Sleep Apnea Devices Market - Major Growth Driving Factors

Overview of This Study:

The objective of the study is analyze the key market dynamics such as drivers, opportunities, challenges, restraints, and key player strategies. To track companies developments such as acquisitions, product launches, expansions, collaborations, agreements and partnerships of the leading players, the competitive landscape of the sleep apnea devices industry to analyzes market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches were use to estimate the market size. To estimate the market size of segments and subsegments the market breakdown and data triangulation were used.

Market Size Estimation:

All major product manufacturers offering various sleep apnea were identified at the global/regional level. Revenue mapping was done for the major players and was extrapolated to arrive at the global market value of each type of segment. The market value sleep apnea devices market was also split into various segments and subsegments at the region and country level based on:

# Product mapping of various manufacturers for each type of sleep apnea devices industry at the regional and country-level
# Relative adoption pattern of each sleep apnea devices market among key application segments at the regional and/or country-level
# Detailed primary research to gather qualitative and quantitative information related to segments and subsegments at the regional and/or country-level.
# Detailed secondary research to gauge the prevailing market trends at the regional and/or country-level

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Revenue Growth Dynamics:

The size of global sleep apnea devices market in terms of revenue was estimated to be worth $5.8 billion in 2023 and is poised to reach $8.0 billion by 2028, growing at a CAGR of 6.5% from 2023 to 2028.

Data Triangulation:

After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact sleep apnea statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the Sleep apnea devices industry.

Market Definition:

Sleep apnea involves abnormal pauses in breathing, ranging from a few seconds to minutes, or the occurrence of an abnormally slow breathing rate. Sleep apnea devices are used to force air into the nasal passages at high pressure to overcome obstructions in the airway and stimulate normal breathing.

Opportunity: Increasing focus on telemedicine, mHealth and AI

Several studies have reported that a main predictive factor for long-term CPAP compliance is patient adherence in the first few weeks of treatment. Compliance, support, and follow-up during this period must be prompt. Telemedicine offers this assistance since long waiting lists make it difficult to provide such support. Several studies suggest that patients in the telemedicine group expressed high satisfaction with their care. They especially liked the convenience of a live video visit with a sleep doctor. Instead of replicating traditional visits, mHealth can provide shorter and more frequent assessments; alarm systems on patients’ devices can alert physicians, and mobile applications with simple questionnaires may help with follow-up. The sleep apnea market is likely to show growth owing to these potential benefits offered by telemedicine and mHealth in improving sleep apnea diagnosis and management.

Challenge: Poor compliance associated with CPAP

Lack of patient compliance to CPAP therapy is a crucial factor challenging the growth of the market. Treatment compliance has always been an issue with sleep apnea patients, mainly due to various issues such as lack of affordability and comfort. Patients are also not willing to bear heavy treatment costs due to very weak reimbursements in geographies like Asia (India and China) and the rest of the world. Non-compliance is found to be more rampant among CPAP users. According to several studies, compliance essentially means using a CPAP device for more than 4 hours per night on at least 70% of nights. Failure to comply with CPAP therapy occurred in 25% to 50% of patients who abandoned the therapy within the first four weeks of treatment.

Geographical Growth Dynamics:

In 2022, North America to dominate in sleep apnea devices industry

The global sleep apnea devices market is segmented into North America, Europe, Asia Pacific and Rest of World. North America is expected to dominate during the forecast period, primarily due to presence of initiatives such as the CPAP Assistance Program (CAP) and rising number of sleep apnea companies in the US getting private funding for developing and commercializing their sleep apnea products.

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Leading Companies:

The sleep apnea devices market is dominated by players such ResMed (US), Koninklijke Philips N.V. (Netherlands), and Fisher & Paykel Healthcare (New Zealand).