It is expected that the sleep apnea devices market would grow at a CAGR of 6.52% to reach around USD 7,683.72 Million during the forecast period 2020-2027. Sleep Apnea refers to a sleeping disorder where an unusual breathing pattern is demonstrated in an individual while sleeping. The lack of oxygen supply can cause unhealthy disruptions for the human body. The disease can be proved fatal if not treated.
There have been emerging cases of the same due to the unhealthy life pattern followed by a large population. A number of people go undiagnosed, which creates opportunities for many casualties. The current awareness of the people regarding the same has driven the sleep apnea devices market. There has been increasing consumption of oral appliances and other equipment to deal with the same. This has been pushing the sleep apnea devices market and driving the market to a certain extent. The market has been flooding with companies that are ready to invest in the Sleep Apnea Device Market. However, the market has been restrained by certain factors. The machines and equipment are not cost-effective as a result of which, the majority of the firms back themselves from taking up the installation activities.
Covid 19 analysis
The Covid 19 pandemic has altered the landscape of the sleep apnea devices market. It has created opportunities for businesses to rely on technology and innovation to address the sleep apnea health issue. To adapt to the evolving business landscape, several companies have started integrating new kinds of digital elements into their strategy. Innovative sleep apnea devices have enabled customers to treat their sleep apnea by choosing different treatment solutions.
Various elements exist in the sleep apnea devices market that increases its overall growth potential. Technological advancement is considered to be the dominant driving force that exists in the market. By integrating new digital technologies, businesses can devise safe sleep apnea devices that are both safe and effective. Another major driving force is the prevalence of sleep apnea condition at the global level. According to the thorough sleep apnea devices industry analysis, these factors could drive the market performance during the forecasted period.
Several challenges exist at the global level that could restrict the sleep apnea devices market value during the forecasted period. One of the main challenges that diminish the industry attractiveness is the poor level of awareness relating to innovative sleep apnea devices. It could directly affect its demand and market performance. Another major challenge in developing markets is the lack of insurance coverage to cover the cost of innovative sleep apnea devices such as CPAP machines.
Several opportunities exist in the market that the key business players could exploit. Due to the increasing focus on innovative concepts such as telehealth and mHealth, there is an opportunity for businesses to integrate new technologies while designing their sleep apnea solutions. Some of the major sleep apnea devices market trends that have been identified in the market revolve around patient safety and treatment comfort. Adopting new technology in the sleep apnea devices industry could enable manufacturers to focus on these aspects and deliver better quality care.
Organizations operating in the sleep apnea devices market could encounter several restraints and obstacles that could limit their ability to exploit the market opportunities. One of the major restraints relates to the high cost associated with CPAP machines. The lack of proper financial backing acts as a major bottleneck. Based on the sleep apnea devices industry forecast, the poor compliance rate among patients relating to CPAP machines could also affect the effectiveness of its application during the specific period.
The integrated sleep apnea devices market has shed light on various elements that positively and negatively impact the global market. Rapid technological advancement has been identified as one of the major sleep apnea devices industry trends that could influence the market performance during the forecasted period. To make the most of the market opportunities, businesses have been adopting distinctive strategies such as collaboration and gaining FDA approvals to gain a competitive edge. The evaluation of the global market setting has revealed that key market players that function in it would use innovative strategies to solidify their market position and accelerate the market growth at the global level.
Based on the sleep apnea devices market type, it can be further divided into diagnostic devices and therapeutic devices. Some of the main factors that have led to the solid performance of the diagnostic devices segment include the high prevalence of sleep apnea and the rise in the population prone to respiratory complexities.
The market can be subdivided into polysomnography devices, home sleep testing devices, sleep screening devices, and pulse oximeters based on the diagnostic device type. The polysomnography devices dominated in 2019, likely to demonstrate strong performance during the forecasted period. These devices are mainly used for monitoring sleep phases to identify when sleep patterns are disturbed.
The global market can be subdivided into diverse divisions based on therapeutic type. These subdivisions include facial interfaces, accessories, positive airway pressure devices (PAPD), oral appliances, surgical devices, and adaptive servo-ventilators. It is expected that the therapeutic device type would capture a major portion of the sleep apnea devices industry share during the forecasted period. Some of the main reasons that could lead to good market performance include the high pool of undiagnosed individuals with the sleep apnea condition, the high reimbursement trend from these innovative devices, and the rise in the application of oral sleep apnea appliances.
The global sleep apnea devices market can be segmented into distinct regions such as the Americas, Europe, the Asia Pacific, and the rest of the world. The North American region of the Americas geographical segment has been dominating in the global market setting. It is likely to influence the sleep apnea devices industry size during the forecasted period as well. One of the potential reasons for the solid market performance is the rise in the elderly population prone to suffer from sleeping disorders.
Competitive intensity in the industry
Many business entities function in the sleep apnea devices market, which intensifies competition in the global business setting. Some of the major companies that have contributed to the market growth have been listed below:
To gain competitive intensity in the vast market landscape, the businesses have been adopting different strategies such as collaborations, joint ventures, and attaining FDA approvals. Based on the sleep apnea devices market forecast, the key business players are likely to play an influential role in shaping the market performance.
In June 2021, a sleep apnea devices market firm, Oventus Medical, collaborated with Aeroflow Healthcare to provide the best treatment solutions for Sleep Apnea. The major advantage of the collaboration was that the treatment was available in the form of oral medications that were easily available in clinics and pharmaceuticals.
In December 2019, Counties Mankau Health signed a deal with Paykel Healthcare that helped fund the clinical research.
The comprehensive sleep apnea devices market outlook report has captured some of the main variables in the global market landscape. The existence of factors such as rapid technological advancement and the prevalence of sleep apnea among people increases the market's growth potential. On the other hand, elements such as the high cost of CPAP equipment restrict its growth potential. There is an opportunity for businesses functioning in the industry to boost their sleep apnea devices' market share by adopting suitable strategic approaches like collaborations. The in-depth sleep apnea devices market analysis has revealed that the market has solid potential for growth during the forecasted period.
Key Industrial segments
By Diagnostic Device Type
|Market Size||USD 7,683.72 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors and Trends|
|Segments Covered||Type and End User|
|Geographies Covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Vendors||Koninklijke Philips (Netherlands), ResMed (US), LivaNova (UK), Compumedics (Australia), Nihon Kohden (Japan), GE Healthcare (US), Natus Medica (US), BMC Medical (China), Cadwell (US), and Curative Medical (US)|
|Key Market Opportunities||Product development and launch|
|Key Market Drivers||
The valuation of the sleep apnea device market is expected to reach USD 7683.72 million by the end of 2027.
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), are some of the major players operating in the sleep apnea devices market.
Sleep Apnea Device Market is projected grow at 6.52% CAGR during the assessment period.
Increasing government funding to support R&D and rising preference for using devices to treat sleep apnea instead of surgeries and medications are the major tailwinds pushing the growth of the global sleep apnea devices market.
North America holds the largest share in the global sleep apnea devices market, followed by Europe and the Asia Pacific, respectively.