Sleep Apnea Devices Market Size & Share to Surpass USD 20 Billion by 2035 | Roots Analysis

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Jan 17, 2024, 11:30 ET

LONDON, Jan. 17, 2024 /PRNewswire/ -- According to the recently published report by Roots Analysis, the increasing prevalence of sleep apnea and insufficient treatment options is driving the market.

Sleep Apnea Industry Overview

The global sleep apnea devices market is growing rapidly; it is estimated to be worth USD 13.5 billion in 2023 and is anticipated to reach over USD 20 billion by 2035. It is expected to grow at a compounded annual growth rate (CAGR) of 4.61% during the forecast period from 2023 to 2035.

Sleep Apnea is an underrecognized disorder that affects millions of people worldwide. It is characterized by frequent breathing interruptions during sleep. It occurs when the passage of the pharynx (upper airway) collapses or stops receiving signals from the brain, causing a brief pause in breathing. These breathing pauses last from a few seconds to a few minutes and occur several times a night, disrupting the natural sleep cycle and preventing a person from achieving restful sleep. This clinical disease affects people of all ages and backgrounds, but is often undiagnosed or overlooked, affecting a person's quality of life and well-being. Sleep apnea can be broadly classified into three types: obstructive sleep apnea (OSA), central sleep apnea (CSA), and complex sleep apnea, also known as posterior sleep apnea.

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Sleep Apnea Devices Market Report Scope:

Report Coverage	Details
Market Revenue in 2023	USD 13.5 billion
Estimated value by 2035	USD 20 billion
Growth rate	CAGR of 4.61%
Forecast Period	2023 to 2035
Segments Covered	Product Type, Type of Diagnostic Device, Type of Therapeutic Device, Route of Administration
Geographies Covered	North America, Europe, Asia-Pacific and Rest of the World
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, Drivers, Restraints and Trends

Market Drivers

There are several factors contributing to the growth of the sleep apnea devices market. Sleep disorders have increased in recent years due to rise in obesity, aging population and changes in lifestyles, which has led to an increased need for versatile, efficient and technologically advanced devices. In marketed devices, oral devices has emerged as a prominent replacement for conventional positive airway pressure devices. These devices have many advantages over other devices, including portability, minimal side effects, cost-effectiveness, and ease of adaptation. Due to high growth in patient population and demand for patient centric devices, the market for sleep apnea devices is expected to grow in the near future.

Market Restraints

While the sleep apnea devices market is experiencing significant growth, it is also filled with several challenges. One of the major restraints is the high cost of devices available to treat sleep apnea, which limits access to these devices, especially for patients without medical insurance or living in underdeveloped regions. This impacts both individuals and healthcare systems by causing delays and straining healthcare budgets. These cost-related barriers exacerbate healthcare disparities and prevent equal access to the benefits of treatment options.

Growth Factors

Despite these challenges, there are several growth factors that are contributing to the growth of the sleep apnea devices market. An important factor is the continuous technological advancements involving the use of artificial intelligence and machine learning to develop innovative tools to diagnose and treat sleep apnea. Given the increasing pace of innovation and research related activities, the sleep apnea devices market is anticipated to witness a substantial growth in the foreseen future.

Recent Developments in the Sleep Apnea Devices Market

Several recent developments and activities that have taken place in the sleep apnea devices market include:

In August 2023, Fisher Paykel signed a product / technology integration agreement with VGM & Associate, a US based hospital. Under the terms of the agreement, Fisher Paykel announced its plans to use myAirvo line of product to support VGM members suffering with chronic obstructive pulmonary disease.
In June 2023, the US-based Inspire Medical Systems received an expanded FDA approval for its neurostimulation technology based medical device, which is an alternative of conventional CPAP device used for sleep apnea treatment. This expanded approval is expected to enable the company to offer its device to wider range of patients with severe obstructive sleep apnea.

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Based on the type of product, the market is segmented into sleep apnea medical devices and drug therapies.

Based on the type of product, the market is led by sleep apnea medical devices, capturing 85% of the overall market share in 2024.
In the long run, oral devices will likely grow at a higher CAGR of over 25% during the forecast period.

Based on the type of diagnostic device, the market is segmented into Polysomnography Devices and Home Sleep Apnea Testing Devices.

Based on the type of diagnostic device, the market is led by home sleep testing diagnostic devices, capturing 85% of the overall market share in 2024.
This can be attributed to the fact that the scalability of home sleep apnea testing accelerates extensive population screening, aiding in early detection. This trend is likely to remain same in the coming years as widespread adoption of these devices indicates a transformative shift in sleep apnea diagnosis.

Based on the type of therapeutic device, the market is segmented into PAP Devices, Oral Devices and Implanted Devices.

Based on the type of therapeutic device, PAP devices are dominating the market and are estimated to hold a significant share (more than 65%) in 2023.
In the long run, oral devices will likely grow at a higher CAGR of over 12% during the forecast period.

Based on the type of PAP devices, the market is segmented into CPAP Devices, BiPAP Devices APAP Devices and Other Devices.

Based on the type of PAP device, the market is led by CPAP devices, capturing 65% of the overall market share in 2024.
APAP devices are likely to grow at a higher compounded annual growth rate (CAGR) of over 4% during the forecast period.

Based on the key geographical region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.

North America is dominating the sleep apnea devices market, capturing close to 65% of the overall revenue share in 2024.
In Asia-Pacific, the sleep apnea market experienced steady growth and is anticipated to expand at a higher CAGR of 9.2% during the forecast period.

Key Companies Profiled

Examples of the key companies engaged in the sleep apnea devices market (which have also been profiled in the market report; the complete list of the companies is also included in the full report) include:

Acurable
Advanced Brain Monitoring
Airway Management
Apnimed
Bayer
Belun Technology
BRAEBON Medical
Cadwell
Desitin Pharma
Drive DeVilbiss Healthcare
Eli Lilly and Company
Hunan VentMed Medical Technology
Incannex Healthcare
Löwenstein Medical
Nihon Kohden
Nox Medical
Oventus Medical
Philips
React Health
ResMed
SciSparc
Sibelmed
Somnetics International inc
SomnoMed
Sunrise
Topson Medical
Vyaire Medical
Wellue
Whole You
ZOLL Itamar

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Key Benefits of Buying this Report

The report offers market leaders and newcomers valuable insights into revenue estimations for the overall market and its sub-segments.
Stakeholders can utilize the report to enhance their understanding of the competitive landscape, allowing for improved business positioning and more effective go-to-market strategies.
The report provides stakeholders with a pulse on the sleep apnea devices market, furnishing them with essential information on significant market drivers, barriers, opportunities, and challenges.

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