Sleep Apnea Devices Market Surpass Worth of USD 19.65 Billion by 2031 | SkyQuest Technology
Westford, USA, Sept. 24, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Sleep Apnea Devices Market will reach a value of USD 19.65 Billion by 2031, with a CAGR of 7.32% during the forecast period (2024-2031). Due to nonspecific signs and symptoms, the high incidence of sleep apnea in the older population usually goes undiagnosed because of lack of awareness. The frequency of sleep disorders is more so OSA, as it's estimated that by 2050 the population of people over 60 years old is projected to reach 2 billion and the senior population to double from 12% to 22%. with 13% to 32% of people 65 years of age and older suffer with OSA. The growing vulnerability of the aging population to sleep apnea probably continues to drive the rise in sleep apnea devices use.
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Pages – 157
Tables – 61
Figures – 75
Sleep Apnea Devices Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 5.4 Billion |
| Estimated Value by 2031 | USD 19.65 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.32% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Device Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Role of Sleep Apnea Devices in Sleep Apnea |
| Key Market Opportunities | Trend of Wearable Technology |
| Key Market Drivers | Increase in Prevalence of Sleep Apnea |
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Sleep Apnea Devices Market Segmental Analysis
Global Sleep Apnea Devices Market is segmented by Type, End User, Age Group, Gender and Region.
Based on Type, the market is segmented into Therapeutic Devices (PAP Devices [CPAP Devices, APAP Devices, BPAP Devices], Facial Interfaces [Masks {Full-face Masks, Nasal Pillow Masks, Nasal Masks}, Cushions], Accessories [Humidifiers Accessories, Power Accessories, Transportation Accessories, Communication Accessories, Chin Restraints, Other Accessories], Oral Appliances [Mandibular Advancement Devices, Tongue-retaining Devices, Daytime-Nighttime Appliances, Other Therapeutic Devices]), Diagnostic Devices (PSG Devices [Abulatory PSG Devices, Clinical PSG Devices], Home Sleep Testing Devices, Oximeters [Fingertip Oximeters, Handheld Oximeters, Wrist-worn Oximeters, Tabletop Oximeters], Actigraphy Systems, Sleep Screening Devices).
Based on End User, the market is segmented into Sleep Laboratories, Clinics, and Hospitals, Home Care Settings/Individuals.
Based on Age Group, the market is segmented into Below 40 Years, 40-60 Years, above 60 Years.
Based on Gender, the market is segmented into Male Patients, Female Patients.
Dominance of Therapeutic Devices Segment Due to Growing Number of Patients Undergoing Treatment
The therapeutic devices segment is further divided into positive airway pressure devices, oral appliances, masks and accessories, and others. This segment held the largest share of the market in the year 2023. In 2023, growth in the number of patients receiving therapy, particularly in developing countries increased, thus, the segment growth continues to be driven by better use of these devices. In a paper in SPRINGER NATURE, for instance, dated September 2023, it is stated that CPAP therapy adherence among sleep apnea patients may lie as low as 30% and go as high as 60%.
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Factors Aiding Sleep Laboratories and Clinics Segment to Grow During Forecast Period
The sleep laboratories and clinics segment are anticipated to grow significantly during the forecast period. This rise is the result of many crucial factors that include the growth of sleep clinics along with the number of trained technicians, and patient admissions. Good reimbursement policies add to the growth by increasing the reach and affordability of treatments for patients. The improvement in diagnostic tools and increased public awareness of sleep disorders is adding to the demand for specialist care facilities. All these factors combined are predicted to aid in the growth and development of the sleep laboratories and clinics market segment, rendering it more influential and prominent.
Leading Role of North America in Sleep Apnea Devices Market
North America dominated the market, as in the year 2023, it accounted for around 48.1% share in the market. Growth has been accompanied by key factors such as a change in lifestyle and increases in disposable income, thus adding to industry growth with key players in the region. Obese population growth, along with increased incidence of respiratory disorders, awareness about OSA, and government initiatives, further boosts the market. Some key players in North America include Somnetics International Inc., ResMed, and Philips Respironics. These are well-renowned companies within the business world and have established supply and distribution channels throughout North America.
However, Asia Pacific is expected to grow fastest at a rate of 7.7% during the forecast period because of the region's continuous growth in elderly population and rising incidence of lifestyle diseases, including diabetes, cancer, hypertension, cardiovascular disease, and chronic respiratory diseases.
Sleep Apnea Devices Market Insights
Drivers
- Increase in Prevalence of Sleep Apnea
- Growing Aging Population
- Technological Advancements
Restraints
- High Costs
- Compliance Issues
- Complexity of Diagnosis
Major Players Operating in the Sleep Apnea Devices Market
- ResMed
- Koninklijke Philips N.V.
- Fisher & Paykel Healthcare Limited
- Inspire Medical Systems, Inc.
- SomnoMed
- Oventus Medical
- Compumedics Limited
- Lowenstein Medical Technology GmbH + Co. KG
- Drive DeVilbiss Healthcare
- BMC Medical Co., Ltd.
- Braebon Medical Corporation
- Whole You, Inc.
- Panthera Dental
- Myerson LLC
- ProSomnus Sleep Technologies
- Nidek Medical India
- TOMED GmbH
- LivaNova
- Invacare Corporation
- MPowrx Health & Wellness
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Key Questions Covered in the Global Sleep Apnea Devices Market Report
What are the major factors driving the growth of the global sleep apnea devices market?
Which is the dominant region of the market?
By 2031, what will be the worth of the market?
This report provides the following insights:
Analysis of key drivers (increase in aging population and technological advancements), restraints (compliance issues and high costs), opportunities (wearable technologies and personalized medicines), and challenges (economic downturns and technological disruptions) influencing the growth of the sleep apnea devices market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the sleep apnea devices market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the sleep apnea devices market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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