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Sleep apnea devices include CPAP, BiPAP, mouthpieces, nasal pillows masks and other variants that help in improving the quality and quantity of sleep in sleep apnea patients by maintaining an open airway. These devices ensure uninterrupted breathing during sleep and prevent episodes of disrupted breathing.
The global Sleep Apnea Devices Market is estimated to be valued at US$ 5.8 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market key trends: One of the key trends in the sleep apnea devices market is the growing adoption of oral appliances. Oral appliances are non-invasive devices that are prescribed to patients with mild to moderate obstructive sleep apnea. They are becoming increasingly popular due to their advantages over CPAP therapy such as ease of use and portability. Patients find oral appliances more comfortable to use compared to masks. With rising awareness about innovative treatment options, the demand for oral appliances is expected to surge in the forecast period.
SWOT Analysis
Strength: Sleep apnea devices help in proper diagnosis and effective treatment of sleep disorders. Devices such as CPAP machines effectively treat obstructive sleep apnea by maintaining airway patency.
Weakness: High costs associated with sleep apnea diagnostic devices and therapy devices pose affordability challenges. Adherence to therapy is also a concern for some patients.
Opportunity: Rising awareness about sleep disorders and availability of reimbursement create a conducive environment for market growth. Home sleep testing solutions provide new opportunities.
Threats: Presence of alternative treatment options like oral appliances and surgery poses competition. Economic slowdowns impact the discretionary spend on such devices.
Key Takeaways
The global sleep apnea devices market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of sleep disorders worldwide. As per the WHO, over 100 million people across the globe suffer from sleep apnea.
Regional analysis North America accounts for largest share of over 35% of global sleep apnea devices market owing to presence of major players, rising awareness, availability of device reimbursement, and growing obese population. Asia Pacific is witnessing fastest growth due to improving healthcare infrastructure, increasing patient disposable incomes, and growing awareness about sleep disorders.
Key players operating in the sleep apnea devices market are ResMed, Philips Respironics, Fisher & Paykel Healthcare, and BMC Medical. ResMed dominates CPAP market with over 25% share. Phillips is a prominent player in polygraphs and ventilators segment. Growing uptake of home healthcare solutions drives the business of major players.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
