The sleep apnea devices market consists of therapeutic devices such as CPAP, APAP, and dental appliance used for treating sleep apnea disorder. Sleep apnea is a serious sleep disorder characterized by pauses in breathing or instances of shallow or infrequent breathing during sleep. It is associated with morbidity and even mortality if left untreated. Growing awareness about the ill effects of untreated sleep apnea is propelling the demand for sleep apnea devices.
The global Sleep Apnea Devices Market is estimated to be valued at US$ 5.8 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing awareness about sleep apnea and its detrimental health impacts has resulted in increased diagnosis and treatment-seeking rate for the condition. As per recent reports, nearly 16 million Americans suffer from moderate to severe forms of sleep apnea. However, over 80% remain undiagnosed. Various initiatives by sleep apnea associations and device manufacturers to spread awareness about early detection and management of the disorder has aided market growth. Continuous positive airway pressure (CPAP) therapy remains the first line treatment for moderate to severe cases but adherence can be challenging. Hence, manufacturers are focusing on developing user-friendly and comfortable devices to improve compliance to therapy and management of the condition in the long-run.
SWOT Analysis
Strength: Sleep apnea devices offer effective treatment solutions for sleep disorders like obstructive sleep apnea. They help improve sleep quality and enhance well-being.
Weakness: High costs associated with sleep apnea diagnostic tests and device therapy can limit adoption. Certain devices can be uncomfortable to use for long hours.
Opportunity: Rising awareness about sleep disorders and their impact on health presents an opportunity for growth. Growing geriatric population prone to such conditions also opens up the market.
Threats: Preference for alternative therapies like lifestyle changes and surgery poses a challenge. Reimbursement issues in some regions can hinder revenue generation.
Key Takeaways
The global Sleep Apnea Devices Market is estimated to be valued at US$ 5.8 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
The global sleep apnea devices market is expected to witness high growth. Regional analysis shows that North America dominates due to growth in diagnosed patient population and strong reimbursement structure. However, Asia Pacific is poised to grow at the fastest pace due to improving access to devices, raising awareness and large undiagnosed patient pool.
Key players operating in the sleep apnea devices market are ResMed, Philips Respironics, Fisher & Paykel Healthcare, and BMC Medical. ResMed dominates the industry with wide offerings across categories like CPAP, APAP and bipap machines. Philips focuses on innovative solutions like DreamStation series for improved patient experience. Fisher & Paykel has made strides in the mask segment while BMC has a strong hold in China. Overall consolidation among players is shaping the competitive landscape.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it