The sleep apnea devices market is projected to grow at a CAGR of 6.48% during the forecast period to reach US$9.033 billion by 2026 from US$5.822 billion in 2019. Sleep apnea is a sleep disorder linked with breathing issues at a time when the patient is sleeping. People suffering from this disorder have complained of tiredness despite a full night's sleep. Due to sleep apnea, a person’s breathing repeatedly starts and stops, leading to snoring or other sleep problems. Continuous sleep disturbance has the potential to severely affect the patients mentally and physically. This disorder is highly common in men and worsens with age and obesity. Sleep apnea devices are special respiratory devices that enable the patient to sleep properly.
The prime reason driving the market growth is the rising complex work life. The growing advent of chronic disease has increased the severity of sleep apnea, increasing the risk of death. Furthermore, the rising age population also provides a significant market. Youth today tend to stay up for late hours, using their smartphones and/ or laptop, which has also increased the severity of this disease.
The growing advent of chronic diseases has increased the severity of sleep apnea disorder which will increase the demand for sleep apnea devices.
Rising cases and complexities of chronic disease have significantly contributed to the rise in cases of sleep apnea. Chronic diseases such as cardiovascular diseases and lung diseases are the leading cause of death, globally. Further, other diseases, like gastric problems, spinal and joint problems, increase the pain and sufferings of the patients, raising the advent of sleep apnea. In the North American region, 6 out of every 10 adults suffer from chronic diseases, while 4 out of 10 chronic disease patients suffer from more than 1 disease. In Australia, chronic diseases cause 8 out of every 10 deaths while 50% of hospitalization occurs owing to chronic disease complexities. Majorly aged people suffer from chronic diseases. However, with a rise in complex lifestyle, a surge in adults suffering from chronic diseases have been observed. A patient suffering from some chronic diseases is more prone to sleep apnea disorder than one without disease and a healthy lifestyle. Hence, growing cases of chronic diseases are projected to increase cases of this disorder and the market size of sleep apnea devices.
Hectic work life and an increasing load coupled with long and inconsistent working hours have increased the advent of sleep disorders, surging the demand for sleep apnea devices.
Growing work complexities is another growth driver of the sleep apnea market. The rise in population and booming workforce has made the employment market highly competitive, leading to hectic and competitive work life. Long and inconsistent working hours have become an emerging market trend that has significantly interfered with the worker's sleep cycle and health, increasing the chances of sleep apnea disorder among the workforce.
Complex lifestyle accompanied by hectic work life has also led to the adoption of improper diet and food intakes. A rise in consumption of frozen food and/ or ready-to-eat food has decreased the nutrition level in a diet and has increased the chances of chronic disease and sleep disorders. furthermore, the rising consumption of fast food, particularly with the emergence of home delivery services and food aggregates, without necessary exercise or physical activity has increased obesity among people, increasing the cases of sleep apnea notably. A report by World Health Organization (WHO) found that worldwide obesity levels triple from 1975 to 2019 and more people died because of obesity complications. The report further extends that in 2020, 39 million children under age 5 were obese, an increase from 38.2 million in 2019. Further, rising social trends and social media influence have indirectly encouraged youth to stay up for late hours, particularly teenagers, increasing the risk of sleep apnea. The cases of sleep apnea if forecasted to increase at a quadruple rate during the studied period, driving the market growth of sleep apnea devices.
The high cost of sleep apnea devices has the potential to act as a market barrier during the forecasted period, particularly in developing nations. In India, a general sleep apnea device cost from US$611.54 to US$1,617.46. However, rising disposable income and technological advancement in the industry may overcome this hindrance.
The coronavirus pandemic increased the demand for sleep apnea devices with a rise in sleep disorders. To contain the spread of the virus, the government implemented lockdowns resulting in the shutdown of offices. To continue operations, businesses adopted online mode and work from home culture. However, due to the unfavorable furnishing of the home, which in most cases is not suitable for prolonged sitting hours, workers are observed to develop posture problems leading to sleep disorders. hence a rise in demand for sleep apnea is forecasted to deal with growing problems.
|Market size value in 2019||US$5.822 billion|
|Market size value in 2026||US$9.033 billion|
|Growth Rate||CAGR of 6.48% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Koninklijke Philips N.V., SomnoMed, RedMed, Fisher & Paykel Healthcare Limited, BMedical Pty Ltd, Braebon Medical Corporation|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the sleep apnea devices market?
A1. The global sleep apnea devices market is projected to grow at a CAGR of 6.48% over the forecast period.
Q2. What will be the sleep apnea devices market size by 2026?
A2. The sleep apnea devices market is projected to reach a total market size of US$9.033 billion in 2026.
Q3. What is the size of global sleep apnea devices market?
A3. Sleep Apnea Devices Market was valued at US$5.822 billion in 2019.
Q4. Who are the major players in the sleep apnea devices market?
A4. Prominent key market players in the sleep apnea devices market include Koninklijke Philips N.V., SomnoMed, RedMed, Fisher & Paykel Healthcare Limited, BMedical Pty Ltd, Braebon Medical Corporation.
Q5. What factors are anticipated to drive the sleep apnea devices market growth?
A5. The growing advent of chronic diseases has increased the severity of sleep apnea disorder which will increase the demand for sleep apnea devices.