Sleep Apnea Market is expected to reach $13.8 billion, growing at a CAGR of 6.3% 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.

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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.

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.

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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.

Key Players:

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

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This release was published on openPR.