Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global sleep apnea devices market size is expected to reach USD 13.10 billion by 2028, exhibiting a CAGR of 7.1% during the forecast period. The growing cases of sleep apnea and surging geriatric population will have a tremendous impact on the market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “Sleep Apnea Devices Market, 2021-2028.” The market size stood at USD 8.55 billion in 2020.
Industry Development:
- August 2021: Vivos Therapeutics, Inc. received USFDA clearance for its mmRNA (modified mandibular Repositioning Nighttime Appliance) to treat mild to moderate obstructive sleep apnea (OSA).
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DRIVING FACTOR:
Sedentary Lifestyle of People to Intensify Market
According to Sleep Science Resource, LLC., one in every 15 individuals in the United States suffers with obstructive sleep apnea (OSA), which amounts to 18 million people. People's sedentary lifestyles have resulted in an increase in the prevalence of cardiovascular illnesses, poor sleep habits, high-stress levels, and obesity. For example, numerous cross-sectional studies have indicated that severe sleep apnea is prevalent in 40% of the obese population, and 70% of OSA patients are obese, according to an article published by the American Heart Association, Inc.
COMPETITIVE LANDSCAPE:
Companies Focus on Research and Development Strategy to Expand Market Presence
Major firms such as Koninklijke Philips N.V. and ResMed compete fiercely in this industry. The dominance of these firms in the worldwide market may be ascribed to their strong and diversified portfolios, as well as their concentration on R&D to develop new devices and their strong geographical presence. For example, ResMed released the next-generation PAP device for the treatment of obstructive sleep apnea in October 2021. As a result, rising market developments and innovations are projected to boost the usage of these devices throughout the forecast period.
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The Report Lists the Key Companies in the Sleep Apnea Devices Market:
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Oventus, Indooroopilly (Australia)
- Cadwell Industries, Inc. (Kennewick, U.S.)
- ResMed (San Diego, U.S.)
- Fisher & Paykel Healthcare Limited (Auckland, New Zealand)
- Natus Medical Incorporated (Pleasanton, U.S.)
- SomnoMed (Sydney, Australia)
- DeVilbiss Healthcare LLC (Pennsylvania, U.S.)
- Braebon Medical Corporation (Ontario, Canada)
REGIONAL INSIGHTS:
Growing Adoption of Sleep Apnea Devices to Bolster Growth in North America
In 2020, the market in North America was worth USD 4.16 billion and is expected to hold the largest sleep apnea devices market share in the forthcoming years. North America's supremacy is due to the region's higher prevalence of sleep apnea and the availability of advantageous reimbursement regulations, both of which have aided in the region's increased adoption of sleep apnea devices. According to the American Academy of Sleep Medicine (AASM), around 3.0%-7.0% of men and 2.0%-5.0% of women in the United States suffer from sleep apnea. On the other hand, the European market is anticipated to expand at a substantial CAGR by 2028, due to increased awareness of sleep apnea and increased need for diagnostic testing, as well as high adoption of these devices in this area.
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