Sleep Apnea Devices Market to Grow at 10.7% CAGR to 2024 Dominated by Sleep Lab, Hospitals and Home Care Settings

Growth in sleep apnea devices market attributed by factors like large pool of undiagnosed sleep apnea patients, awareness of ill effects overview of sleep laboratories & hospitals, home care settings.

Sleep apnea devices market is projected to reach US$ 7.5 billion by 2024 from USD 4.5 billion in 2019 at a CAGR of 10.7%. An increasing pool of undiagnosed sleep apnea patients, improving reimbursement scenario for these devices, & growth in usage of oral appliances are some of key factors which are expected to fuel market growth during forecast period. However, high cost of CPAP machines & complex referral pathways & long waiting periods may prove to be restraints for market.

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Factors like rising prevalence of sleep apnea in the region, increasing awareness initiatives taken by the government and organizations, adequate funding and growing usage of oral appliances in the region is driving the growth of the North American sleep apnea devices market. Emerging markets in developing countries and increasing venture capital (VC) funding are expected to provide immense opportunities for players in market.

“The therapeutic devices segment is expected to hold the largest market share during the forecast period.”

Sleep apnea devices market has been segmented into therapeutic devices and diagnostic devices. The therapeutic devices segment accounted for largest share of market during forecast period and is projected to register the highest CAGR. The large share and high growth in the therapeutic devices segment can be attributed to the increasing pool of undiagnosed sleep apnea patients and the improving reimbursement scenario for these devices across the globe.

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The sleep apnea devices market has been segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment commanded the largest share of the market in 2018 while home care settings/individuals end-user segment is estimated to grow at the highest CAGR during the forecast period;

The major vendors in the global sleep apnea devices market are ResMed (US), Koninklijke Philips (Netherlands), Fisher & Paykel Healthcare (New Zealand), SomnoMed (US), Oventus Medical (Australia), Compumedics (Australia), Löwenstein Medical (Germany), Drive DeVilbiss Healthcare (US), BMC Medical (China), Braebon Medical (Canada), and Panthera Dental (Canada).

Recent Developments:
• In 2019, ResMed (US) launched AirFit N30i, its first top-of-head-connected nasal CPAP mask, across the US with a newly designed nasal cradle cushion that sits just under the wearer’s nose.
• In 2016, Koninklijke Philips (Netherlands) launched its Dream Family solution which comprises of a DreamWear mask, DreamStation PAP device, and DreamMapper patient engagement app.

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The portfolio of devices used in sleep laboratories and hospitals is limited mainly to diagnostic devices, such as clinical PSG devices, actigraphy systems, and tabletop pulse oximeters. There is a growth in the number of sleep labs and sleep tests performed using a clinical polysomnography device globally, as these tests are being considered the standard diagnostic test for sleep apnea over a long period of time.

Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the sleep apnea devices market, and high-growth regions and their drivers, restraints, challenges, and opportunities.

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