Sleep Apnea Devices Market - Major Revenue Surge is Expected by 2026

 Global Industry Growth Boosting Factors:

The massive pool of undiagnosed sleep apnea patients, increasing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, and an increasing number of companies venturing into the sleep apnea market, are the major factors driving the growth of the Sleep Apnea Devices Market.

Overview:

This study involved four major activities in estimating the current size of the sleep apnea devices market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.

Projected Revenue Surge:

The global Sleep Apnea Devices Market is projected to reach USD 9.9 billion by 2026 from USD 7.1 billion in 2021, at a CAGR of 6.9% during the forecast period.

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DRIVER: Large pool of undiagnosed sleep apnea patients, growing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, and an increasing number of companies venturing into the sleep apnea market

The massive pool of undiagnosed patients of sleep apnea holds tremendous potential for the sleep apnea devices market. It is expected with the ongoing awareness campaigns and efforts, the untouched patients base would be diagnosed and treated for the sleep apnea. The increasing trend of oral appliances and home sleep care for the management of sleep apnea are pushing the growth of the market. Over past few years, there is an increasing number of companies venturing into the sleep apnea market.

RESTRAINT: The high cost of CPAP machines, complex referral pathways, long waiting periods, and product recalls

The high expenses of the CPAP machines are burden to the patients of sleep apnea, the expenses of these machines are sparsely covered by Medicare in the US, while other countries don’t cover any cost of CPAP. The medical visits to multiple locations, the inconvenient and high cost of diagnosis, and therapy creates a huge hurdle for patients.

CHALLENGES: Lack of patient compliance

The lack of patient compliance to CPAP therapy is a challenging aspect in the growth of the market. Treatment compliance, especially of the CPAP, has always been an issue with sleep apnea patients. This is mainly due to the lack of affordability and comfort.

OPPORTUNITY: Growing demand for home sleep apnea tests (HSATs), and increasing focus on telemedicine, mHealth (mobile health), and artificial intelligence

People are opting more for the home sleep apnea tests (HSATs) due to their affordability and comfort of sleep apnea management at home. The telemedicine has witnessed a surge in the demand maid the pandemic. The incoming advanced technologies in the domain of sleep apnea devices such as Artificial Intelligence (AI) are also creating more opportunities for the market.

Sleep laboratories & hospitals account for the largest share of the sleep apnea devices market. The home care settings/individuals’ segment is expected to grow at the fastest pace during the forecast period.

Based on end user, the sleep apnea devices market is segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment accounted for the largest share of in the sleep apnea devices market in 2020. However, the home care settings/individuals’ segment is estimated to grow at the highest CAGR from 2021 to 2026, owing to the increasing preference for home sleep testing by both patients and insurance companies, coupled with the favourable reimbursement scenario for home sleep testing.

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North America was the largest regional market for the Sleep Apnea Devices Market in 2020

The Sleep Apnea Devices Market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and Rest of the world (Latin America, and the Middle East & Africa). North America was the largest regional market for Sleep Apnea Devices Market in 2020. The large share of the North American market can be attributed to the increasing prevalence of the sleep apnea, growing awareness, wide usage of oral appliances for sleep apnea and of the leading players, such as ResMed, and Inspire Medical Systems, Inc., in the region.