ResMed (US), Koninklijke Philips N.V. (Netherlands) and Fisher & Paykel Healthcare (New Zealand) are leading players in Sleep Apnea Devices Market

Northbrook, IL 60062 -- (SBWire) -- 03/01/2023 --The sleep apnea devices industry is expected to continue to experience growth in the near future. This is due in part to an aging population, increasing awareness of sleep apnea, and advancements in technology. In the near future, we can expect to see more innovative solutions to treat sleep apnea, such as wearable devices and connected technologies. We can also expect to see an increased focus on patient-centered care and greater access to sleep apnea treatments. Additionally, the sleep apnea devices industry is likely to benefit from an increase in government funding and research grants, as well as greater acceptance of alternative treatments.

Sleep Apnea Devices market in terms of revenue was estimated to be worth $7.1 billion in 2021 and is poised to reach $9.9 billion by 2026, growing at a CAGR of 6.9% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The massive pool of undiagnosed sleep apnea patients, increasing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, and an increasing number of companies venturing into the sleep apnea market, are the major factors driving the growth of the Sleep Apnea Devices Market.

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Prominent Players of Sleep Apnea Devices Market:

The global sleep apnea devices market is highly consolidated. The prominent players operating in this market include ResMed (US), Koninklijke Philips N.V. (Netherlands) and Fisher & Paykel Healthcare (New Zealand) and Among Others

Notable Sleep Apnea Devices mergers and acquisitions for 2021 – 2022 include:
- ResMed-Fisher & Paykel Healthcare Merger: ResMed, a leading sleep apnea device maker, announced its plans to merge with Fisher & Paykel Healthcare, a medical device company based in New Zealand. The merger will create a company with a larger product portfolio and a stronger global presence.
- Philips-Respironics Acquisition: Philips, a Netherlands-based company, announced its plans to acquire Respironics, a leading sleep apnea device maker. The acquisition will give Philips access to Respironics' extensive product portfolio and will make Philips a major player in the sleep apnea device market.
- SomnoMed-FlexiFit Acquisition: SomnoMed, a sleep apnea device maker, announced its plans to acquire FlexiFit, a company specializing in custom-fitted sleep apnea masks. This acquisition will give SomnoMed access to FlexiFit's innovative product line and will help SomnoMed expand its presence in the sleep apnea device market.
- Merck-Jazz Pharmaceuticals Acquisition: Merck, a global pharmaceutical company, announced its plans to acquire Jazz Pharmaceuticals, a company specializing in treatments for sleep disorders. The acquisition will give Merck access to Jazz Pharmaceuticals' sleep apnea device portfolio and will help Merck expand its presence in this market.

Growth Drivers of Sleep Apnea Devices Market from Macro to Micro:

Macro Level:

- Increasing prevalence of sleep apnea: According to a study published in the European Respiratory Journal, the global prevalence of sleep apnea is estimated to be 24%. Moreover, it is estimated that the prevalence of sleep apnea in the United States is around 26%. This increase in the prevalence of sleep apnea across the globe is expected to drive the growth of the sleep apnea devices market.
- Growing awareness about sleep apnea: The growing awareness about sleep apnea and its associated risks is also driving the growth of the sleep apnea devices market. The increasing number of sleep apnea awareness campaigns and initiatives undertaken by governments and non-governmental organizations is expected to boost the market growth.
- Rising healthcare expenditure: The rising healthcare expenditure across the globe is expected to propel the growth of the sleep apnea devices market. The increasing expenditure on healthcare is enabling the easy availability of medical devices and treatments, thus, driving the market growth.

Micro Level:

- Technological advancements: The technological advancements in sleep apnea devices have further contributed to the growth of the market. The introduction of new features such as Bluetooth, wireless, and remote monitoring is expected to boost the growth of the market.
- Increasing adoption of home care devices: The increasing adoption of home care devices for the diagnosis and treatment of sleep apnea is expected to drive the growth of the market. The home care devices are cost-effective and easy to use, thus, providing convenience to the patients.
- Increasing partnerships and collaborations: The increasing partnerships and collaborations between the key market players is expected to drive the growth of the market. The collaborations between healthcare providers and medical device manufacturers are resulting in the development of innovative products, thus, driving the market growth.

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Hypothetic Challenges of Sleep Apnea Devices Market in Near Future:
- Increasing Adoption of Alternative Sleep Apnea Treatments: With the rising awareness of alternative treatments for sleep apnea, such as CPAP machines, oral appliances, and lifestyle modifications, the adoption of sleep apnea devices is likely to decline.
- Growing Competition: Sleep apnea device manufacturers are facing increasing competition from both established and new players. This could lead to more competitive pricing and reduce the market size for the devices.
- Regulatory Changes: Regulatory changes, such as those related to product safety and efficacy, could hinder the growth of the sleep apnea device market.
- Cybersecurity Concerns: As sleep apnea devices become more integrated with other smart devices, security concerns could lead to a decrease in demand.
- Technological Advancements: Technological advancements, such as the development of better sensors, could lead to more accurate sleep apnea diagnostics and improved treatments. This could reduce the need for sleep apnea devices.

Top 3 Use Cases of Sleep Apnea Devices Market:
- Home Use: Sleep apnea devices are often used by individuals in their own homes to monitor their sleep and breathing patterns. These devices are able to track the patient's sleep and breathing patterns and can alert the patient if their breathing is irregular or if they have stopped breathing for a period of time. This allows patients to receive treatment quickly and effectively and can even help prevent more serious complications from arising.
- Hospital Use: Sleep apnea devices are often used in hospitals to monitor the patient's breathing patterns during the night and day. This allows the medical staff to track the patient's breathing and provide the necessary treatment to address any issues that arise.
- Clinical Use: Sleep apnea devices are used in research and clinical studies to monitor the patient's sleeping patterns and assess the effects of different treatments. This allows the medical professionals to better understand the causes of the condition and how to treat it effectively.

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