Sleep Apnea Devices Market worth $8.0 billion

Jun 08, 2023

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08 Jun, 2023, 13:00 ET

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CHICAGO, June 8, 2023 /PRNewswire/ -- The sleep apnea devices industry is poised for significant growth and innovation in the near future. With increasing awareness about the detrimental effects of untreated sleep apnea, coupled with advancements in technology, the demand for effective and user-friendly devices is expected to soar. Manufacturers are investing heavily in research and development to create next-generation sleep apnea devices that offer improved comfort, accuracy, and ease of use. These devices will integrate cutting-edge features such as advanced sensors, wireless connectivity, and artificial intelligence algorithms to provide personalized therapy and real-time monitoring. Additionally, the industry will witness a surge in portable and wearable sleep apnea devices, catering to the growing trend of home-based treatments and remote patient monitoring. As a result, patients will have access to a wider range of options, empowering them to manage their sleep apnea more effectively and enhance their overall quality of life.

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 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by increasing number of companies venturing into the sleep apnea devices and oral appliances market. Furthermore, large pool of undiagnosed sleep apnea patients is expected to drive the growth of sleep apnea devices market.

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Browse in-depth TOC on "Sleep Apnea Devices Market"316 - Tables47 - Figures315 - Pages

Sleep Apnea Devices Market Scope:

Report Coverage

Details

Market Revenue in 2023

$5.8 billion

Estimated Value by 2028

$8.0 billion

Growth Rate

Poised to grow at a CAGR of 6.5%

Market Size Available for

2021–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Product, and End user

Geographies Covered

North America, Europe, Asia Pacific, and Rest of the World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Increasing focus on telemedicine, mHealth and AI

Key Market Drivers

Growing awareness of effects of untreated sleep apnea

PAP devices segment is expected to account for the largest share in 2022.

Positive airway pressure (PAP) devices are the first line of treatment for sleep apnea. The therapeutic sleep apnea devices market, by product, has been segmented into positive airway pressure (PAP) devices, facial interfaces (masks), accessories, oral appliances, adaptive servo-ventilators, and other therapeutic devices. PAP devices dominate the market and are most often rented or purchased through a home healthcare company, also known as a durable medical equipment company.

The sleep laboratories, clinics & hospitals segment held the largest market share in the sleep apnea devices market.

By end user, the global sleep apnea devices market is broadly segmented into sleep laboratories, clinics & hospitals and home care settings/individuals. The high expenditure of the treatment regime incurred from personalized care and the high-precision diagnosis drives growth in this segment. However, home care settings/individual are expected to observe high growth rate as home care allows individuals to receive treatment for sleep apnea in the comfort of their own homes and with advancement of technology data tracking and remote monitoring capabilities are enhanced.

North America dominates the global sleep apnea devices market

Based on the region, the sleep apnea devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America market is driven by various grants and funds available for research on sleep apnea by government and private organizations. Europe is the second-largest market for sleep apnea devices market due to the increasing number of innovative products being launched in the market are expected to drive market growth in Europe. Asia Pacific will observe high growth during forecast period with its increasing healthcare infrastructure with better access to medical facilities.

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Sleep Apnea Devices Market Dynamics:

Drivers:

Restraints:

Opportunities:

Challenges:

Key Market Players:

Major players in sleep apnea devices market include ResMed (US), Koninklijke Philips N.V. (Netherlands), and Fisher & Paykel Healthcare (New Zealand).

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Recent Developments:

Sleep Apnea Devices Market Advantages:

Overall, the sleep apnea devices market offers significant advantages by providing effective, non-invasive, and customizable solutions to manage sleep apnea, promote restful sleep, and improve overall health and well-being.

Sleep Apnea Devices Market - Report Highlights:

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