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The sleep apnea devices market consists of a wide range of products that are used for the treatment of sleep apnea and other sleep-related breathing disorders. From traditional Continuous Positive Airway Pressure (CPAP) machines to newer and more innovative oral appliances and surgical treatments, these devices play a major role in effectively managing sleep apnea symptoms and improving quality of life. More than 700 million people worldwide are estimated to suffer from sleep apnea and require some form of therapy to treat the condition. With rising awareness and better diagnosis rates, the demand for different types of sleep apnea treatment devices and solutions continues to surge substantially across global markets.
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 sleep apnea devices market is witnessing steady growth due to the introduction of new connected healthcare technologies that allow remote monitoring of sleep patterns and apnea episodes. Leading manufacturers are focusing on developing smart CPAP machines, respiratory pressure sensors, and cloud-based data collection platforms which provide real-time feedback and performance data to physicians, home healthcare providers as well as patients themselves. This allows timely intervention, improved compliance with therapy and overall better management of apnea symptoms. Such technological advancements are expected to boost adoption of connected sleep apnea devices over the forecast period and support market gains.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the sleep apnea devices market requires high capital investments and has the presence of major players with strong brands and distribution channels. However, scope for new technologies is encouraging new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as the market has the presence of large managed care organizations that influence pricing. Also, the availability of generics intensifies competition.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used in manufacturing sleep apnea devices are commoditized. However, suppliers of integrated circuits and electronic components have some control over pricing.
Threat of new substitutes: The threat of new substitutes is low as no direct substitutes are available for sleep apnea devices used in diagnosing and treating sleep respiratory disorders.
Competitive rivalry: The competitive rivalry is high owing to the presence of global companies constantly investing in innovations to gain market share.
Key Takeaways
The global sleep apnea devices market is expected to witness high growth. 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.
Regional analysis comprises: North America is currently holding the largest share in the global sleep apnea devices market, with the U.S. being the major contributor. Factors such as rising awareness, diagnosis rates and availability of reimbursement are driving the North American market. Asia Pacific is projected to grow at the highest pace during the forecast period, with India and China playing a significant role. Improving healthcare infrastructure and rising per capita incomes in Asian countries are supporting the market growth.
Key players related content comprises: Key players operating in the sleep apnea devices market are ResMed, Philips Respironics, Fisher & Paykel Healthcare, and BMC Medical. These major players are constantly investing in new product launches and innovating their offerings to stay ahead of the competition.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
