Overview of This Study:

This study involved four major activities in estimating the current size of the sleep apnea devices market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.

COVID-19 impact on the sleep apnea devices market

The growth of the sleep apnea devices market has massively increased due to the sudden outbreak of the COVID-19 pandemic. In the first quarter of 2020, companies faced certain operational and logistic challenges due to the imposition of nationwide lockdowns. However, eventually, the massive influx of COVID-19 patients and the adverse impact of the virus on sleep apnea patients led to a rise in the demand for and production of sleep apnea devices, such as PAP devices, masks, and sleep ventilators.

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. However, with the launch of various COVID-19 vaccines, it can be expected that the incidence of COVID-19 will decline gradually, and the market will continue to grow at a normal pace in the coming five years.

Major Revenue Growth Expectations:

The sleep apnea devices market is projected to reach USD 9.9 billion by 2026 from USD 7.1 billion in 2021, at a CAGR of 6.9% during the forecast period.

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DRIVER: Large pool of undiagnosed sleep apnea patients, growing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, and an increasing number of companies venturing into the sleep apnea devices market

The massive pool of undiagnosed patients of sleep apnea holds tremendous potential for the global market. It is expected with the ongoing awareness campaigns and efforts, the untouched patients base would be diagnosed and treated for the sleep apnea. The increasing trend of oral appliances and home sleep care for the management of sleep apnea are pushing the growth of the market. Over past few years, there is an increasing number of companies venturing into the sleep apnea market.

RESTRAINT: The high cost of CPAP machines, complex referral pathways, long waiting periods, and product recalls

The high expenses of the CPAP machines are burden to the patients of sleep apnea, the expenses of these machines are sparsely covered by Medicare in the US, while other countries don’t cover any cost of CPAP. The medical visits to multiple locations, the inconvenient and high cost of diagnosis, and therapy creates a huge hurdle for patients.

OPPORTUNITY: Growing demand for home sleep apnea tests (HSATs), and increasing focus on telemedicine, mHealth (mobile health), and artificial intelligence

People are opting more for the home sleep apnea tests (HSATs) due to their affordability and comfort of sleep apnea management at home. The telemedicine has witnessed a surge in the demand maid the pandemic. The incoming advanced technologies in the domain of sleep apnea devices such as Artificial Intelligence (AI) are also creating more opportunities for the market.

CHALLENGES: Lack of patient compliance

The lack of patient compliance to CPAP therapy is a challenging aspect in the growth of the market. Treatment compliance, especially of the CPAP, has always been an issue with sleep apnea patients. This is mainly due to the lack of affordability and comfort.

North America was the largest regional market for sleep apnea devices market in 2020.

The sleep apnea devices market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America was the largest regional segment of the overall market, followed by Europe. The large share of North American can be attributed to the increasing prevalence of the sleep apnea, growing awareness, wide usage of oral appliances for sleep apnea and the of the leading players, such as ResMed, and Inspire Medical Systems, Inc., in the region.

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Key Market Players:

The prominent players operating in this market include ResMed (US), Koninklijke Philips N.V. (Netherlands), and Fisher & Paykel Healthcare (New Zealand).