Major Market Growth Driving Factors:
Market growth is mainly driven by factors such as the large pool of undiagnosed sleep apnea patients, growing 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 devices market. In contrast, the high cost of CPAP machines, complex referral pathways, long waiting periods, and product recalls are expected to limit market growth to a certain extent during the forecast period. The sleep apnea devices market is segmented based on type, end user and region.
Projected Revenue Surge:
The global Sleep Apnea Devices Market is projected to reach USD 9.9 billion by 2026 from USD 7.1 billion in 2021, at a CAGR of 6.9% during the forecast period.
COVID-19 impact on the sleep apnea devices market
The growth of the sleep apnea devices market has massively increased due to the sudden outbreak of the COVID-19 pandemic. In the first quarter of 2020, companies faced certain operational and logistic challenges due to the imposition of nationwide lockdowns. However, eventually, the massive influx of COVID-19 patients and the adverse impact of the virus on sleep apnea patients led to a rise in the demand for and production of sleep apnea devices, such as PAP devices, masks, and sleep ventilators.
Lockdowns in nations across the globe increased the adoption of home sleep apnea tests (HSATs) over PSG devices. Telemedicine and teleconsultations also gained popularity during the pandemic, which further supported the growth of the market. However, with the launch of various COVID-19 vaccines, it can be expected that the incidence of COVID-19 will decline gradually, and the market will continue to grow at a normal pace in the coming five years.
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Geographical Growth Scenario:
The global sleep apnea devices market is segmented into North America (the US and Canada), Europe (Germany, Italy, France, Spain, the UK, and Rest of Europe), Asia Pacific (Japan, China, Australia, and the Rest of Asia Pacific), and Rest of the world (Latin America and the Middle East & Africa). In 2020, North America dominated the global sleep apnea devices market, followed by Europe. The large share of the North American can be attributed to the increasing prevalence of the sleep apnea, growing awareness, wide usage of oral appliances for sleep apnea and the of the leading players, such as ResMed, and Inspire Medical Systems, Inc., in the region.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Emerging APAC economies such as Japan, Australia and China are expected to see significant growth due the increasing prevalence of sleep apnea, the presence of a large undiagnosed patient pool in countries such as India, strategic agreements between global market leaders and regional players, and initiatives undertaken by governments and other private organizations to raise awareness on sleep disorders in several Asia Pacific countries are driving the market for sleep apnea devices in the region.
OPPORTUNITY: Growing demand for home sleep apnea tests (HSATs), and increasing focus on telemedicine, mHealth (mobile health), and artificial intelligence
People are opting more for the home sleep apnea tests (HSATs) due to their affordability and comfort of sleep apnea management at home. The telemedicine has witnessed a surge in the demand maid the pandemic. The incoming advanced technologies in the domain of sleep apnea devices such as Artificial Intelligence (AI) are also creating more opportunities for the market.
CHALLENGES: Lack of patient compliance
The lack of patient compliance to CPAP therapy is a challenging aspect in the growth of the market. Treatment compliance, especially of the CPAP, has always been an issue with sleep apnea patients. This is mainly due to the lack of affordability and comfort.
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Global Key Players:
The global Sleep Apnea Devices Market is consolidated. The prominent players operating in this market include ResMed (US), Koninklijke Philips N.V. (Netherlands), and Fisher & Paykel Healthcare (New Zealand).
