Sleep Apnea Devices Market Worth $8.0 Billion by 2028

Northbrook, IL 60062 -- (SBWire) -- 08/11/2023 --Sleep Apnea Devices Market by Type, Therapeutic (PAP (CPAP, APAP, BPAP) Facial Interfaces, Oral Appliances, Accessories), Diagnostic (Psg, Oximeter, Actigraphy Systems), End User (Sleep Laboratories & Hospitals, Home Care Settings) & Region - Global Forecast to 2028" The global sleep apnea devices market is projected to reach USD 8.0 Billion by 2028 from USD 5.8 Billion in 2023, at a CAGR of 6.5% during the forecast period. The growth of this market is majorly driven by increasing number of companies venturing into the sleep apnea devices and oral appliances market. Furthermore, large pool of undiagnosed sleep apnea patients is expected to drive the growth of sleep apnea devices market

The sleep apnea devices industry is poised for significant growth and innovation in the near future. With increasing awareness about the detrimental effects of untreated sleep apnea, coupled with advancements in technology, the demand for effective and user-friendly devices is expected to soar. Manufacturers are investing heavily in research and development to create next-generation sleep apnea devices that offer improved comfort, accuracy, and ease of use. These devices will integrate cutting-edge features such as advanced sensors, wireless connectivity, and artificial intelligence algorithms to provide personalized therapy and real-time monitoring. Additionally, the industry will witness a surge in portable and wearable sleep apnea devices, catering to the growing trend of home-based treatments and remote patient monitoring. As a result, patients will have access to a wider range of options, empowering them to manage their sleep apnea more effectively and enhance their overall quality of life.

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Key Market Players:

Major players in sleep apnea devices market include ResMed (US), Koninklijke Philips N.V. (Netherlands), and Fisher & Paykel Healthcare (New Zealand).

Sleep Apnea Devices Market Dynamics:

Drivers:
1. Large pool of undiagnosed sleep apnea patients
2. Favorable reimbursements and financial aid for sleep apnea devices and therapies
3. Growing awareness about the ill effects of untreated sleep apnea
4. Growing usage of oral appliances
5. Increasing number of companies venturing into the sleep apnea devices and oral appliances markets

Restraints:
1. High cost of CPAP machines
2. Complex referral pathways, long waiting periods, and product recalls

Opportunities:
1. Growing demand for home sleep apnea tests (HSATs)
2. Increasing focus on telemedicine, mHealth (mobile health), and artificial intelligence

Challenges:
1. Lack of patient compliance

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PAP devices segment is expected to account for the largest share in 2022.
Positive airway pressure (PAP) devices are the first line of treatment for sleep apnea. The therapeutic sleep apnea devices market, by product, has been segmented into positive airway pressure (PAP) devices, facial interfaces (masks), accessories, oral appliances, adaptive servo-ventilators, and other therapeutic devices. PAP devices dominate the market and are most often rented or purchased through a home healthcare company, also known as a durable medical equipment company.

The sleep laboratories, clinics & hospitals segment held the largest market share in the sleep apnea devices market.

By end user, the global sleep apnea devices market is broadly segmented into sleep laboratories, clinics & hospitals and home care settings/individuals. The high expenditure of the treatment regime incurred from personalized care and the high-precision diagnosis drives growth in this segment. However, home care settings/individual are expected to observe high growth rate as home care allows individuals to receive treatment for sleep apnea in the comfort of their own homes and with advancement of technology data tracking and remote monitoring capabilities are enhanced.

North America dominates the global sleep apnea devices market

Based on the region, the sleep apnea devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America market is driven by various grants and funds available for research on sleep apnea by government and private organizations. Europe is the second-largest market for sleep apnea devices market due to the increasing number of innovative products being launched in the market are expected to drive market growth in Europe. Asia Pacific will observe high growth during forecast period with its increasing healthcare infrastructure with better access to medical facilities.

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Recent Developments:

- In 2022, Fisher & Paykel Healthcare (New Zealand) launched Evora Full, a compact full-face mask for obstructive sleep apnea (OSA) treatment in US.

- In 2021, ResMed (US) acquired MEDIFOX DAN (Germany) the German-based clinical, financial, and operational solutions provider to drive leadership in out-of-hospital software solutions for USD 1 Billion

- In 2021, Oventus (Australia) signed a partnership with Aeroflow Healthcare (US). The partnership focuses on providing Oventus' OSA treatment solutions, including O2Vent Optima, directly to consumers via sleep clinics in the US.

- In 2020, Koninklijke Philips N.V. (Netherlands) launched the DreamWear Silicone Pillows in North America. These pillows use 3D facial scan data to fit diverse populations.

Sleep Apnea Devices Market Advantages:

- Improved Quality of Sleep: Sleep apnea devices, such as continuous positive airway pressure (CPAP) machines, help individuals with sleep apnea breathe more easily and maintain proper oxygen levels throughout the night. By effectively treating sleep apnea, these devices promote restful and uninterrupted sleep, leading to improved overall sleep quality and daytime functioning.

- Health Benefits: Untreated sleep apnea can have serious health consequences, including increased risk of cardiovascular disease, hypertension, stroke, and diabetes. Sleep apnea devices play a crucial role in managing and reducing these risks by ensuring proper airflow and oxygenation during sleep, thereby improving cardiovascular health and reducing the incidence of associated health conditions.

- Enhanced Energy and Alertness: Sleep apnea often leads to excessive daytime sleepiness and fatigue. By addressing sleep apnea, these devices help individuals wake up feeling refreshed, revitalized, and more alert during the day. Improved energy levels positively impact productivity, concentration, and overall cognitive functioning.
- Non-Invasive Treatment: Sleep apnea devices provide a non-invasive alternative to surgical interventions or other invasive procedures. They offer a comfortable and user-friendly solution that can be easily incorporated into one's bedtime routine, eliminating the need for more intrusive treatment methods.

- Customizable and Personalized Therapy: Modern sleep apnea devices are equipped with advanced features that allow for personalized therapy. These devices can be adjusted to meet individual needs, including pressure settings, mask types, and humidity levels, ensuring optimal comfort and effectiveness for each patient.

- Growing Technological Advancements: The sleep apnea devices market is experiencing rapid technological advancements. Manufacturers are continually introducing innovative features such as wireless connectivity, smartphone applications, and data tracking capabilities. These advancements enable remote monitoring, data analysis, and better patient-doctor communication, leading to more efficient and personalized care.

- Increased Accessibility and Awareness: With the growing prevalence of sleep apnea and increased awareness about its impact on health, there has been a rise in the availability and accessibility of sleep apnea devices. These devices are now more widely distributed, making them accessible to a larger population and ensuring that individuals with sleep apnea can seek timely diagnosis and appropriate treatment.