Sleep Apnea Device Market Predicted to Accelerate the Growth by 2024-2033 | Medical Corporation , SomnoMed , ResMed , Philips N.V
Oct 10, 2024
5 min read
0Sleep apnea is a common sleeping disorder that breaks breath many times during sleep. Obstructive Sleep Apnea (OSA) is the common type of sleep apnea, it causes snoring when the soft tissue in the back of the throat relaxes during sleep and blocks the airway. Polysomnogram is the most common sleep study for diagnosing OSA. This study records brain activity, eye movements, heart rate and blood pressure.
Sleep apnea is a serious sleep disorder in which breathing repeatedly fluctuates. There are three main types of sleep apnea, obstructive sleep apnea, central sleep apnea, and complex sleep apnea syndrome.
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Obstructive Sleep Apnea (OSA) has also created an economic burden on society due to the presence of a large pool of undiagnosed patients that causes high collateral losses and public & private expenditure on the management. For instance, the estimated total economic burden caused by undiagnosed sleep apnea is nearly USD 150 billion. Thus, an increasing number of people suffering from this disorder has resulted in an increased demand for sleep apnea diagnostic devices.
Key Trends and Drivers
1.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.
2.This combined with increasing number of sleep clinics and sleep technicians globally is facilitating the growth of the market.
3.People’s sedentary lifestyles have resulted in an increase in the prevalence of cardiovascular illnesses, poor sleep habits, high-stress levels, and obesity.
4.Insurance coverage for treatment of sleep apnea and other sleep disorders, Product innovation strategy adopted by key industry players.
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Restraints and Challenges
1.Lack of adherence to sleep apnea treatment is amongst the major factors hampering the adoption of sleep apnea devices.
2. Treatment compliance, especially of the CPAP, has always been an issue with sleep apnea patients.
3.Developed countries have a well-established infrastructure and reimbursement system in place. However, developing countries have a lackluster reimbursement system, and a significant out of pocket costs for patients.
COVID-19 Impact
Diagnostic devices suppliers witnessed a decline in sales revenue growth of sleep apnea diagnostic devices due to temporary closure of sleep clinics and medical equipment suppliers owing to quarantines and government restrictions. The growth of the sleep apnea devices market has massively increased due to the sudden outbreak of the COVID-19 pandemic.
Lockdowns in nations across the globe increased the adoption of home sleep apnea tests (HSATs) over PSG devices. Telemedicine and teleconsultations also gained popularity during the pandemic, which further supported the growth of the market.
Key players reported a significant growth in the revenue from due to increase in number of patients suffering from sleep disorders due to excessive stress resulting from the COVID-19 pandemic.
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Recent Developments
March 29, 2022: BUZUD, a medical device brand in Singapore, has unveiled its latest line of smartwatches with health monitoring features. Based on a press statement, both DM01 and DM02 smartwatches are built with blood oxygen saturation oximeter sensors to measure blood oxygen levels and monitor sleep quality. It also tracks blood pressure, heart rate, body temperature, as well as steps, distance, and burned calories.
March 28, 2022: Axsome Therapeutics to Acquire Sunosi® from Jazz Pharmaceuticals, Expanding Axsome’s Leadership in Neuroscience. Acquisition accelerates Axsome’s transformation into a global commercial entity ahead of potential near-term launches of AXS-05 in major depressive disorder (MDD) and AXS-07 in migraine.
March 10, 2022: Incannex observes substantial reduction in AHI in preliminary results of clinical trial assessing IHL-42X in patients with OSA; proceeds to pivotal studies.
Market Segments
The Sleep Apnea Devices Market has been segmented into type, end-user, and region. Based on type segment, the market is bifurcated into therapeutic devices and diagnostic devices. The therapeutic devices are further segmented into airway clearance system, adaptive servo-ventilation (ASV), positive airway pressure (PAP) devices, oral appliances, oxygen device, and others. Similarly, the diagnostic devices are further segmented into actigraphy systems, polysomnography (PSG) device, respiratory polygraph, sleep screening devices, and sleep apnea masks. On the basis of end-user segment, the market is divided into sleep laboratories and clinics and home care and other settings. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
Some major key players of the Sleep Apnea Device Market are Braedon Medical Corporation (Canada), SomnoMed (Philippines), ResMed Inc. (US), Philips N.V. (Netherlands), BMC Medical Co. Ltd. (China), Fisher & Paykel Healthcare (New Zealand), Advanced Brain Monitoring Inc. (US), Devilbiss Healthcare LLC (US), Whole You, Inc. (US), and Natus Medical Incorporated (US).
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Research Scope
Scope – Highlights, Trends, Insights. Attractiveness, Forecast
Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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