Three factors augmenting sleep apnea devices market size
Sleep disorders are growing at an "alarming rate" in many regions across the world. Priyanka Nair, content writer, Global Market Insights Inc. delves into what key developments will reshape the future of the market.
While urbanisation has been a boon in terms of creating better living conditions for people, it has also increased cases of insomnia, sleep apnea, and narcolepsy. Most of the times, these conditions go untreated, which can further cause major health complications. This scenario has boosted global sleep apnea devices market share.
Companies specialising in the production of sleep apnea devices are conducting constant research to understand the unique sleep needs of their customers. The findings will help them develop smart technologies and incorporate the same in their products to help their clients sleep soundly. Devices like continuous positive airway pressure (CPAP) machines are being widely used to treat obstructive sleep apnea (OSA) and many other sleep ailments.
The global sleep apnea devices industry value is anticipated to cross $12.5 billion by 2028.
The following are the 3 key developments that will reshape the future of this market:
1. Sleep apnea therapeutics gain momentum:
The sleep apnea therapeutics segment was valued at over $4.3 billion in the overall market in 2021. There are a wide range of therapies available to help patients suffering from sleep apnea better manage their illness. For example, positive airway pressure (PAP) and continuous positive airway pressure (CPAP) devices are being highly demanded by medical professionals as these machines are the some of the best-known ways to combat sleep apnea.
The CPAP machine delivers adequate, continuous, and high-pressure air to the patient’s lungs to help them breathe easily while they sleep. Since sleep apnea can cause the patient to breathe inconsistently or stop breathing altogether, these devices prevent such scenarios by keeping the airways open and allowing air to pass through at all times.
However, sometimes, the masks used in these machines can cause discomfort to patients while sleeping. But companies producing CPAP devices are continuously working on their products to offer their clients the highest comfort while sleeping and recovering from sleep apnea.
2. Demand for sleep screening devices grows:
Sleep screening machines demand will positively influence sleep apnea devices industry forecast as companies are introducing innovative technologies that can offer valuable insights about the sleep quality of a patient. People who have not yet been diagnosed with sleep apnea but showcase its symptoms can benefit from a sleep study as it can provide doctors with the right information about the brain and body activity of their patients.
The network of sleep centres is growing in countries like South Korea as its population is suffering from sleep deprivation, according to a report by BBC News. In fact, citizens have become highly dependent on sleeping pills and alcohol to overcome their lack of sleep, which has increased the cases of addiction and suicide in the country. These factors have compelled sleep doctors to use sleep screening devices to find the underlying cause of sleep deprivation and design their treatment program accordingly.
3. Hospitals will extensively use sleep apnea devices:
The global sleep apnea devices market size from hospitals will witness a robust CAGR through 2028 as hospitals are well equipped with technologically advanced machines and facilities to help patients recover from their ailments. Hospitals are also witnessing a steady growth in the number of patients getting admitted for sleep apnea treatment.
It has prompted medical professionals to heavily invest in sleep apnea devices, such as CPAP and PAP to help patients diagnosed with OSA, insomnia, and narcolepsy sleep better. Since many other facilities are readily available to help sleep apnea patients recover faster, people will prefer to get admitted at hospitals.
Global sleep apnea devices industry outlook will greatly improve as the concept of sleep laboratories and centres is becoming popular in many developed nations. People are willing to buy expensive sleep apnea devices to bring positive changes in their sleeping pattern and enhance their quality of life.
Organisations, such as Fisher & Paykel Healthcare, Koninklijke Philips N.V., ResMed Inc., Natus Medical Inc., Invacare Corporation, and Teleflex Inc., among others, are the main players in this market. They are producing a variety of sleep apnea therapeutic and diagnostic devices, such as adaptive servo-ventilation (ASV) machines, airway clearance systems, PAP & oxygen devices, and oral appliances. These machines will be widely used in homecare settings, sleep laboratories, and hospitals.
The manufacturers are entering into partnership, merger, and acquisition agreements to expand their customer base and fortify their product & service ranges. For example, U.S.-based Zoll Medical, in September 2021, acquired Itamar Medical, an at-home diagnostic products maker, for $538 million. The transaction will help Zoll strengthen its sleep apnea product portfolio.