PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1525463
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1525463
Global sleep apnea devices market is projected to witness a CAGR of 7.27% during the forecast period 2024-2031, growing from USD 6.57 billion in 2023 to USD 11.51 billion in 2031. The growth of market is supported by the rising launch of advanced devices, increasing cases of sleep apnea, augmenting investments towards research activities, growing popularity of home healthcare, and rising awareness about sleep disorders.
The global sleep apnea devices market demand is rising due to several advantages associated with the early diagnosis of sleep apnea. Bilevel positive airway pressure devices (BiPAP), continuous positive airway pressure devices (CPAP), and others are used for managing the condition as they aid in maintaining open airways during sleep. It, in turn, improves the quality of sleep of patients and allows them to avoid various risks associated with sleep apnea. Additionally, the expansion of the geriatric population is bolstering the requirement for sleep apnea devices. As per the estimates of the World Health Organization (WHO), the population of individuals aged sixty years and above is expected to increase to 2.1 billion by 2050.
Other major drivers propelling the market's expansion include growing popularity of home healthcare settings due to the convenience and cost efficiency offered by them and rising investments by various companies and research institutions towards research studies. The growing efforts of various healthcare organizations across the globe to boost awareness about sleep apnea is supporting the market's expansion. In February 2023, more than a Snore campaign was launched in the United Staes to raise awareness about obstructive sleep apnea, the campaign is funded by a grant provided by the American Academy of Sleep Medicine (AASM).
Technological Advancements to Support Market Expansion
The increasing efforts of various research institutions and key players of market towards the development of advanced products and technologies, to enhance user-friendliness and product effectiveness, is one of the major factors augmenting the market's growth. In May 2024, Glidewell announced the release of their new 3D-printed oral appliance for treating sleep apnea. The Silet Nite 3D oral appliance, is a 3D-printed and digitally crafted device that is designed for aiding dental professionals in treating moderate to mild obstructive sleep apnea and snoring. It uses adjustable nylon connectors and durable light-cured resin for airway management and patient comfort. Additionally, in February 2024, ResMed Inc. announced the launch of AirCurve 11 series. Their latest bilevel devices that utilize two levels of support, expiratory positive airway pressure (EPAP) and inspiratory positive airway pressure (IPAP), combined with digital tech, aid in treating sleep apnea. Such developments are expected to aid the patients in effectively managing their conditions and enhance user comfort.
Increasing Incidences of Sleep Apnea Boosts Market Demand
The rising cases of sleep apnea in various regions across the globe are boosting the global sleep apnea devices market growth. According to the estimates of the National Council on Aging (NCOA), approximately 936 million adults across the globe have severe to mild obstructive sleep apnea. Due to the rising awareness of different health risks associated with the conditions and different devices available for its management, the market's demand is rising. Additionally, the rising awareness about sleep disorders due to the continuous efforts of healthcare organizations and governments along with the growing importance of treating sleep apnea is propelling the product requirement. Obstructive sleep apnea can be caused due to endocrine disorders, heart or kidney failure, obesity, and other problems.
Home Care Settings Account for Significant Market Share
The growing popularity of home care settings due to the rising awareness about various benefits associated with home care is one of the major factors boosting the expansion of the segment. The increasing cases of sleep apnea coupled with the rising preference for cost efficient and convenient treatment solutions is propelling the requirement for sleep apnea devices in home care settings. Rising efforts of researchers towards the development of at-home sleep apnea detection devices is providing lucrative growth opportunities to the market. In July 2024, researchers from the West Virgina University announced that they are working on the development of a sleep apnea detection device. Its prototype includes a finger clip and a watch for analyzing and measuring data collected with the help of an application on a tablet or a smartphone. The technology can share the severity of disorders, indicating if the patient should be treated with simple lifestyle changes or with continuous positive airway pressure.
North America Holds Major Market Share
The strong presence of various key market players, novel product launches, easy availability of advanced therapeutic and diagnostic devices, and increasing cases of sleep apnea boosts the growth of the market in North America. According to the estimates of the National Council on Aging (NCOA), approximately 39 million adults in the United States have obstructive sleep apnea. The rising cases are propelling the demand for the devices in the regional market, providing market growth opportunities. Other major factors supporting the market's expansion include the introduction of supportive government policies and initiatives, increasing disposable incomes, rising awareness about sleep apnea, increasing obesity, rising cases of respiratory diseases, and different treatment solutions available for managing and treating the condition.
Additionally, the market is expected to witness significant growth in Asia-Pacific in the coming years due to rising prevalence of cardiovascular diseases, diabetes, cancer, respiratory disorders, and others. According to the estimates of the International Diabetes Federation (IDF), the adults with diabetes in South-East Asia are expected to rise to 151 million by 2045.
Future Market Scenario (2024 - 2031F)
The rising efforts of market players towards the development of novel devices that enhance patient comfort and growing awareness of sleep apnea are expected to positively influence the market's expansion in the coming years. The rising investments by various healthcare companies and research institutions towards different studies to assess the effectiveness of diagnostic and therapeutic tools on patients with sleep apnea is anticipated to support the growth of the market. For instance, Wesper, Inc. is conducting an interventional study that is expected to conclude in March 2025 for assessing the effectiveness of Wesper Lab in diagnosing sleep apnea in pediatric population. Additionally, the rising requirement for convenient and effective sleep apnea management devices due to increasing cases of sleep apnea is expected to accelerate the growth of the market.
Key Players Landscape and Outlook
The rising investments by key players of the market towards the introduction of novel products in various geographical locations is boosting the global sleep apnea devices market size. In April 2024, Fisher & Paykel Healthcare Limited announced the launch of their F&P Solo Nasal mask in the United States for treating obstructive sleep apnea. The F&P Solo allows users to adjust and stretch the mask with a touch and is expected to enhance patient comfort. The clinical trial results of the mask showed that 93% of patients found the process of wearing the mask simple or very simple and 95% reported that they could set the mask themselves and did not require any external assistance. Such efforts of the companies showcase their commitment and dedication towards mask innovations and enhancing patient outcomes to support the growth of the market.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.