Sleep Apnea Devices Market to Reach $12.9 Billion by 2027, Growing at a CAGR of 10.3% From 2020 With COVID-19 Impact - Meticulous Research® Analysis
This covers all sleep-related diseases, including obstructive sleep apnea (OSA), central sleep apnea (CSA), and hypoventilation syndromes.
LONDON, Dec. 8, 2020 /PRNewswire/ -- Meticulous Research® in its latest publication, titled "Sleep Apnea Devices Market by Type (Therapeutic Devices (CPAP, APAP, BPAP, ASV, Oral Appliances, Masks)), Diagnostic Devices (PSG, Oximeter, Home Sleep Testing Devices), End User (Hospitals and Sleep Labs, Home Care Settings/Individuals) - Global Forecast to 2027", states that the sleep apnea devices market is expected to reach $12.9 billion by 2027, at a CAGR of 10.3% from 2020.
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Factors driving the growth of this market include growing number of undiagnosed sleep apnea patients, increasing public & clinical awareness about sleep apnea, growing public & private sector initiatives, growing usage of oral appliances, and technological advancements. However, the high cost of CPAP machines is restraining the growth of this market.
The abnormal breathing patterns characterize sleep-disordered breathing (SDB) or sleep apnea during sleep. This covers all sleep-related diseases, including obstructive sleep apnea (OSA), central sleep apnea (CSA), and hypoventilation syndromes. Among these, OSA is the most common form of SDB characterized by repetitive complete or partial collapses of the upper airway during sleep. Hypoventilation syndromes are usually linked with other chronic diseases such as obesity, chronic obstructive lung disease, and neuromuscular disease.
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Sleep destruction and the lack of deep sleep at night due to SDB can lead to excessive daytime sleepiness and reduced cognitive function, including memory loss and lack of concentration, depression, and irritability. Therefore, untreated sleep apnea is causing a strong economic impact across the globe in terms of workplace accidents, roadside accidents, lost productivity, and comorbid diseases & serious health problems. To avoid these indirect losses, the government agencies, associations, and other stakeholders in this industry are continuously taking various initiatives to improve awareness about sleep apnea and related available diagnostic and therapeutic measures, creating traction in this market's growth. On the other hand, the rising demand for home healthcare and increasing focus on telemedicine & mHealth are the factors expected to offer significant growth opportunities for players operating in the market.
The overall sleep apnea devices market is segmented based on type, end user, and geography.
Based on type, the sleep apnea devices market is segmented into therapeutic and diagnostic devices. In 2020, the therapeutic devices segment accounted for the largest share of the overall sleep apnea devices market. The large share of this segment can be primarily attributed to the increasing demand for therapeutics devices & accessories, technological advancements, and rising availability & accessibility of new therapeutic sleep apnea products.
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Based on type, the sleep apnea therapeutic devices market is categorized into Positive Airway Pressure (PAP) devices, masks, oral appliances, adaptive servo-ventilators, oxygen devices, and accessories. In 2020, the positive airway pressure (PAP) devices segment accounted for the largest share of the overall sleep apnea therapeutic devices market. This can be attributed to its higher adoption as a first-line treatment for sleep apnea and the availability of different devices suitable for any patient's needs. Its non-invasive nature, higher effectiveness, and faster control of OSA symptoms also contribute to its large market share.
Based on type, the sleep apnea diagnostic devices market is segmented into polysomnography devices, home sleep testing devices, oximeters, and actigraphy system. Polysomnography devices accounted for the largest share of the overall sleep apnea devices market in 2020 owing to its gold standard for the diagnosis of sleep apnea with the comprehensive list of channel monitors including EEG, EOG, ECG/heart rate, chin EMG, limb EMG, respiratory effort at thorax and abdomen, airflow from nasal cannula thermistor and X-flow, and pulse oximetry.
On the basis of end user, the sleep apnea devices market is segmented into hospitals & sleep laboratories, and home care settings/individuals. The home care settings/individuals segment accounted for the largest share of this market in 2020. This segment's largest share is primarily attributed to the major sale of the sleep apnea devices by manufacturers through home healthcare dealers with the increasing use of therapeutic devices, related accessories, and home sleep testing products from existing and new sleep apnea patients at home care settings or patient's residence.
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Based on geography, the global sleep apnea devices market is mainly classified into five major geographies: Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global sleep apnea devices market. The rising aging population, growing collaborations among hospitals to enhance care efficiency, increasing number of maternity hospitals, a strong healthcare system with well-qualified medical teams, government initiatives for the healthcare sector, and shortage of hospital beds due to infectious diseases, such as COVID19 are some of the major factors driving the growth of the sleep apnea devices market in this region.
However, the Asia-Pacific region is slated to register the fastest growth in the sleep apnea devices market during the forecast period, primarily due to the rising prevalence and large base of undiagnosed sleep-disordered breathing (SDB) patients, rising focus of key players to expand in China & India, rising investment from both public & private sector, increasing affordability of the middle-class population, and public & private sector initiatives on improving sleep apnea awareness.
Some of the key players operating in the global sleep apnea devices market are ResMed Inc. (U.S.), BMC Medical Co., Ltd. (China), Braebon Medical Corporation (Canada), Compumedics Limited (Australia), DeVilbiss Healthcare (U.S.), Fisher & Paykel Healthcare (New Zealand), Koninklijke Philips N.V. (Netherlands), Löwenstein Group (U.K.), Oventus Medical (Australia), Panthera Dental (Canada), SomnoMed Limited (Australia), and Mitsui Chemicals, Inc. (WholeYou) (U.S.) among others.
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