CAGR: 7%Current Market Size: USD 4.2 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global sleep apnea devices market is expected to grow from USD 4.2 billion in 2022 to USD 7.2 billion by 2030, at a CAGR of 7% during the Projection period 2023-2030. The growth of the sleep apnea devices market is mainly driven by the rapidly growing geriatric population.
Obstructive Sleep Apnea (OSA) is a sleep disorder marked by uneven breathing that lowers the brain's oxygen intake. According to projections from the Chest Physician, in 2019 there were 170 million OSA diagnoses in the U.S. The prevalence of OSA was estimated at 175 million in 50 European nations in 2018, according to the European Respiratory Journal. The rising incidence of OSA is a result of a variety of factors, including changing lifestyles, an ageing population, and an increase in the prevalence of chronic illnesses. Due to a lack of awareness among people and a poor presentation of OSA, the rising prevalence of apnea in the older population still goes undiagnosed as OSA. It is anticipated that the growing prevalence of sleep problems will be influenced by the ageing global geriatric population's longer life expectancy. According to the 2019 United Nations World Population Ageing Report, 703 million people worldwide are 65 years of age or older. The share of the global elderly population is predicted to double from 12% in 2015 to 22% in 2050, reaching 2 billion people, according to estimates from the World Health Organization (WHO). In 2020, 13.0% to 32.0% of the world's elderly population will be affected with OSA, which is becoming common. As a result, it is projected that the usage of sleep apnea devices would increase due to the growing senior population and greater awareness. Sleep apnea is becoming more common due to changing lifestyles, as well as the rising frequency of obesity and hypertension.
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Market Dynamics:
Drivers:
The market trends for sleep apnea devices have been boosted by the rapidly expanding geriatric population's prevalence of sleep apnea and other related health issues. Obstructive sleep apnea, the most prevalent breathing disorder associated with sleep, is linked to a heavy disease burden. Numerous groups and governmental organizations are concentrating on increasing awareness and diagnosis rates among these people through efforts like "sleep awareness week." This is anticipated to further increase demand for sleep apnea equipment.
Restraints:
The global sleep apnea devices market is harmed by high CPCP machine prices. Despite the disorder and diseases linked to sedentary lifestyles becoming more prevalent globally, certain factors are preventing the market from expanding. The price of CPAP machines is one of them. PSG and CPAP machines are the best choices for treating OSA. In developed nations, the infrastructure and reimbursement systems are well-established. However, the patient out-of-pocket costs are considerable and the payment system is subpar in underdeveloped nations. This is reducing the number of people who may receive treatment there, along with the low rate of medical coverage in these nations. This is stifling the market's growth for sleep apnea devices.
Opportunities:
Due to the development of customized grades, rising preferences for the use of eco-friendly products, the ban on plastic packaging across various industries, and the increasing usage of the product due to its properties such as electric insulators. On the other hand, growing demand from developing nations and increased paper use in the packaging sector will both generate significant opportunities that will fuel the expansion of the sleep apnea devices market during the Projection period.
Challenges:
This lack of compliance will be a significant barrier to the trends in the adoption of sleep apnea devices in the near future. In the long run, though, it won't make much of a difference because manufacturers are putting their efforts into making their products more technologically advanced and minimizing the negative effects of their adherence to sleep apnea treatment. The market's expansion is hampered by low patient compliance with CPAP therapy. This is mostly due to a lack of comfort and affordability.
Segmentation Analysis:
The global sleep apnea devices market has been segmented based on product, diagnostic devices, and region.
By Product
The product segment is therapeutics devices, sleep apnea masks, and diagnostic devices. The therapeutics devices segment led the largest share of the sleep apnea devices market with a market share of around 45% in 2022. Some of the therapeutic devices include chin straps, nasal devices, oral devices, and pressure devices. Some of the primary growth factors include the increasing prevalence of OSA, improving awareness levels of OSA, ongoing technological advancements in devices, increased government support and initiatives, and rising disposable income.
By Diagnostic Devices
The diagnostic devices segment is pulse oximeters, polysomnography devices (PSG), and actigraphy devices. The pulse oximeters segment led the largest share of the sleep apnea devices market with a market share of around 40% in 2022. The oxygen saturation of the blood is frequently measured with pulse oximeters. They are used to continuously and non-invasively assess blood hemoglobin oxygen saturation throughout time. They have practically become a standard tool in hospitals and other healthcare facilities due to their convenience. Pulse oximetry is used in many ways to evaluate and identify obstructive sleep apnea in both adults and children. Globally, 425 million persons aged 30-69 have moderate to severe obstructive sleep apnoea (OSA), and 936 million adults aged 30-69 have mild to severe OSA, according to Adam V. Benjafield's article published in The Lancet Respiratory Medicine 2020. In a similar vein, it's estimated that 50 to 60 percent of obese people and MS patients also have OSA.
Global Sleep Apnea Devices Market - Sales Analysis.
The sale of the sleep apnea devices market expanded at a CAGR of 5% from 2016 to 2022.
The market trends for sleep apnea devices have been boosted by the rapidly expanding senior population's prevalence of sleep apnea and other related health issues. Obstructive sleep apnea, the most prevalent breathing problem connected with sleep, is linked to a heavy illness load.
Numerous groups and governmental organisations are concentrating on increasing awareness and diagnosis rates among these people through efforts like "sleep awareness week." This is anticipated to further increase demand for sleep apnea equipment.
According to CDC projections from 2017 to 2018, the prevalence of obesity in the U.S. was 42.4 percent, while the prevalence of hypertension was 47 percent, affecting 116 million people. In 2019, estimations from PubMed indicated that 55% of people had hypertension. According to Eurostat's predictions for 2019, 17% of Europeans and 36% of pre-obese people are both obese. Males are 2-3 times more likely than females to develop sleep apnea, according to studies done by the Mayo Clinic. According to a National Library of Medicine paper on the prevalence of OSA that was released in August 2017: OSA is more common in men (90%) than in women (78%).
Thus, owing to the aforementioned factors, the global sleep apnea devices market is expected to grow at a CAGR of 7% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the sleep apnea devices market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the sleep apnea devices market and held a 39% share of the market revenue in 2022.
Global Sleep Apnea Devices Market - Country Analysis:
Germany's sleep apnea devices market size was valued at USD 0.83 billion in 2022 and is expected to reach USD 4.43 billion by 2030, at a CAGR of 7.1% from 2023 to 2030. The market share for sleep apnea devices in this region is anticipated to increase due to growing patient populations, international manufacturers, and rising sleep apnea awareness. Furthermore, as more individuals become aware of the health risks linked to this condition, the number of treatment tests for diagnosing the presence of sleep apnea is rapidly growing in the area.
China’s sleep apnea devices market size was valued at USD 0.61 billion in 2022 and is expected to reach USD 3.84 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. The region elderly population's longer average life span is anticipated to increase the prevalence of sleep problems.
India's sleep apnea devices market size was valued at USD 0.54 billion in 2022 and is expected to reach USD 3.72 billion by 2030, at a CAGR of 6.7% from 2023 to 2030. Sleep apnea is becoming more common due to changing lifestyles, as well as the rising frequency of obesity and hypertension.
Key Industry Players Analysis:
To increase their market position in the global sleep apnea devices market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
7% |
Market Size |
4.2 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Diagnostic Devices, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
ResMed, Fisher & Paykel Healthcare Limited, Phillips Respironics, Invacare Corporation, Curative Medical, Inc., BMC Medical Co., Ltd., Somnetics International, Inc., SOMNOmedics GmbH, Natus Medical Incorporated, Itamar Medical Ltd., Compumedics Limited, and Nihon Kohden Corporation. |
By Product |
|
By Diagnostic Devices |
|
Regional scope |
|
Scope of the Report
Global sleep apnea devices market By Product:
Global sleep apnea devices market By Diagnostic Devices:
Global sleep apnea devices market By Region:
Global sleep apnea devices market is expected to reach USD 7.2 billion by 2030.
The sleep apnea devices market is projected to have a CAGR of 7%.
Based on the product, the sleep apnea devices market is segmented into therapeutics devices, sleep apnea masks, and diagnostic devices.
Leading market players active in the global sleep apnea devices market are ResMed, Fisher & Paykel Healthcare Limited, Phillips Respironics, Invacare Corporation, Curative Medical, Inc., BMC Medical Co., Ltd., Somnetics International, Inc., SOMNOmedics GmbH, Natus Medical Incorporated, Itamar Medical Ltd., Compumedics Limited, and Nihon Kohden Corporation. among others.
Based on the application, the global sleep apnea devices market has been segmented into pulse oximeters, polysomnography devices (PSG), and actigraphy devices.
Political Factors- A transparent governance system is necessary to promote a collaborative workplace culture. The sleep apnea devices market is currently experiencing a variety of issues as a result of corruption and a lack of transparency. This lack of transparency is primarily due to the current political turbulence and unpredictability. Corruption damages stakeholders' trust in business firms and governmental agencies by promoting fraudulent operations, making business procedures like licencing and contracting more difficult, and weakening law enforcement. The economic recovery is generally being slowed by rising bureaucratic corruption, which reduces the opportunities for businesses like the sleep apnea devices market to prosper.
Economic Factors-The competencies and skills of the workforce have a big impact on how well the sleep apnea devices market performs. The sleep apnea devices market needs skilled workers who are available when needed if it is to remain competitive. The sleep apnea devices market should look at trends in labour demand and supply to determine how employees with the right skill set could be employed successfully. Strong worker unions and a tight labour market can cause a number of problems for the market for sleep apnea devices. For instance, it can compel the market for sleep apnea devices to approve an unfair pay raise or it might suspend operations by calling for a strike.
Social factors- High population growth and an increasing proportion of the young population group are two favourable demographic indicators when the sleep apnea devices market predominantly targets young consumers with its products/services. The host country's stance on immigration should also be investigated by the sleep apnea devices market because it is a sign that diversity management methods should be put in place when there is a welcoming attitude toward immigrants from different cultural backgrounds. The sleep apnea devices market should alter its marketing strategies to encourage diversity and inclusion. The sleep apnea devices market may readily hire people from different cultural backgrounds, according to a positive outlook on migration. Workplace diversity is usually linked to higher productivity, better innovation, and superior overall firm success.
Technological Factors- The research and development trend in the chosen sector or area demonstrates how forward-thinking organisations are in bringing cutting-edge technologies to market. The sleep apnea devices market needs to better understand how new technical developments can benefit the business in addition to providing benefits to customers. It would be necessary to make a sizable investment in research and development activities in markets defined by disruptive technology. The sleep apnea devices market must have a long-term outlook, nevertheless, and must not expect a quick return on its R&D investments.
Environmental Factors- A significant trend in many industries is the development of renewable technology to reduce reliance on natural resources. sleep apnea devices market should evaluate how well a country's technology infrastructure supports the use of renewable technologies in order to capitalise on this environmental trend. Governments in certain regions of the world offer alluring incentives to adopt renewable energy. By seizing the chance and making investments in renewable energy sources, the sleep apnea devices market may be able to fulfil its objectives for sustainable corporate development.
Legal Factors- Employment law refers to a large area of laws that defend workers' rights, including those to a fair wage, equality, equity, inclusion, fairness, and their bodily and emotional safety. In some countries, employment laws are not effectively enforced, while in others, breaching any of the outlined employee rights is punishable by heavy fines. While entering or operating in these countries, the sleep apnea devices market should ensure the security of the working environment. Both direct and indirect discrimination must be prevented, thus the right processes must be in place. Effective adherence to employment laws can help the sleep apnea devices market improve its employer brand reputation, which is essential for drawing and retaining top talent in the market.
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