Sleep Apnea Devices Market Outlook, Size, Share, Trends, Global Industry Analysis and Forecast Report, 2031

Sleep Apnea Devices Market to Reach USD 7.82 Billion by 2031 Driven by rising cases of sleep apnea

AUSTIN, TEXAS, UNITED STATES, June 20, 2024 /EINPresswire.com/ -- The SNS Insider report estimates the Sleep Apnea Devices Market Size at USD 4.69 billion in 2023, with a projected CAGR of 6.60% to reach USD 7.82 billion by 2031.

The sleep apnea device market is showing significant growth due to several key factors such as the rising cases of sleep apnea itself is a major driver. An aging population and increasing obesity rates lead to more diagnoses of sleep apnea. Public awareness campaigns also contribute to the awareness by educating people about the condition and its symptoms. For Example, According to 2023 National Council on Aging (NCOA) report estimates that an approximately more than 35 million U.S. adults struggle with obstructive sleep apnea.

Manufacturers are responding to this growing demand with innovative and user-friendly devices. Oral appliances, for example, are gaining traction due to their comfort and ease of use compared to traditional options. Also, advancements like the FDA-approved Inspire implant demonstrate a commitment to developing technologically-superior solutions that address the root cause of sleep apnea. These advancements not only improve patient outcomes but also make treatment more appealing, which increase in growth of the market.

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List of Sleep Apnea Devices Companies Profiled in Report:

Key Market Segmentation
By Product Type
• Medical Gadgets
• Diagnostic Equipment

By End Users
• Sleep Research Facilities
• Setting/Individual Home Care

Segment Analysis
By Product Type, Medical Gadgets dominated the segment in sleep apnea device market with more than 55% market share in 2023 due to rise in treatment rates, specially in emerging markets, are driving the segment growth in the market.

By End Users, Setting/Individual Home Care dominated the market segment in Sleep Apnea Devices Market with high market share in 2023 due to the development of innovative and portable home-use devices, and a growing patient preference for at-home treatment of obstructive sleep apnea. This factor led to the dominance of the home-based segment in 2023.

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Recent Developments
- In 2022, Fisher & Paykel Healthcare, introduction of the Evora Full. This innovative mask provides a compact, full-face solution for treating obstructive sleep apnea (OSA).
- November 2023, Vivos Therapeutics secured FDA approval for their CARE line of oral appliances designed to address severe obstructive sleep apnea (OSA) in adults.
- July 2023, ResMed purchased Somnoware, this acquisition shows ResMed's commitment to expanding its reach and influence in the global market.
- February 2024, EnsoData, secured FDA clearance in for their innovative technology using pulse oximeters to diagnose sleep disorders.

Regional Analysis
North America dominated the Sleep Apnea Devices Market with more than 45% of market share in 2023 due to several factors such as, People's lifestyles are changing, favorable regulatory policies, leading to greater device adoption, disposable incomes are rising, and well-known companies are headquartered there. Also, factors like a growing obese population, increasing respiratory diseases, and rising awareness of Obstructive Sleep Apnea (OSA) increase the market growth.

The Asia Pacific region is a fastest growing market due to its aging population and rising cases of lifestyle diseases like heart disease, cancer, high blood pressure, diabetes, and chronic respiratory problems. For Example, According to a 2022 OECD iLibrary article, an estimated 226 million people in Asia Pacific have type 2 diabetes. The market's growth in this region is driven by factors like rising demand for sleep apnea devices in developed economies like Japan and Australia, with rising number of sleep apnea diagnoses across the region. In emerging economies. Also, key players are focusing on launching innovative devices, and there's a rising demand for home sleep apnea tests, further rising market growth. Europe is also experience significant growth due to growing awareness of sleep apnea devices, leading to more diagnostic tests and ultimately, more sleep apnea device usage.

Key Takeaways:
• The report clarifies that the rise in sleep apnea cases itself is a major driver. This is due to an aging population, increasing obesity rates, and growing public awareness through campaigns that educate people about the condition.
• Understanding the growing demand, the report acknowledges that manufacturers are responding with user-friendly devices like comfortable oral appliances and technologically advanced solutions
• By product type, the report highlights that medical gadgets dominate the market share
• The report clarifies that the home care segment dominates the sleep apnea device market by end user
• Regionally, the report highlights North America's dominance (over 45% market share in 2023). This is attributed to factors like favorable regulations, rising disposable incomes, and established players with strong distribution networks.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Sleep Apnea Devices Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Sleep Apnea Devices Market Segmentation, By Product Type
Chapter 9 Sleep Apnea Devices Market Segmentation, By End Users
Chapter 10 Regional Analysis
Chapter 11 Company profile
Chapter 12 Competitive Landscape
Chapter 13 Use Case and Best Practices
Chapter 14 Conclusion
Continued…

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