According to the deep-dive market assessment study by Growth+ Reports, the global sleep apnea devices market was pegged at ~US$ 7.3 billion in 2021. The market is expected to witness a CAGR of ~6.5% from 2022 to 2030.
Factors contributing to the growth of the global sleep apnea devices market include the increasing number of sleep apnea patients, changing lifestyles, the rising rate of people with obesity and hypertension, and the rising awareness of the use of sleep apnea devices. Technological advancements, consistent new product launches, and rising investments for device development are some prime factors driving the global sleep apnea devices market growth. However, the high cost of CPAP devices, limited insurance coverage, and device recalls are restraining the market growth. For instance, in July 2022, Philips recalled millions of its ventilators and sleep apnea devices, specifically continuous positive airway pressure (CPAP) devices, because the foam used to minimize the sound of the machine can degrade due to humidity and emits small particles in the airways. The gases released by the degraded foam may also be toxic and have the risk of cancer.
Sleep apnea is a common, chronic, sleep-related breathing disorder. The rising geriatric and obese population is leading to the high prevalence of sleep apnea. According to the American Sleep Apnea Association, sleep disorders have become a significant health issue in the U.S. It is estimated that 30 million Americans suffer from sleep apnea, with 80 percent of the cases of moderate and severe obstructive sleep apnea being undiagnosed. It affects 3% of normal-weight people and 20% of obese people. Such cases, when left untreated, can lead to high blood pressure, atrial fibrillation, chronic heart failure, stroke, and other cardiovascular disorders. Thus, the increasing number of people suffering from sleep apnea and the rising awareness of the diagnosis of sleep apnea drive the global sleep apnea devices market. The American Sleep Apnea Association reported that 25% of children with ADHD might have symptoms of obstructive sleep apnea; around 20% of children snore, but only 1-4% suffer from obstructive sleep apnea. These are some factors expected to fuel the sleep apnea devices market growth during the forecast period.
Major sleep apnea device market players are adopting inorganic strategies such as partnerships and collaborations with other companies or government/academic institutes. Adopting these strategies helps them in developing innovative products and swift commercialization. For instance, in February 2021, Nyxoah SA and Vanderbilt University entered an exclusive licensing agreement to develop and promote innovative solutions and services to treat Obstructive Sleep Apnea (OSA). In June 2022, Apnimed, Inc. received fast track designation for the AD109, a first-in-class oral medication for treating obstructive sleep apnea (OSA). It contains atomoxetine, a norepinephrine reuptake inhibitor, and aroxybutynin, a selective antimuscarinic.
Limited or no insurance coverage for sleep apnea devices in developing countries is one factor restraining this market's growth. Moreover, the high cost of PAP machines also limits the development of the sleep apnea devices market to a certain extent. People using these devices have also faced the problems such as difficulty falling asleep, nasal congestion, mask leaks, skin irritation, and nosebleeds that make the patients stop or limit their use.
Regionally, Asia Pacific is anticipated to grow at a higher CAGR in the global sleep apnea devices market. Several factors contributing to the rapid growth of the Asia Pacific market include the growing prevalence of sleep apnea among the general population, a higher undiagnosed patient pool, and raising awareness of diagnosis and treatment of sleep apnea. Moreover, growing initiatives by the healthcare system and market players to create awareness of sleep disorders and the rising geriatric and obese population is also anticipated to boost the market growth during the forecast period.
Some prominent players operating in the global sleep apnea devices market include ResMed Inc., Becton, Dickinson & Company, Koninklijke Philips N.V., Nihon Kohden Corporation, Invacare Corporation, Fisher & Paykel Healthcare Limited, Löwenstein Medical Technology GmbH + Co. K.G., Natus Medical Incorporated, BMedical Pty Ltd., BMC Medical Co., Ltd., SomnoMed GmbH, Compumedics Limited., Oventus Medical Ltd. and Somnetics International, Inc. among others.