The sleep apnea devices market is growing with the rising incidence of obstructive sleep apnea (OSA) and its co-morbidities, increasing usage of portable devices, strong government support for start-ups, expanding network of healthcare centers, and booming population of the elderly. As a result, market players could earn a combined $6.8 billion in 2023, compared to $4.4 billion in 2017, with the revenue surging at a 7.7% CAGR during 2018–2023 (forecast period). In sleep apnea, breathing is repeatedly hindered, which leads to many tell-tale signs, most commonly snoring.
On the basis of product, the sleep apnea devices market is bifurcated into therapeutic and diagnostic products. Therapeutic products include positive air pressure (PAP) devices, which are themselves of three types; facial interfaces, adaptive servo-ventilators (ASP), and oral appliances. Similarly, diagnostic devices include respiratory polygraphs, polysomnography devices, pulse oximeters, sleep screening devices, actigraphy devices, and home sleep testing devices. Of the two main types of products, therapeutic ones held the larger share during 2013–2017 (historical period), and they will also witness the faster growth in adoption till 2023.
One of the major factors boosting the sleep apnea devices market advance is the rising number of cases of OSA and its co-morbidities. More than 18 million adults have apnea in the U.S., and around 3% of all have OSA, says the National Sleep Foundation. Additionally, almost 20% of the children who snore habitually are reported to have OSA. Though not an immediate threat in the younger ages, it significantly increases the risk of atrial fibrillation, high blood pressure, and congestive heart failure after a certain age.
In 2017, the sleep apnea devices market was dominated by North America because of the rising number of research and development (R&D) initiatives to diagnose and treat the disease, the incidence of which continues to increase. In addition, several public and private companies are pouring millions into this cause, so that people can get better sleep. For instance, 5,000 continuous positive air pressure (CPAP) devices were provided by the American Sleep Apnea Association (ASAA) to patients across the U.S. in July 2017.
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This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings