnea devices to hospitals, diagnostic centers, ambulatory care centers, and specialty care centers.
- During the forecast period, Asia Pacific is expected to advance at a rapid pace and experience huge demand for sleep apnea devices on account rising elderly population and an increase in the prevalence of lifestyle illnesses.
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“North America is projected to be at the forefront of the sleep apnea devices Industry due to the prevalence of expanding technological advancement in the region and major market players. On account of rising healthcare costs and well-established healthcare infrastructure, the obstructive sleep apnea syndrome segment in the United States of North America is expected to hold a large sleep apnea devices Industry share.” says an FMI analyst.
Competitive Landscape:
The major sleep apnea devices Industry companies providing sleep apnea devices are ResMed, Itamar Medical Ltd., Natus Medical Incorporated, CONTEC MEDICAL SYSTEMS CO., LTD, Koninklijke Philips N.V., BMC Medical Co., Ltd., SomnoMed, Medicom MTD Ltd, Somnowell, Fisher & Paykel Healthcare Limited Compumedics Limited.
Companies around the world, which is accelerating the sleep apnea devices Industry opportunities, are also initiating many product launches and agreements.
Collaboration, award and recognition, business expansion, and joint ventures are enhancing the company market in the sleep apnea devices market, which also augurs well for the sleep apnea devices Industry future trends.
Some of the recent developments in the sleep apnea devices Industry are:
- Cleveland Medical Devices Inc. has announced that the company’s SleepView Direct service has been recognized in an article published in Sleep Review Magazine. This improved the company’s product’s ability to reach a large number of customers worldwide.
- Oventus Medical has entered into a partnership agreement with Aeroflow Healthcare to bring Oventus’ obstructive sleep apnea (OSA) treatment solutions, including O2Vent Optima, directly to consumers in the United States through sleep clinics.
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Key Segment:
By Product
- Therapeutics
- Airway Clearance Systems
- Adaptive Servo-ventilation (ASV)
- Positive Airway Pressure (PAP) Device
- Oral Appliances
- Oxygen Devices
- Others
- Diagnostics
- Actigraphy Systems
- Polysomnography (PSG) Device
- Respiratory Polygraph
- Sleep Screening Devices
By End User
- Home Care Settings & Individuals
- Sleep Laboratories & Hospitals
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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