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Sleep Apnea Devices Market to Generate Revenue Worth $6.8 Billion by 2023

Sleep Apnea Devices Market to Generate Revenue Worth $6.8 Billion by 2023

Published: September 2018

The global sleep apnea devices market was valued at $4.4 billion in 2017, which is projected to reach $6.8 billion by 2023, at a CAGR of 7.7% during the forecast period (2018–2023). The therapeutic sleep apnea devices category is expected to be the larger shareholder in the global market in 2023 and also witness faster growth during the forecast period. This can be attributed to the increasing number of obstructive sleep apnea (OSA) cases across the globe, and the resultingly rising need for the condition’s management.

Rising Preference for Wearable Sleep Trackers is a Key Trend in the Market

A key trend being observed in the sleep apnea devices market is the growing adoption of wearable sleep trackers that are embedded with the biometric sensor technology. These devices monitor the quality of sleep, record and transmit the data corresponding to various physiological conditions of a patient. A sleep tracking device is equipped with a pulse oximeter and accelerometer, which allow the user to regularly monitor the heart rate, sleep pattern, and oxygen saturation level in the blood. Some of the commercially available devices include the O2 Vibe Fitness & Sleep Monitor manufactured by BodiMetrics LLC and GO2SLEEP by SLEEPON Inc.

Increasing Use of Portable Sleep Apnea Drives the Market Growth

Healthcare professionals and users are increasingly opting for technologically advanced sleep apnea products that are compact, can be carried easily, reduce sleep laboratory visits, and save time, thereby driving the sleep apnea devices market. In addition, oral appliances are also gaining interest, as they are cost-effective, when compared with continuous positive airway pressure/power (CPAP) and other devices. Furthermore, public and private organizations are investing in research and development (R&D), with the objective of providing better treatment options to patients in countries where sleep disorders and co-morbid diseases are increasing at a rapid rate.

Segmentation Analysis of Sleep Apnea Devices Market

Therapeutic devices held the larger share, of 84.7%, in the sleep apnea devices market, in 2017. This category is primarily driven by the increasing OSA cases, resulting in the high prescription rate of PAP devices because of their effective medication benefits over other sleep apnea devices.
the at-home category is expected to grow at the higher CAGR, of 8.0%, during the forecast period. This can be mainly attributed to the increasing demand for compact and easy-to-use devices in homecare settings.

Geographical Analysis of Sleep Apnea Devices Market

North America is expected to account for the largest share in the global sleep apnea devices market, by 2023, followed by Europe. That year, together, North America and Europe are forecast to hold an approximately 74.0% market share. Some of the factors driving the market growth in the regions include the adoption of technologically advanced products, initiatives taken by several public and private organizations (including investing in the development of these devices and reimbursing patients for their purchase), and growing R&D activities.

APAC is expected to witness the fastest growth during the forecast period, among all regions, primarily due to radical lifestyle changes and surging geriatric population.
Other regions, such as LATAM and MEA, also hold considerable shares in the sleep apnea devices market, on account of the unhealthy lifestyle patterns, growing cases of sleep disorders, rising elderly population, and increasing healthcare expenditure here.

In 2017, Japan held over 40.0% share in the APAC sleep apnea devices market, and it is expected to prosper at the highest rate during the forecast period. The increasing geriatric population and improving healthcare infrastructure in the country are some of the major factors driving the growth of its market.
Brazil is projected to be the fastest-growing market in the LATAM region, during the forecast period. The growth in the Brazilian market is mainly attributed to the improving healthcare facilities and rising cases of sleep disorders.
U.A.E. is projected to be the fastest-growing sleep apnea devices market in the MEA region, mainly due to the rising prevalence of sleep apnea and increasing number of obese people.

Competitive Landscape of Sleep Apnea Devices Market

The sleep apnea devices market is fragmented in nature, with the presence of numerous small and big players, such as Koninklijke Philips N.V., ResMed Inc., Fisher & Paykel Healthcare Limited, BRAEBON Medical Corporation, Natus Medical Incorporated, Circadiance LLC, Alaxo GmbH, BMC Medical Co. Ltd., Löwenstein Medical Technology GmbH & Co. KG, BodiMetrics LLC, SLEEPON Inc., and Compumedics Limited.

These players in the sleep apnea devices market are engaged in strategic developments, such as product launches, mergers & acquisitions, and partnerships, to maintain their edge over competitors. For instance, in May 2018, Koninklijke Philips N.V. acquired NightBalance B.V., a digital health scale-up company based in the Netherlands, which has developed an innovative, easy-to-use device, NightBalance’s Sleep Position Trainer, to treat positional obstructive sleep apnea and positional snoring. The acquisition was aimed at expanding Philips’ position in the homecare market.

Similarly, in October 2017, ResMed Inc. announced the European release of its AirFit N20 Classic nasal mask for PAP treatment. The product was made available in Austria, Belgium, Bulgaria, Denmark, Estonia, Finland, France, Germany, Greece, Italy, the Netherlands, Portugal, Romania, Russia, and Sweden, apart from Turkey and Japan.