Sleep Apnea Devices Market Overview
The global sleep apnea devices market generated $4.4 billion revenue in 2017 and is projected to showcase a CAGR 7.7% during the forecast period. Growing prevalence of OSA and co-morbidities, rising use of portable sleep apnea devices, increasing government support for start-up companies, growing healthcare facilities, and increasing geriatric population are driving the growth of the market, globally.
GLOBAL SLEEP APNEA DEVICES MARKET, BY PRODUCT, $M (2016-2023)
On the basis of product, the sleep apnea devices market has been categorized into therapeutic devices and diagnostic devices. The market demand for therapeutic devices is expected to register faster growth, at a CAGR 7.9% during the forecast period, owing to the positive effects of these devices for the treatment of sleep apnea, easy accessibility, and increasing number of OSA cases, across the globe.
Therapeutic devices are further classified into positive airway pressure (PAP) devices, facial interfaces, oral appliances, adaptive servo-ventilators (ASVs), and others. Among all types of therapeutic devices, PAP devices held the largest share of 32.1% in the sleep apnea devices market in 2017.
Diagnostic devices are further sub-categorized into polysomnography devices, respiratory polygraphs, pulse oximeters, actigraphy devices, sleep screening devices, and home sleep testing devices. Polysomnography devices is expected to be the leading category in the coming years.
Based on end user, the sleep apnea devices market has been bifurcated into sleep laboratories and at-home. During the forecast period, the at-home end user category is expected to witness faster growth, at a CAGR of 8.0%, mainly due to the convenient features of home sleep tests. Also, these tests cost approximately one fourth of a traditional lab study.
Geographically, North America held the largest share, of 49.3%, in the global sleep apnea devices market in 2017. This regional growth is mainly led by the rising incidence of sleep disorders and increasing initiatives by the government and non-government organizations for increasing awareness about sleep disorders and sleep hygiene. Several government bodies are running awareness programs to educate people and medical practitioners about healthy sleep habits. Moreover, the major players in the regional market are investing huge capital to develop technologically efficient, effective, and easy to use sleep apnea devices.
Furthermore, the North American market is characterized by the presence of several sleep specialists and sleep centers, such as Carilion Clinic, Adam Mascovitch, Florida Lung, Asthma & Sleep Specialists, Oregon Sleep Associates and Sound Sleep Health, that are expected to aid the growth of the market in the coming years.
Sleep Apnea Devices Market Dynamics
Among the various sleep disorders, OSA is the most prevalent form of sleep disorder. According to the Obstructive Sleep Apnea Health Economics report, a consulting report for British Lung Foundation, investing on creating awareness, diagnosis and treatment of OSA can save National Health Service (NHS) up to £28 million. Further, it also stated that if everyone suffering from moderate to severe OSA was treated, around 40,000 road traffic accidents, per year, could be prevented. Thus, rising prevalence of OSA coupled with increasing awareness about various treatments for sleep apnea is driving the growth of the global market.
Moreover, rising use of portable sleep apnea devices, increasing government support for start-up companies, growing healthcare facilities, and increasing geriatric population are some of the other factors driving the market growth.
Rising per capita healthcare cost, and untapped market in developing economies are the major opportunities for the players in the sleep apnea devices industry.
Globally, rise in the per capita healthcare expenditure is leading to improved purchasing power of the consumers on various healthcare solutions, including adoption of devices for the treatment of sleep apnea. According to the Organisation for Economic Co-operation and Development (OECD), in 2016, the spending on healthcare in the OECD was about $4,000.0 per person on average. Thus, rise in per capita healthcare cost, leads to an increase in the affordability for several healthcare solutions, including sleep apnea devices, thereby creating ample growth opportunities for the market players.
Sleep Apnea Devices Market Competitive Landscape
The global sleep apnea devices market is consolidated with few companies holding the major share of the market. The top three market players, including Koninklijke Philips N.V., ResMed Inc., and Fisher & Paykel Healthcare Limited, together accounted for more than 65.0% share of the global market in 2017. The leading position of these players is mainly due to their worldwide geographic reach and high brand recognition among the patients and healthcare providers. Moreover, players are investing in research and innovation, and acquiring several related businesses for expanding their market share.
Some of the other major players in the sleep apnea devices industry are Drive DeVilbiss Healthcare Inc., Löwenstein Medical Technology GmbH & Co. KG, Compumedics Limited, BRAEBON Medical Corporation, SomnoMed Limited, Natus Medical Incorporated, and BMC Medical Co. Ltd.