Sleep Apnea Devices Market worth $8.0 billion by 2028 | ResMed (US), Koninklijke Philips N.V. (Netherlands), and Fisher & Paykel Healthcare (New Zealand)

Sleep Apnea Devices Market in terms of revenue was estimated to be worth $5.8 billion in 2023 and is poised to reach $8.0 billion by 2028, growing at a CAGR of 6.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by increasing number of companies venturing into the sleep apnea devices and oral appliances market. Furthermore, large pool of undiagnosed sleep apnea patients is expected to drive the growth of sleep apnea devices market.

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PAP devices segment is expected to account for the largest share in 2022.

Positive airway pressure (PAP) devices are the first line of treatment for sleep apnea. The therapeutic sleep apnea devices market, by product, has been segmented into positive airway pressure (PAP) devices, facial interfaces (masks), accessories, oral appliances, adaptive servo-ventilators, and other therapeutic devices. PAP devices dominate the market and are most often rented or purchased through a home healthcare company, also known as a durable medical equipment company.

The sleep laboratories, clinics & hospitals segment held the largest market share in the sleep apnea devices market.

By end user, the global sleep apnea devices market is broadly segmented into sleep laboratories, clinics & hospitals and home care settings/individuals. The high expenditure of the treatment regime incurred from personalized care and the high-precision diagnosis drives growth in this segment. However, home care settings/individual are expected to observe high growth rate as home care allows individuals to receive treatment for sleep apnea in the comfort of their own homes and with advancement of technology data tracking and remote monitoring capabilities are enhanced.

North America dominates the global sleep apnea devices market

Based on the region, the sleep apnea devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America market is driven by various grants and funds available for research on sleep apnea by government and private organizations. Europe is the second-largest market for sleep apnea devices market due to the increasing number of innovative products being launched in the market are expected to drive market growth in Europe. Asia Pacific will observe high growth during forecast period with its increasing healthcare infrastructure with better access to medical facilities.

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Sleep Apnea Devices Market Dynamics:

Drivers:

Large pool of undiagnosed sleep apnea patients
Favorable reimbursements and financial aid for sleep apnea devices and therapies
Growing awareness about the ill effects of untreated sleep apnea
Growing usage of oral appliances
Increasing number of companies venturing into the sleep apnea devices and oral appliances markets

Restraints:

High cost of CPAP machines
Complex referral pathways, long waiting periods, and product recalls

Opportunities:

Growing demand for home sleep apnea tests (HSATs)
Increasing focus on telemedicine, mHealth (mobile health), and artificial intelligence

Challenges:

Lack of patient compliance

Key Market Players:

Major players in sleep apnea devices market include ResMed (US), Koninklijke Philips N.V. (Netherlands), and Fisher & Paykel Healthcare (New Zealand).

Recent Developments:

In 2022, Fisher & Paykel Healthcare (New Zealand) launched Evora Full, a compact full-face mask for obstructive sleep apnea (OSA) treatment in US.

In 2021, ResMed (US) acquired MEDIFOX DAN (Germany) the German-based clinical, financial, and operational solutions provider to drive leadership in out-of-hospital software solutions for USD 1 Billion

In 2021, Oventus (Australia) signed a partnership with Aeroflow Healthcare (US). The partnership focuses on providing Oventus' OSA treatment solutions, including O2Vent Optima, directly to consumers via sleep clinics in the US.

In 2020, Koninklijke Philips N.V. (Netherlands) launched the DreamWear Silicone Pillows in North America. These pillows use 3D facial scan data to fit diverse populations.

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