Sleep Apnea Devices Market Growth & Trends
The global sleep apnea devices market size is expected to reach USD 6.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 6.2% from 2023 to 2030. The growing prevalence of chronic disorders such as hypertension, diabetes, cardiovascular diseases, and obesity is increasing the incidence rate & burden of Obstructive Sleep Apnea (OSA).
According to World Population Review estimates, the prevalence of obesity in the U.S. accounts for 36.2% of the total population. As per studies, the prevalence of OSA increases with increasing age. The growing global geriatric population with increasing life expectancy is anticipated to contribute to the growing prevalence of OSA. Low awareness levels and poor penetration of apnea devices in developing and underdeveloped nations introduce potential growth opportunities.
The COVID-19 pandemic imposed multiple lockdowns and travel restrictions leading to significant disruptions in the functioning of healthcare facilities. Several healthcare facilities underwent significant infrastructural changes and healthcare providers were forced to postpone elective procedures. The pandemic impacted the procedural volume and led to the temporary shutdown of sleep centers, clinics, and physician practices. These measures to curb the transmission rate of coronavirus negatively impacted the diagnostics market growth.
However, therapeutic devices such as sleep & respiratory care witnessed a surge in demand during the initial months of the pandemic. Positive Airway Pressure devices were being used as an alternative to mechanical ventilation instead of ventilators.
Key players are constantly focusing on devising innovative product development strategies to serve the growing diagnostic and therapeutic demand which is driving growth. Furthermore, innovative alternatives to CPAP such as oral and nasal devices are being introduced for patients with a low tolerance for CPAP.
For instance, GoPAPFree, a manufacturer of homecare oral devices introduced O2Vent Optima in February 2021 as a convenient & more effective alternative to CPAP. Similarly, Fisher & Paykel launched F&P Evora with CapFit headgear in February 2020 which is a compact nasal mask used in sleep apnea treatment for European, Canadian, Australian, and New Zealand markets.
Request a free sample copy or view the report summary: Sleep Apnea Devices Market Report
Sleep Apnea Devices Market Report Highlights
The therapeutic devices segment held the largest revenue share of 79.2% in 2022
North America accounted for the largest revenue share of 48.4% in 2022, owing to the growing prevalence of OSA, rising awareness levels, and presence of renowned players
Asia Pacific is expected to witness the fastest CAGR of over 7.7% from 2023 to 2030, owing to the prevalence of OSA and the rising awareness in the region
Kommentare