Sleep Apnea Devices Market Is Estimated To Witness High Growth Owing To Growing Geriatric Population
Sleep apnea is a medical condition where breathing stops and starts repeatedly during sleep. It involves complete or partial obstruction of the upper airway during sleep which causes intermittent interruptions in breathing. Sleep apnea devices help to diagnose and treat sleep apnea and assist breathing during sleep. Devices include positive airway pressure (PAP) devices, oral appliances, adaptive servo-ventilation devices, oxygen devices and others. PAP devices are the most commonly used and include continuous positive airway pressure (CPAP), bi-level positive airway pressure (BiPAP) and automatic positive airway pressure (APAP) devices.
The global Sleep Apnea Devices Market is estimated to be valued at US$ 5.8 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market Dynamics:
Growing geriatric population is a key driver for the sleep apnea devices market. Elderly people are more prone to sleep apnea due to weakening of throat muscles with age. According to National Institute on Aging, the global geriatric population is projected to grow from 727 million in 2020 to 1.5 billion in 2050. Another driver is increasing awareness regarding sleep disorders and availability of treatment options. More people are recognizing symptoms of sleep apnea and seeking professional help. Additionally, technological advancements are helping to make devices more effective and user-friendly. However, social stigma associated with use of sleep apnea devices and high cost of therapy act as a restraint to the market.
SWOT Analysis
Strength: Sleep apnea devices offer non-invasive treatment solutions for sleep apnea disorders. Continuous positive airway pressure (CPAP) machines, the most commonly prescribed sleep apnea devices, are highly effective in treating mild to severe sleep apnea. Many devices come with features like automatic adjustments and wireless connectivity that provide comfort and convenience to users.
Weakness: High cost of sleep apnea diagnostics and therapy devices poses affordability challenges. Some patients also find it difficult to get accustomed to the usage of sleep apnea masks and machines, affecting compliance.
Opportunity: Rising awareness about sleep disorders and their association with increased risk of comorbidities presents an opportunity for market expansion. Growth in telemedicine offers opportunities for remote monitoring and management of sleep apnea.
Threats: Alternative emerging therapies like oral appliances and surgery procedures pose competition to devices. Economic slowdowns can negatively impact the discretionary spending on sleep apnea management.
Key Takeaways
The global sleep apnea devices market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of sleep disorders facilitated by changing lifestyles and growing geriatric population. It is estimated that the market was valued at US$ 5.8 Bn in 2023.
Regional analysis: North America currently dominates the sleep apnea devices market, owing to the rapid adoption of novel devices and growing diagnosis rates in the region. Asia Pacific is anticipated to exhibit the fastest growth during the forecast period driven by expansion of healthcare infrastructure and rising medical tourism in the region.
Key players: Key players operating in the sleep apnea devices market are ResMed, Philips Respironics, Fisher & Paykel Healthcare, and BMC Medical. ResMed leads the market with wide portfolio of therapeutic and diagnostic devices along with cloud-based software solutions. Philips Respironics offers CPAP and BiPAP machines along with a suite of consumer sleep apps.
