Sleep Apnea Devices Market Top Key Players Strategy Profiling, Regional Outlook by 2028 | SomnoMed Ltd., Weinmann Medical Devices GmbH, Compumedics Ltd., Whole You Inc.

Market Overview:

Sleep apnea is a sleeping disorder that causes the stoppage of breathing for a long period of time. In some cases, it causes the stoppage of breathing completely. Sleep Apnea devices are available for the treatment of sleep apnea. These devices help to provide oxygen to the lungs during sleep and prevent the areas from occurring. They also reduce the risk of having sleep apnea in the first place. Continuous positive airways pressure is an example of a type of non-surgical sleep apnea device. Continuous positive airways pressure (CPAP) is a form of continuous positive airways pressure ventilation where a constant stream of air greater than the normal level of air pressure is consistently provided to the upper airways of an individual. This condition occurs when the muscles of the airways relax.

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Competitive Landscape:

Phillips Healthcare, ResMed Inc., Fisher, and Paykel Healthcare Ltd. are some of the key players in the global sleep apnea devices market

Key Market Drivers:

The growing aging population is a prime factor driving growth of the sleep apnea device market. Geriatric populations are highly susceptible to sleep apnea conditions. According to the World Health Organization, by 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. Today, 125 million people are aged 80 years or older. By 2050, there will be almost this many (120 million) living in China alone, and 434 million people in this age group worldwide. By 2050, 80% of all older people will live in low- and middle-income countries.

The advent of advanced technologies is expected to propel growth of the market. For instance, in February 2021, GoPAPfree, a homecare provider of oral appliance therapy for obstructive sleep apnea, announced the launch of their new product O2Vent Optima, a highly effective and more convenient alternative to CPAP therapy. This patented and exclusive appliance is the only device with integrated airway technology.

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Covid-19 Impact Analysis

With the outbreak of the COVID-19 pandemic, most industries have faced various difficulties in terms of production and supply. However, the medical device industry is one of the sectors that has witnessed strong growth due to rising demand for various medical devices among covid-19 patients. Due to this manufacturers have significantly increased the production capacities in order to cater to growing demand.

Key Takeaways:

The sleep apnea device market is expected to exhibit a CAGR of XX % over the forecast period, owing to the growing awareness regarding sleep apnea and strong growth in the medical device sector. According to the India Brand Equity Foundation, India's medical devices market stood at US$ 11 billion in 2020 and is expected to reach US$ 65 billion in 2024. India has a 75-80% import dependency on medical devices, with exports at Rs. 14,802 crore (US$2.1 billion) in 2019 and is expected to increase at a CAGR of 29.7% to reach Rs.

North America is expected to gain significant growth in the near future owing to the high prevalence of sleep apnea in the region. According to the CPAP Supplies, 50-70 million US adults have a sleep disorder, and obstructive sleep apnea is one of the most prevalent sleep disorders. Approximately 3-7% of men and 2-5% of women have sleep apnea.

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