Market Drivers and Restraints
The sleep apnea devices market size can receive a considerable boost from the rising cases of OSA or obstructive sleep apnea across the globe. The mounting awareness level with regard to the condition, increase in early diagnosis and the surging demand among patients for positive airway pressure devices can also be crucial for market growth in subsequent years. The surge in medical coverage pertaining to sleep apnea devices worldwide could also be a key growth booster in the market over the conjectured period.
Sleep apnea devices market growth is also the outcome of the rapidly expanding geriatric population around the world, since this demography is especially susceptible to these kinds of disorders. Obstructive sleep apnea has emerged as one of the most common disorders among elderly people, with 13% to 32% individuals reported to be aged more than 65 years. World Health Organization or WHO claims that the population aged 60 years and more can touch 2 billion by the year 2050, which could translate to higher cases of sleep apnea and ultimately elevated demand for devices for the same.
It is expected that the sleep apnea devices market would grow at a CAGR of 6.52 % during the forecasted period. Thus, it is likely to reach around USD 7,683.72 Million by the year 2027.We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
The sleep apnea device industry has been reviewed in the MRFR report, while taking into a few key segments, namely type and end-user.
The key types of sleep apnea devices in the global market are therapeutic, diagnostic, Continuous Positive Airway Pressure (CPAP), Positive Airway Pressure (PAP), mask, Mandibular Advancement Device, Oral Appliance, Oximeter, PSG and more.
The industry end-users considered in the MRFR study are home care, hospitals and sleep laboratories. Out of these, the fastest scaling segment can be home care, given the growth in the aging population and the enhanced preference for value-based healthcare among patients.
In the MRFR report, the sleep apnea devices market share has been distributed among certain regions, which include North America, Asia Pacific/APAC along with Europe and RoW/rest of the world.
High awareness levels with regard to sleep apnea, massive patient pool, and the strong presence of well-known manufacturers have catapulted the North America market to the top position. The number of therapeutic tests carried out in the region is notable high as more and more people are now more focused on preventative healthcare and are willing to spend considerably on new and advanced devices. The sharp spike in the number of individuals afflicted with respiratory disorders over the past few years, also adds to the market attractiveness in the region.
MRFR expects the APAC market to progress at the fastest rate, largely owing to the expanding pool of undiagnosed patients and the rising healthcare spending to boost the infrastructure. An increasing number of companies in the region are striving to build strategies to come up advanced yet more cost effective devices to cater to price-sensitive consumers, which has been a major growth enhancer in the region. The escalating number of sleep laboratory facilities to test sleep apnea patients in Singapore, Malaysia and Philippines in conjunction with the increasing knowledge about OSA is also touted to work in the market’s favor.
The most reputed firms active in the sleep apnea device industry are Koninklijke Philips N.V. (Netherlands), ResMed (US), Fisher Paykel Healthcare Limited (New Zealand), Invacare Corporation (US), GE Healthcare (US), BMC Medical Co, Ltd (China), ImThera Medical Inc. (US), Braebon Medical Corporation (Canada), Curative Medical (US), and Cadwell Industries, Inc.(US), to name a few.