The sleep apnea device market is estimated to garner a sizeable revenue by growing at a significant CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to growing patient pool of undiagnosed sleep apnea patients, major changes in lifestyle and rise in use of oral appliances. It is calculated that sleep apnea occurs in more than 9% women and 24% men worldwide. Along with these, increasing technological advancements to develop more effective sleep apnea devices is also expected to drive growth to the market in the near future. Additionally, growing interest of companies in sleep apnea disorder and escalating capital funding by leading medical companies worldwide are projected to provide ample opportunities to the market over the forecast period.
The market is segmented by product type into sleep apnea masks, therapeutic devices and diagnostic devices, out of which, the therapeutic devices segment is anticipated to hold the largest share in the sleep apnea device market on account of growing usage of oral, nasal and chin-strap appliances, and increasing availability of technologically advanced devices. However, the segment for sleep apnea masks is evaluated to grow with the highest CAGR during the forecast period owing to the rising adoption of continuous positive airway pressure therapy (CPAP) machines and surge in the number of instances of sleep apnea comorbidities. Additionally, based on end user, the hospitals & sleep laboratories segment is anticipated to account for the largest share in the coming years, which can be credited to the growth in the number of sleep tests performed with the help of a polysomnography device.
Global Sleep Apnea Device Market Regional Synopsis
On the basis of geographical analysis, the sleep apnea device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North America region is estimated to grab the largest market share over the forecast period on the back of high prevalence of sleep apnea in the United States, rising awareness about this disorder and the strong presence of leading market players in the region. In the United States, every one out of fifteen people suffer from a sleeping disorder. Moreover, Asia Pacific is assessed to witness a notable growth during the forecast period owing to the increasing geriatric population and growing patient pool in the region. In addition to these, surging rate of obesity as a result of sedentary lifestyle and the rising disposable income of the people in countries such as China and India, which is expected to boost the demand of the product in APAC in the near future.
The sleep apnea device market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the sleep apnea device market includes the following segments:
By Product Type
- Sleep Apnea Masks
- Therapeutic Devices
- Diagnostic Devices
By End User
- Hospitals & Sleep Laboratories,
- Home Care Settings
- Individuals
Growth Drivers
- Increasing Patient Pool of Undiagnosed Sleep Apnea Patients
- Growing Usage of Oral Applications Globally
Challenges
- High Cost of Treatment and Diagnosis for Sleep Apnea
Top Featured Companies Dominating the Market
- Koninklijke Philips N.V.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- ResMed Corp.
- Fisher &Paykel Healthcare Limited
- Cadwell Industries Inc.
- GENERAL ELECTRIC COMPANY
- BMC Medical Co., Ltd.
- Becton, Dickinson and Company
- Natus Medical Incorporated
- Invacare Corporation
- Compumedics Limited
