Sleep Apnea Market Growing at a Healthy CAGR Of 6.3% To Reach $13.8 Billion Between 2021 And 2031

Global Sleep Apnea Market is expected to reach $13.8bn by 2031 growing at a CAGR of 6.3% between 2021 and 2031.

Surging prevalence of sleep apnea and related co-morbidities along with growing awareness regarding sleep disorders is amongst the major factors stimulating the overall market growth. Technological advancement is set to propel sleep apnea devices market growth during the forecast period. These advancements in oral appliances, oxygen devices, actigraphy systems have increased the sleep disorders treatment outcome and success rate.

The growing geriatric population due to increasing life expectancy is expected to lead to a rise in the prevalence of sleep disorders. Moreover, people with obesity and hypertension are more likely to develop sleep apnea. Aging is a major factor driving the market growth for sleep apnea devices. The elderly are the most at risk for developing this disorder.

Sleep apnea is a serious sleep disorder in which breathing repeatedly stops and starts. There are three main types of sleep apnea, obstructive sleep apnea, central sleep apnea, and complex sleep apnea syndrome.

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COVID-19 Impact Analysis

Diagnostic devices suppliers witnessed a decline in sales revenue growth of sleep apnea diagnostic devices due to temporary closure of sleep clinics and medical equipment suppliers owing to quarantines and government restrictions. The growth of the sleep apnea devices market has massively increased due to the sudden outbreak of the COVID-19 pandemic.

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.

Key players reported a significant growth in the revenue from due to increase in number of patients suffering from sleep disorders due to excessive stress resulting from the COVID-19 pandemic.

Key Trends and Drivers:

1.The massive pool of undiagnosed patients of sleep apnea holds tremendous potential for the sleep apnea devices market. It is expected with the ongoing awareness campaigns and efforts, the untouched patients base would be diagnosed and treated for the sleep apnea.

2.This combined with increasing number of sleep clinics and sleep technicians globally is facilitating the growth of the market.

3.People's sedentary lifestyles have resulted in an increase in the prevalence of cardiovascular illnesses, poor sleep habits, high-stress levels, and obesity.

4.Insurance coverage for treatment of sleep apnea and other sleep disorders, Product innovation strategy adopted by key industry players.

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Restraints and Challenges:

1.Lack of adherence to sleep apnea treatment is amongst the major factors hampering the adoption of sleep apnea devices.

2. Treatment compliance, especially of the CPAP, has always been an issue with sleep apnea patients.

3.Developed countries have a well-established infrastructure and reimbursement system in place. However, developing countries have a lackluster reimbursement system, and a significant out of pocket costs for patients.

Segmentation:

By Type:
Therapeutic Devices
Positive Airway Pressure Devices
Automatic Positive Airway Pressure Devices
Continuous Positive Airway Pressure Devices
Bilevel Positive Airway Pressure Devices
Facial Interfaces
Masks
Full-Face Masks
Nasal Pillow Masks
Nasal Masks
Cushions
Oral Appliances
Mandibular Advancement Devices
Tongue-Retaining Devices
Adaptive Servo-Ventilators
Other Therapeutic Devices
Diagnostic Devices
Polysomnography Devices
Clinical PSG Devices
Home Sleep Testing Devices
Oximeters
Fingertip Oximeters
Handheld Oximeters
Wrist-Worn Oximeters
Tabletop Oximeters

By End User:
Sleep Laboratories and Clinics.
Home care and other settings.

Key companies in this market include:

- Braedon Medical Corporation
- SomnoMed
- ResMed Inc.
- Philips N.V.
- BMC Medical Co. Ltd.
- Fisher & Paykel Healthcare
- Advanced Brain Monitoring Inc.
- Devilbiss Healthcare LLC
- Whole You, Inc.
- Natus Medical Incorporated

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This release was published on openPR.