Sleep Apnea Devices Market 2020 and Forecast 2021-2027

  • TBI955051
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                          

Report Overview: Sleep Apnea Devices Market

The global sleep apnea devices market size was valued at USD 4.8 billion in 2020 and is projected to expand at a CAGR of 6.3% over the forecast period 2021-2027. One of the key factors contributing to market growth is the increasing prevalence of obstructive sleep apnea (OSA) among global population. In addition, increasing awareness regarding the target condition, early disease diagnosis, increasing patient adherence for positive airway pressure devices, and increasing medical coverage for sleep apnea devices are further anticipated to drive the market growth over the forecast period. According to a report presented by ResMed at the American Thoracic Society (ATS) 2018 International Conference, OSA afflicted more than 936 million people worldwide in 2018, which is 836% more than in 2007. Furthermore, as per the European Respiratory Journal in 2018, the prevalence of obstructive sleep apnea in Europe was reported to be 175 million. A study presented at the annual meeting of the Associated Professional Sleep Societies reported that around 37% of adults in North, Central, and South America might be affected by OSA. This growing prevalence of obstructive Sleep Apnea at a global level is anticipated to drive the market growth over the forecast period. Moreover, the introduction of technologically advanced products by market participants aimed at improving patient safety, comfort, and adoption is anticipated to enhance treatment rates, especially in developed countries. For instance, North America is one of the most established markets for sleep apnea devices, due to high product adoption combined with government initiatives aimed at reducing the healthcare burden associated with sleep apnea. Furthermore, the availability of reimbursement policies that reduce the out of pocket spending is one of the key factors driving the market growth. Also, increasing geriatric population is anticipated to drive the market growth over the forecast period. Obstructive sleep apnea is a common disorder in the elderly population, affecting around 13 - 32% of people above 65 years of age. As per the estimates of the WHO, the world’s population aged 60 years and above is expected to reach 2 billion by 2050. This population group is more susceptible to suffer from obstructive sleep apnea as their muscles easily weaken up due to old age and lead to the narrowing of the airway. However, low awareness related to sleep disorders in low- and middle-income countries and stringent compliance standards set by third-party payers that leads to limited reimbursement, are obstructing the market growth. Moreover, the inconvenience caused by sleep apnea devices to the wearer while sleeping and the high cost of these devices, are also limiting their adoption in developing and underdeveloped countries.

Product Type Insights: Sleep Apnea Devices Market

The therapeutic devices product type segment lead the market in 2019 owing to increasing disease awareness among patients, availability of technologically advanced products, and increasing market competition. For instance, in April 2017, Philips Respironics launched ‘DreamStation Go’ - a travel-friendly positive airway pressure (PAP) device for the active patient population. In March 2019, ResMed acquired HB Healthcare to strengthen its distribution network in the Asia Pacific. These initiatives adopted by players to be at the forefront are driving the growth of the segment. The diagnostic device segment is expected to witness a lucrative growth rate of 7.6% between 2020 and 2027. The diagnostic device segment includes various products such as respiratory polygraphs, actigraphs, pulse oximeters, and polysomnography (PSG). The polysomnography tests are the most widely used tests for the diagnosis of obstructive sleep apnea. Besides, respiratory polygraphs are extensively used for diagnosing sleep apnea home settings. Respiratory polygraphs are considered as a substitute to polysomnography; hence, their affordability has increased its adoption among patients. Growing awareness and a rise in the number of patients diagnosed with respiratory disorders are some of the factors expected to drive the segment growth over the forecast period.

Regional Insights: Sleep Apnea Devices Market

North America lead the global sleep apnea devices market with a market share of 51.5% in 2019. Growing awareness of sleep apnea, large patient pool, and presence of international manufacturers are anticipated to strengthen the market share of this region. Moreover, the number of therapeutic tests conducted in the region for confirming the presence of sleep apnea is rapidly rising as a large number of people are more concerned about the health risks arising out of this condition, thus driving the market growth over the forecast period. On the other hand, Asia Pacific is projected to expand at the fastest growth rate over the forecast period. The presence of a large undiagnosed patient pool and growing investment in healthcare infrastructure are anticipated to drive the market growth. Furthermore, competitors are focusing on building strategies to introduce affordable devices for price-sensitive customers in Asia Pacific, which is further supporting the growth in the region. The establishment of sleep laboratory facilities for testing sleep apnea patients in countries such as Philippines, Singapore, and Malaysia with increasing awareness about OSA is likely to drive the market growth in this region.

Sleep Apnea Devices Market Share Insights: Sleep Apnea Devices Market

Some of the players operating in the market are The market is oligopolistic with companies such as ResMed and Philips Respironics capturing major market share. Moreover, stringent patient compliance regiments for the reimbursement of PAP devices have created high entry barriers for new entrants. In addition, the presence of fierce competition among market participants to increase their geographic footprint and strengthening their customer pool through several product launches and new product development are the major factors anticipated to drive the market growth over the forecast period. This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global sleep apnea devices market report on the basis of product type and region:

Product Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Therapeutic Devices
  • Positive Airway Pressure (PAP) Devices
  • Oral Devices
  • Nasal Devices
  • Chin Straps
  • Diagnostic Devices
  • Actigraphs
  • Polysomnography (PSG) Device
  • Respiratory Polygraphs
  • Pulse Oximeters

Table Of Contents
Chapter 1 Methodology and Scope
   1.1 Market Segmentation
   1.2 Research Methodology
        1.2.1 Information Procurement
   1.3 Information or Data Analysis
   1.4 Market Formulation & Validation
        1.4.1 Region Market: CAGR Calculation
   1.5 Region-Based Segment Share Calculation
   1.6 List Of Secondary Sources
   1.7 List Of AbbreviationsChapter 2 Executive Summary        
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