Jan 17, 2024   SOURCE: PR NewsWire

Sleep Apnea Devices Market Size & Share to Surpass USD 20 Billion by 2035 | Roots Analysis

LONDON, Jan. 17, 2024 /PRNewswire/ -- According to the recently published report by Roots Analysis, the increasing prevalence of sleep apnea and insufficient treatment options is driving the market.

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Sleep Apnea Industry Overview

The global sleep apnea devices market is growing rapidly; it is estimated to be worth USD 13.5 billion in 2023 and is anticipated to reach over USD 20 billion by 2035. It is expected to grow at a compounded annual growth rate (CAGR) of 4.61% during the forecast period from 2023 to 2035.

Sleep Apnea is an underrecognized disorder that affects millions of people worldwide. It is characterized by frequent breathing interruptions during sleep. It occurs when the passage of the pharynx (upper airway) collapses or stops receiving signals from the brain, causing a brief pause in breathing. These breathing pauses last from a few seconds to a few minutes and occur several times a night, disrupting the natural sleep cycle and preventing a person from achieving restful sleep. This clinical disease affects people of all ages and backgrounds, but is often undiagnosed or overlooked, affecting a person's quality of life and well-being. Sleep apnea can be broadly classified into three types: obstructive sleep apnea (OSA), central sleep apnea (CSA), and complex sleep apnea, also known as posterior sleep apnea.

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Sleep Apnea Devices Market Report Scope:



     
              Report Coverage 
     
              Details



     Market Revenue in 2023     
     USD 13.5 billion



     Estimated value by 2035    
     USD 20 billion



     Growth rate                                                                                CAGR of 4.61%



     Forecast Period            
     2023 to 2035



     Segments Covered              Product Type, Type of Diagnostic Device, Type of Therapeutic Device, Route
                                     of Administration



     Geographies Covered        
     North America, Europe, Asia-Pacific and Rest of the World



     Report Coverage              Revenue Forecast, Competitive Landscape, Growth Factors, Drivers,
                                    Restraints and Trends

Market Drivers

There are several factors contributing to the growth of the sleep apnea devices market. Sleep disorders have increased in recent years due to rise in obesity, aging population and changes in lifestyles, which has led to an increased need for versatile, efficient and technologically advanced devices. In marketed devices, oral devices has emerged as a prominent replacement for conventional positive airway pressure devices. These devices have many advantages over other devices, including portability, minimal side effects, cost-effectiveness, and ease of adaptation. Due to high growth in patient population and demand for patient centric devices, the market for sleep apnea devices is expected to grow in the near future.

Market Restraints

While the sleep apnea devices market is experiencing significant growth, it is also filled with several challenges. One of the major restraints is the high cost of devices available to treat sleep apnea, which limits access to these devices, especially for patients without medical insurance or living in underdeveloped regions. This impacts both individuals and healthcare systems by causing delays and straining healthcare budgets. These cost-related barriers exacerbate healthcare disparities and prevent equal access to the benefits of treatment options.

Growth Factors

Despite these challenges, there are several growth factors that are contributing to the growth of the sleep apnea devices market. An important factor is the continuous technological advancements involving the use of artificial intelligence and machine learning to develop innovative tools to diagnose and treat sleep apnea. Given the increasing pace of innovation and research related activities, the sleep apnea devices market is anticipated to witness a substantial growth in the foreseen future.

Recent Developments in the Sleep Apnea Devices Market

Several recent developments and activities that have taken place in the sleep apnea devices market include:

    --  In August 2023, Fisher Paykel signed a product / technology integration
        agreement with VGM & Associate, a US based hospital. Under the terms of
        the agreement, Fisher Paykel announced its plans to use myAirvo line of
        product to support VGM members suffering with chronic obstructive
        pulmonary disease.
    --  In June 2023, the US-based Inspire Medical Systems received an expanded
        FDA approval for its neurostimulation technology based medical device,
        which is an alternative of conventional CPAP device used for sleep apnea
        treatment. This expanded approval is expected to enable the company to
        offer its device to wider range of patients with severe obstructive
        sleep apnea.

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Based on the type of product, the market is segmented into sleep apnea medical devices and drug therapies. 

    --  Based on the type of product, the market is led by sleep apnea medical
        devices, capturing 85% of the overall market share in 2024.
    --  In the long run, oral devices will likely grow at a higher CAGR of over
        25% during the forecast period.

Based on the type of diagnostic device, the market is segmented into Polysomnography Devices and Home Sleep Apnea Testing Devices. 

    --  Based on the type of diagnostic device, the market is led by home sleep
        testing diagnostic devices, capturing 85% of the overall market share in
        2024.
    --  This can be attributed to the fact that the scalability of home sleep
        apnea testing accelerates extensive population screening, aiding in
        early detection. This trend is likely to remain same in the coming years
        as widespread adoption of these devices indicates a transformative shift
        in sleep apnea diagnosis.

Based on the type of therapeutic device, the market is segmented into PAP Devices, Oral Devices and Implanted Devices.

    --  Based on the type of therapeutic device, PAP devices are dominating the
        market and are estimated to hold a significant share (more than 65%) in
        2023.
    --  In the long run, oral devices will likely grow at a higher CAGR of over
        12% during the forecast period.

Based on the type of PAP devices, the market is segmented into CPAP Devices, BiPAP Devices APAP Devices and Other Devices. 

    --  Based on the type of PAP device, the market is led by CPAP devices,
        capturing 65% of the overall market share in 2024.
    --  APAP devices are likely to grow at a higher compounded annual growth
        rate (CAGR) of over 4% during the forecast period.

Based on the key geographical region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. 

    --  North America is dominating the sleep apnea devices market, capturing
        close to 65% of the overall revenue share in 2024.
    --  In Asia-Pacific, the sleep apnea market experienced steady growth and is
        anticipated to expand at a higher CAGR of 9.2% during the forecast
        period.

Key Companies Profiled

Examples of the key companies engaged in the sleep apnea devices market (which have also been profiled in the market report; the complete list of the companies is also included in the full report) include:

    --  Acurable
    --  Advanced Brain Monitoring
    --  Airway Management
    --  Apnimed
    --  Bayer
    --  Belun Technology
    --  BRAEBON Medical
    --  Cadwell
    --  Desitin Pharma
    --  Drive DeVilbiss Healthcare
    --  Eli Lilly and Company
    --  Hunan VentMed Medical Technology
    --  Incannex Healthcare
    --  Löwenstein Medical
    --  Nihon Kohden
    --  Nox Medical
    --  Oventus Medical
    --  Philips
    --  React Health
    --  ResMed
    --  SciSparc
    --  Sibelmed
    --  Somnetics International inc
    --  SomnoMed
    --  Sunrise
    --  Topson Medical
    --  Vyaire Medical
    --  Wellue
    --  Whole You
    --  ZOLL Itamar

Browse Complete Report at:

https://www.rootsanalysis.com/reports/sleep-apnea-devices-market.html

Key Benefits of Buying this Report

    --  The report offers market leaders and newcomers valuable insights into
        revenue estimations for the overall market and its sub-segments.
    --  Stakeholders can utilize the report to enhance their understanding of
        the competitive landscape, allowing for improved business positioning
        and more effective go-to-market strategies.
    --  The report provides stakeholders with a pulse on the sleep apnea devices
        market, furnishing them with essential information on significant market
        drivers, barriers, opportunities, and challenges.

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About Roots Analysis

Roots Analysis is a global leader in the pharma/biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists, and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research/consulting services dedicated to serving our clients in the best possible way.

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Roots Analysis
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