Sleep Apnea Devices Market worth $9.3 billion by 2029 driven by Rising Technological Advancements | MarketsandMarkets™

CHICAGO, July 23, 2024 /PRNewswire/ — The global Sleep Apnea Devices Market is expected to grow from USD 6.5 billion in 2024 to USD 9.3 billion by 2029, at a CAGR of 7.3%. The sleep apnea devices market is experiencing significant growth opportunities driven by the adoption of telemedicine, mHealth, and artificial intelligence for treatment and diagnosis, along with the expansion of leading players into emerging markets like India, Australia, UAE, and Saudi Arabia. Increased investments and funding are fostering innovations in CPAP devices and diagnostics, improving patient compliance and accessibility to advanced solutions. However, insufficient awareness of sleep apnea and poor adherence to CPAP devices pose challenges to market expansion. The rising popularity of cost-effective home sleep apnea tests and next-generation sleep-sensing technologies offers further growth potential. In 2023, the PAP devices segment led the therapeutic devices market, while home care settings dominated the end-user segment. The Asia Pacific region observed the highest growth rate due to a large patient pool with comorbidities and an increasing number of sleep clinics. Key market players include ResMed, Koninklijke Philips N.V., and Fisher & Paykel Healthcare Limited, noted for their extensive product portfolios and wide geographic presence.

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RESMED (US): Market Leader in Sleep Apnea Devices

ResMed (US) led the sleep apnea devices market in 2023, renowned for its innovative and advanced therapeutic and diagnostic devices. The company’s focus on healthcare technology expertise enables it to produce accurate and efficient sleep apnea devices, securing a significant market share. By expanding its product offerings, including PAP devices and facial interfaces, ResMed has maintained its market leadership.

KONINKLIJKE PHILIPS N.V. (Netherlands): Major Player in Sleep Apnea Devices

In 2023, Koninklijke Philips N.V. (Netherlands) held the second-largest share of the sleep apnea devices market. Known for its innovative and user-friendly health monitoring devices, Philips is expanding its global presence through strategic partnerships and acquisitions. These efforts increase accessibility and awareness of sleep apnea solutions in emerging and developing markets.

FISHER & PAYKEL HEALTHCARE LIMITED (New Zealand): Innovator in Patient Comfort

Fisher & Paykel Healthcare Limited (New Zealand) secured the third-largest share of the sleep apnea devices market in 2023. The company’s Hospitals and Homecare segments drive sales of sleep apnea devices. Focused on product development, Fisher & Paykel emphasizes advanced humidification and mask technologies to enhance patient comfort and therapeutic effectiveness, thereby expanding its market presence.

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Product Segmentation: Therapeutic Devices Lead the Sleep Apnea Devices Market

The sleep apnea devices market is segmented by product into therapeutic devices and diagnostic devices. In 2023, the therapeutic devices segment accounted for the largest share, driven by the launch of advanced and non-invasive therapeutic sleep apnea devices. Therapeutic devices include positive airway pressure (PAP) devices, facial interfaces (masks), accessories, oral appliances, and other therapeutic devices, all contributing to the segment’s growth.

End User Segmentation: Home Care Settings Dominate

The sleep apnea devices market is categorized by end users into sleep laboratories, clinics, hospitals, and home care settings/individuals. In 2023, home care settings/individuals held the largest market share. Devices used in home care settings, such as PAP devices, nasal masks, oral appliances, ambulatory PSG, oxygen concentrators, and pulse oximeters, are preferred for their ease of use and patient preference for home sleep testing over testing in sleep laboratories, clinics, and hospitals.

Age Group Segmentation: 40-60 Years Lead

The sleep apnea devices market is divided by age group into below 40 years, 40–60 years, and above 60 years. In 2023, the 40-60 years segment accounted for the largest share. High awareness and diagnosis rates, along with the rise in comorbidities such as hypertension and diabetes in this age group, contribute to its dominance. This age group is more adaptable to sleep apnea therapeutic technology for health management compared to other age groups.

Gender Segmentation: Male Patients Lead

The sleep apnea devices market is segmented by gender into male and female patients. In 2023, male patients dominated the market, driven by the higher prevalence of hypertension, cardiovascular disease, stroke, and daytime sleepiness among men compared to women. This higher prevalence results in increased diagnosis and treatment rates in the male population.

Regional Insights: Asia Pacific Offers Significant Growth Opportunities

The global sleep apnea devices market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries. The Asia Pacific region is expected to offer significant growth opportunities for sleep apnea device manufacturers over the next 5-10 years. This growth is driven by increasing cases of comorbidities such as diabetes and cardiovascular diseases, as well as growing awareness of sleep apnea, which leads to higher diagnosis rates.

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