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Sleep apnea devices are used to treat sleep apnea disorders. Sleep apnea is a potentially serious sleep disorder in which breathing repeatedly stops and starts. There are different types of sleep apnea treating devices including Positive Airway Pressure (PAP) devices,Facial Interfaces like Masks and other Accessories, oxygen concentrators, Adaptive Servo-Ventilation (ASV) devices, airway clearance systems etc.These devices help patients to get proper sleep and avoid other serious issues caused by lack of proper sleep and breathing issues. The increasing cases of sleep apnea owing to changing lifestyle and growing elderly population is the major factor driving growth of global sleep apnea devices market.
The global Sleep Apnea Devices Market is estimated to be valued at US$ 5.8 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market key trends:
The global sleep apnea devices market is witnessing increasing adoption of newer and innovative products to effectively treat sleep disorders. Owing to expanding pool of patients, key players are focusing on developing compact, portable devices with advanced functionality. Growing preference of patients towards home healthcare is further augmenting the sales of portable sleep apnea devices through online distribution channels. Additionally, manufacturers are also offering subscription based purchase options to increase access of patients to costly sleep apnea management devices. Rising awareness regarding effectiveness of Positive Airway Pressure (PAP) therapy in treatment of sleep apnea is another major trend in the global market.
Porter’s Analysis
Threat of new entrants: The sleep apnea devices market size requires high capital expenditure and long regulatory product approval periods, which act as entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players in the market offering a variety of sleep apnea devices. Switching costs for buyers are low.
Bargaining power of suppliers: A few large players dominate the supply of components and raw materials used in sleep apnea devices. This gives them moderate bargaining power over manufacturers.
Threat of new substitutes: There are limited product substitutes for sleep apnea devices as they effectively treat sleep apnea disorders.
Competitive rivalry: The market is dominated by a few multinational players resulting in high competitive rivalry. Manufacturers compete based on product innovation, quality, and pricing.
Key Takeaways
The global sleep apnea devices market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of sleep apnea globally. The market size for 2023 is estimated to be US$ 5.8 Bn.
North America dominates the sleep apnea devices market, owing to high patient awareness, promising reimbursement policies, and strong presence of key players in the region. Europe also holds a significant share in the global market, supported by rising healthcare expenditures. Asia Pacific is expected to exhibit fastest growth over the coming years due to growing geriatric population and increasing healthcare investment in many countries.
Key players operating in the sleep apnea devices market include ResMed, Philips Respironics, Fisher & Paykel Healthcare, and BMC Medical. ResMed leads the market with wide geographic presence and robust product portfolio of CPAP machines and masks. Philips Respironics is another prominent player focusing on innovative product launches using advanced technologies.
Key Takeaways
The global sleep apnea devices market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of sleep apnea globally. The market size for 2023 is estimated to be US$ 5.8 Bn.
North America dominates the sleep apnea devices market, owing to high patient awareness, promising reimbursement policies, and strong presence of key players in the region. Europe also holds a significant share in the global market, supported by rising healthcare expenditures. Asia Pacific is expected to exhibit fastest growth over the coming years due to growing geriatric population and increasing healthcare investment in many countries.
Key players operating in the sleep apnea devices market include ResMed, Philips Respironics, Fisher & Paykel Healthcare, and BMC Medical. ResMed leads the market with wide geographic presence and robust product portfolio of CPAP machines and masks. Philips Respironics is another prominent player focusing on innovative product launches using advanced technologies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
