Sleep Apnea Devices Market - Growth, Trends, and Forecast (2020 - 2025)
The global sleep apnea devices market is expected to witness a CAGR of 7.5% in the forecast period. Few key factors that are driving the market include the increasing incidences of sleep apnea, increasing awareness among the patient population in developing countries, and favorable government initiatives.
According to the Sleep Apnea Organization, in 2017, more than 22 million Americans suffered from sleep apnea and 80% of moderate to severe sleep apnea cases were undiagnosed; worldwide, over 100 million people suffer from sleep apnea. Thus, the increasing incidence of sleep apnea is one of the factors responsible for the growth of the sleep apnea devices market.
It is known that obstructive sleep apnea (OSA) is a prevalent condition, which affects up to 20% of the world population. It is a serious and life-threatening sleep illness that is largely undiagnosed and untreated. However, various government initiatives are helping patients who suffer from OSA. For instance, in the United States, the American Sleep Apnea Association (ASAA) was founded in 1990, which is a non-profit organization that promotes awareness regarding sleep apnea, works for continuing improvements in treatments for this serious disorder, and advocates for the interests of sleep apnea patients. All these factors are boosting the market.
Key Market Trends
Actigraphy Devices is Expected to Grow with Highest CAGR in the Diagnostic Devices Category
Actigraphy devices (actometer or actimeter) utilize a portable device, which is usually worn on the wrist that records physical movement over an extended period. This technology is being increasingly adopted in clinical settings, as actigraphy has the advantage of providing objective information on sleep habits in patients' natural sleep environment.
Since actigraphy is less invasive and less expensive than the PSG devices, it is a promising device for assessing sleep apnea treatment effects. It also can be used for follow-up, once the treatment has begun or to evaluate changes in sleep, over the course of the treatment period. The rising demand for actigraphy devices in sleep apnea is due to its cost-effectiveness, as it facilitates non-intrusive 24-hours monitoring at home for extended periods. The sleep-wake is relatively easy and it does not require any installation.
North America Dominates the Market and Expected to continue its Dominance through the Forecast Period
North America currently dominates the market for sleep apnea devices and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the high incidence of sleep-disordered breathing (SDB) and rising aging population in the region. The United States holds the majority of the market in the North American region. According to the American Sleep Association, as of 2018, it was estimated that about 50-70 million adult population in the United States were found to have a sleep disorder, 48% were reported to be snoring, 37.9% were reported to be falling asleep during the day, unintentionally, and 4.7% were reported to be nodding off while driving. Insomnia is the most common specific sleep disorder, with short-term issues reported by about 30% of adults and chronic insomnia by 10%. Approximately 25 million adults in the United States have obstructive sleep apnea.
According to Sleep Zone, it was estimated that about 22 million Americans suffer from moderate to severe sleep apnea, out of which, approximately 3-7% of men and 2-5% of women were found to have had sleep apnea in 2018 in the United States.
The sleep apnea devices market is highly competitive and consists of several major players, across the world. Further, with rising technological advancements and product innovations, mid-size and small scale companies are increasing their market presence by introducing new devices into the market with competitive prices. Companies, like Resmed, Fisher & Paykel Healthcare Limited, and Invacare Corporation, hold substantial shares in the market.
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