PUBLISHER: The Insight Partners | PRODUCT CODE: 1591400
PUBLISHER: The Insight Partners | PRODUCT CODE: 1591400
The Positive Airway Pressure Devices market is anticipated to grow from US$ 6.29 billion in 2023 and is projected to reach US$ 10.54 billion by 2031; it is expected to register a CAGR of 6.7% during 2023-2031. The increasing demand for positive airway pressure devices and the growing shift toward home healthcare are contributing to the growing positive airway pressure devices market size. However, product recall hampers the market growth. Further, technological advancements in positive airway pressure devices are expected to bring in new market trends in the coming years.
North America dominated the market in 2023. The US is the largest and fastest-growing market for positive airway pressure devices. It is estimated to dominate the global market during the forecast period. The PAP devices market growth in the US is driven by the availability of advanced healthcare infrastructure, an increase in the number of sleep apnea disorders, and innovative products introduced by key players operating in the market. Several innovative products are being introduced in the market by the key players to treat sleep apnea. For instance, ResMed offers a wide range of devices for sleep apnea, such as AirMini, AirSense 10 CPAP, and AirSense 10 Elite. The company also sponsors various studies for the treatment of sleep apnea.
Further, the PAP devices market in the US is anticipated to grow during the forecast period owing to the rising approval of technologically advanced products in the market. For instance, in April 2024, researchers at the University of Cincinnati developed a new solution and technology called VortexPAP. It uses a different type of airflow and offers various fits for the device.
The rising prevalence of obstructive sleep apnea and the growing geriatric population in Canada propel the demand for PAP devices in the country. According to the Conference Board of Canada, the percentage of seniors in the Canadian population will rise from 16.9% in 2018 to 21.0% by 2028. Obstructive sleep apnea is a common disorder reported among elderly people; thus, there is significant demand for PAP devices in Canada to treat the condition.
Further, government and private organizations are providing financial assistance to reduce the price barrier and promote PAP therapy. For instance, the Winnipeg Regional Health Authority does co-payment for CPAP therapy equipment. New and replacement CPAP machines will cost patients US$ 500. This co-payment model will lead to savings of nearly US$ 4.9 million annually for the health authority in Canada.
Similarly, the Ministry of Health and long-term care-assistive devices program covers CPAP machines and equipment costs. Canadian Home Healthcare Inc. is among the various organizations in Canada that provide financial assistance for the purchase of CPAP devices. These initiatives undertaken by the Canadian government, as well as the prevalence of sleep disorders in the country, are expected to drive the market of PAP devices during the forecast period.
Growing prevalence of asthma and other respiratory diseases demand PAP devices in Mexico. For instance,
According to the Annals of the American Thoracic Society report published January, 2022
Further, hospital San Jose Tec De Monterrey, Galenia Hospital, and San Angel Hospital are among the hospitals in Mexico that provide treatments for sleep apnea disorders. These hospitals use PAP devices for the treatment of sleep-related disorders. Factors such as the prevalence of asthma and the rising geriatric population are expected to lead to significant demand for PAP devices in Mexico and propel its market during the forecast period.