The global Sleep Apnea Devices Market is expected to display a higher growth rate over the next seven years. The rapid surge in the sleep apnea devices industry is credited to increasing life expectancy and the ever-growing geriatric population. In addition, the growing prevalence of sleeping disorders among the aging population is expected to drive the growth of the sleep apnea devices market over the forecast period.
The elderly population is increasingly prone to sleeping disorders because of comorbidities associated with apnea. Globally, the sleep apnea devices industry is predicted to generate massive revenue over the next seven years, providing numerous opportunities for market players to invest in research and development in the market.
Factors responsible for the robust market growth include a rise in the level of arousal frequency and variations in sleep architecture that contribute to the fatigue experienced by patients. The rise in the level of arousal frequency and variations in sleep architecture leads to OSA, which is further responsible for the reduction in the size of the upper airway lumen. This leads predominantly to the aging population. The abovementioned factors are significantly contributing to the market growth of sleep apnea devices over the coming years.
Increasing awareness among the general population coupled with an increasing need for efficient diagnosis and treatment of apnea, are key factors prompting industry expansion in the past few years. Recent technological advancement in the healthcare sector catering to patient safety and comfort is predicted to amplify device usage rates, particularly in the developed economies across the globe. Apnea is commonly identified as a disease that arises when the body and brain obtain a limited amount of oxygen and breathing procedure is disturbed while sleeping. Obstructive Sleep Apnea (OSA) is a common type of apnea that is caused by an airway blockage.
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The sleep apnea devices market is broadly categorized into four major segments based on the product type such as actigraphy systems, polysomnography (PSG) devices, respiratory polygraphs, and single-channel screening devices pulse oximeters. The actigraphy systems segment is growing rapidly in the sleep apnea devices industry with substantial revenue generation in the last few years. The growing popularity of the actigraphy systems segment is attributed to the cost-effectiveness and easy availability of the product.
The sleep apnea devices market is divided by region as North America, Europe, Asia-Pacific, Latin America, and Africa. North America has shown major growth in recent years owing to the rise in the implementation of the latest technologies in the healthcare sector, surge in the number of research & development activities in the region, and existence of well-established medical infrastructure.
Asia-Pacific region is estimated to hold a major market share in sleep apnea devices with massive growth in the forecast period. Countries such as India, China, and Singapore are leading the Asia-Pacific market with strong economic growth, increasing healthcare expenditure, rising disposable income, growing awareness level among the general population, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the sleep apnea devices industry are BMC Medical Co., Ltd., GE Healthcare, Inc., Fisher & Paykel Healthcare Ltd., Curative Medical, Inc., Cadwell Laboratories, Inc., ResMed Co., Invacare Corp., Braebon Medical Corp., ImThera Medical, Inc., Phillips Respironics N.V., Curative Medical Inc., Nihon Kohden Co., and Compumedics Ltd.
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