VANCOUVER, B.C., Feb. 14, 2023 /PRNewswire/ -- The sleep apnea devices market size reached USD 7.00 Billion in 2021 and is expected to register a CAGR of 6.9% during the forecast period, according to latest analysis by Emergen Research. One key factor driving market revenue growth is favorable reimbursement policies. For instance, on 15 December 2022, ProSomnus, Inc., a leader in the development of precise oral appliance therapy (OAT) for the management of obstructive sleep apnea (OSA), declared that Medicare would now reimburse for their ProSomnus EVO [PH] Sleep and Snore Device. Medicare Part B covers the cost of sleep apnea treatment, including equipment and doctor visits. A CPAP machine that is deemed to be medically required is partially covered by Medicare as durable medical equipment.
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Drivers:
Demand for sleep apnea devices has significantly increased over the years owing to increasing number of businesses entering the sleep apnea devices and oral applications industries. For instance, on 12 November 2020, Panthera Dental and Dentsply Sirona announced a partnership for a completely digital approach for personalized sleep devices. As a result of the partnership, dentists can now utilize the exact scans in a validated process as the basis for creating a unique Digital Sleep Apnea Device (D-SAD). Furthermore, on 04 May 2022, obstructive sleep apnea (OSA) as well as other problems being addressed by Apnimed, a clinical-stage pharmaceutical business, reported that it has secured USD 62.5 million in committed capital through Series C funding.
Restraints:
There are numerous issues and difficulties facing the sleep apnea devices industry. High cost of CPAP machines and product recalls are some factors. For instance, in order to guarantee the security of medical devices, such as continuous positive airway pressure (CPAP) machines, the U.S. Food and Drug Administration (FDA) issues recall. Philips Respironics issued a voluntary recall of millions of CPAP devices in June 2021. Numerous ventilators and bilevel-positive airway pressure (BiPAP) devices used to aid with breathing were also included in the recall. A piece of foam within the gadgets could disintegrate into smaller pieces, endangering the user's health, and restraining demand for the same. Cost issues continue to be a barrier to adoption for many doctors and patients even as oral appliance treatment (OAT) gains popularity amongst sleep specialists as a reasonable alternative to CPAP for patients with mild to severe obstructive sleep apnea (OSA).
Growth Projections:
The sleep apnea devices market is expected to register a CAGR of 6.9% over the forecast period and revenue is projected to increase from USD 7.00 Billion in 2021 to USD 12.88 Billion in 2030. A certified diagnosis could be an expensive as well as time-consuming process for the millions of individuals who are concerned they might have sleep apnea. Home-based sleep apnea testing is thus, on the rise, gradually increasing its demand. Testing for sleep apnea at home is a quick, affordable approach to determining whether one has breathing problems. It costs between a third and a fifth less than a sleep study completed in a clinic and is commonly reimbursed by insurance. Furthermore, on 10 May 2022, Sunrise, a sleep technology company located in Belgium, developed a portable, simple-to-use at-home sleep test that yields clinically appropriate results in a matter of hours, making these devices more easily available.
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Current Trends and Innovations:
The sleep apnea devices industry is undergoing gradual change as a result of new technology and innovations. The use of more efficient, simpler, and more inexpensive measures in hospital settings without impacting clinical accuracy can be made possible by technological advancements in measuring technology together with analytical approaches based on Machine Learning (ML) and Artificial Intelligence (AI). Recently, a variety of automated techniques for analyzing sleep records have been created, and their use in clinical settings could free up healthcare resources. This transformation will further expand into fields like Obstructive Sleep Apnea (OSA) therapy as individuals begin to see the advantages of easily available, at-home care and monitoring.
Strategic Initiatives:
Major companies included in the market report are ResMed, Koninklijke Philips N.V., Fisher & Paykel Healthcare Limited, Inspire Medical Systems, Inc., SomnoMed.com, Oventus, Compumedics Limited, Löwenstein Medical Technology GmbH + Co. KG., Drive DeVilbiss International, and BMC.
- On 18 August 2021, new noninvasive technology was introduced by Somne to treat sleep apnea. A rather more comfortable fit than CPAP machines as well as other therapies is provided by Somne's innovative Class II medical equipment. The prototype device from Somne has recently shown great effectiveness and patient satisfaction in a human trial that was authorized by the IRB. The business wants to launch its product as early as 2024.
- On 13 January 2021, Itamar Medical, a leading provider of digital health services for sleep apnea in Israel, declared the acquisition of Spry Health in an effort to broaden the scope of the conditions it can remotely monitor and manage. Itamar intends to create a wearable RPM device enabling end-to-end digital therapy for OSA patients leveraging Spry's technology.
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Scope of Research
Report Details | Outcome |
Market Size in 2021 | USD 7.00 Billion |
CAGR (2022-2030) | 6.9 % |
Revenue Forecast to 2030 | USD 12.88 Billion |
Base Year for Estimation | 2021 |
Historical Data | 2021-2030 |
Forecast Period | 2022-2030 |
Quantitative Units | Revenue in USD Million and CAGR in % from 2022 to 2030 |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered | Type, end-use, and region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country Scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa |
Key Companies Profiled | ResMed, Koninklijke Philips N.V., Fisher & Paykel Healthcare Limited, Inspire Medical Systems, Inc., SomnoMed.com, Oventus, Compumedics Limited, Löwenstein Medical Technology GmbH + Co. KG., Drive DeVilbiss International, and BMC |
Customization Scope | 10 hours of free customization and expert consultation |
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Emergen Research has segmented sleep apnea devices market on the basis of type, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019-2030)
- Therapeutic Devices
- Positive Airway Pressure Devices
- Automatic Positive Airway Pressure Devices
- Continuous Positive Airway Pressure Devices
- Bilevel Positive Airway Pressure Devices
- Facial Interfaces
- Masks
- Full-Face Masks
- Nasal Pillow Masks
- Nasal Masks
- Cushions
- Accessories
- Oral Applications
- Mandibular Advancement Devices
- Tonge-Retaining Devices
- Adaptive Servo-Ventilators
- Others
- Diagnostic Devices
- Polysomnography Devices
- Ambulatory PSG Devices
- Clinical PSG Devices
- Home Sleep Testing Devices
- Oximeters
- Fingertip Oximeters
- Handheld Oximeters
- Wrist-Worn Oximeters
- Tabletop Oximeters
- Actigraphy Systems
- Sleep Screening Devices
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Sleep Laboratories & Hospitals
- Home Care Settings/Individuals
- Regional Outlook (Revenue, USD Billion, 2019 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- UAE
- Saudi Arabia
- Africa
- Rest of Middle East
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