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The global sleep apnea devices market was valued at $4.4 billion in 2017, and it is further expected to generate $6.8 billion revenue by 2023, witnessing a CAGR of 7.7% during the forecast period (2018–2023).
The Asia-Pacific (APAC) region is likely to witness the fastest growth, among all regions, during the forecast period. Some of the factors driving the sleep apnea devices market growth in the region are the rising prevalence of obstructive sleep apnea (OSA), unhealthy lifestyle of people, changes in diet and sleep pattern, and intense work pressure. According to a study funded by the JurongHealth Services Research and Quality Improvement Grant, one in three Singaporeans have moderate-to-severe OSA, and one in every 10 suffers from severe sleep apnea. The surging geriatric population is another factor increasing the demand for sleep apnea devices in APAC.
Factors Governing Sleep Apnea Devices Market
The growing demand for home sleep monitoring devices is a major trend being observed in the sleep apnea devices market. These devices play an essential role in monitoring a patient’s sleep, either overnight or during the day. The increasing adoption of these devices is ascribed to the fact that these tests are painless and immensely useful in diagnosing sleep disorders, such as insomnia, narcolepsy, and sleep apnea. Moreover, as these devices can be easily used in homecare settings, they help patients study several indicators of sleep apnea, including the oxygen saturation level, oronasal airflow, body position, and respiratory effort. Furthermore, these tests are more cost-effective as compared to those conducted at sleep laboratories, as home sleep apnea testing (HSAT) devices cost between $150 and $200.
The rising prevalence of OSA and co-morbidities is among the major factors driving the sleep apnea devices market. According to the National Sleep Foundation, approximately 18 million adults in the U.S. suffer from apnea, whereas OSA affects 2–3% of all adults. In addition, the prevalence of OSA is observed to be as high as 10–20% in habitually snoring children, which, in turn, increases the risk of high blood pressure, atrial fibrillation, and congestive heart failure, as they grow up.
Sleep Apnea Market Segmentation Analysis
Therapeutic sleep apnea devices are expected to witness faster growth in the coming years, based on product, mainly because of the increasing burden of sleep apnea and adoption of technologically advanced treatment products.
Sleep laboratories accounted for the larger share in the sleep apnea devices market, in 2017, on the basis of end user. The market growth in this category is primarily attributed to the increasing per capita healthcare expenditure and rising investments by public and private organizations.
Geographical Analysis of Sleep Apnea Devices Market
North America held the largest share in 2017, in the sleep apnea devices market. The market dominance of the region is attributed to the increasing research and development activities, investments by private and public organizations, and rising incidence of sleep disorders and associated health conditions, such as obesity and heart diseases. In July 2017, the American Sleep Apnea Association (ASAA), a patient-led non-profit organization, through its CPAP Assistance Program (CAP), provided over 5,000 continuous positive airway pressure (CPAP) equipment packages to patients, who have been in need of them over the last three years. In addition, rapid technological advancements are boosting the regional market.
During the forecast period, the APAC region is expected to witness the fastest growth, owing to the radical changes in the lifestyle of people, growing prevalence of OSA, changes in sleep pattern, and increasing work stress. Japan held the largest share in the regional sleep apnea devices market, in 2017, primarily due to the rapid economic growth, helping people better afford such devices, rise in healthcare expenditure, and surging geriatric population in the country.
Competitive Landscape of Sleep Apnea Devices Market
The global sleep apnea devices market is fragmented in nature, due to the presence of several giant and small- and medium-sized players. These include Natus Medical Incorporated, Löwenstein Medical Technology GmbH & Co. KG, SleepScore Labs, Koninklijke Philips N.V., BRAEBON Medical Corporation, Compumedics Limited, Circadiance LLC, Fisher & Paykel Healthcare Limited, Alaxo GmbH, BodiMetrics LLC, SLEEPON Inc., ResMed Inc., and BMC Medical Co. Ltd.
Recent Strategic Developments of Sleep Apnea Devices Market Players
The major players operating in the sleep apnea devices market are actively involved in mergers and acquisitions, product launches, and several other business activities, to gain a competitive edge.
For instance, in April 2018, SleepScore Labs, the developer of a non-contact sleep improvement system for consumers, namely SleepScore Max, announced that it has acquired Sleep.ai, a Netherlands-based digital health company, to help consumers know if they snore or grind their teeth during sleep. Based in California, the U.S., SleepScore Labs is a joint venture between ResMed Inc., Dr. Mehmet Oz, and Pegasus Capital Advisors L.P. This acquisition was mainly aimed to improve people’s lives, by diagnosing and improving their sleep health and helping them get better treatment and outcomes.
Similarly, in January 2018, ResMed Inc. introduced Mobi, a portable oxygen concentrator, which offers optimal balance of oxygen delivery, is light weight, and features a longer battery life, so that patients with COPD or other respiratory conditions can get benefits of daily remote patient monitoring at home or on the go.
Sleep Apnea Devices Market Size Breakdown by Segment
The sleep apnea devices market report offers comprehensive market segmentation analysis along with market estimation for the period 2016–2023.
Based on Product
Based on End User