The sleep apnea devices market is growing with the rising incidence of obstructive sleep apnea (OSA) and its co-morbidities, increasing usage of portable devices, strong government support for start-ups, expanding network of healthcare centers, and booming population of the elderly. As a result, market players could earn a combined $6.8 billion in 2023, compared to $4.4 billion in 2017, with the revenue surging at a 7.7% CAGR during 2018–2023 (forecast period). In sleep apnea, breathing is repeatedly hindered, which leads to many tell-tale signs, most commonly snoring.
On the basis of product, the sleep apnea devices market is bifurcated into therapeutic and diagnostic products. Therapeutic products include positive air pressure (PAP) devices, which are themselves of three types; facial interfaces, adaptive servo-ventilators (ASP), and oral appliances. Similarly, diagnostic devices include respiratory polygraphs, polysomnography devices, pulse oximeters, sleep screening devices, actigraphy devices, and home sleep testing devices. Of the two main types of products, therapeutic ones held the larger share during 2013–2017 (historical period), and they will also witness the faster growth in adoption till 2023.
The key trend in the market is home sleep monitoring devices, as the basic step in diagnosing sleep apnea is tracking the patient’s sleep during the day or at night. Apart from sleep apnea, these devices help diagnose numerous other sleep disorders, including insomnia and narcolepsy, entirely painlessly. This is achieved by monitoring several parameters that define good sleep, including oronasal airflow, oxygen saturation, respiratory effort, and body position. Additionally, home-use sleep monitoring devices can be bought for a maximum of $200, which is cheaper than visiting a sleep lab.
One of the major factors boosting the sleep apnea devices market advance is the rising number of cases of OSA and its co-morbidities. More than 18 million adults have apnea in the U.S., and around 3% of all have OSA, says the National Sleep Foundation. Additionally, almost 20% of the children who snore habitually are reported to have OSA. Though not an immediate threat in the younger ages, it significantly increases the risk of atrial fibrillation, high blood pressure, and congestive heart failure after a certain age.