Sleep Apnea Devices Market Size By Product (Therapeutics {Airway Clearance System, Adaptive Servo-ventilation {ASV}, Positive Airway Pressure {PAP} Device, Oral Appliances, Oxygen Devices}, Diagnostics {Actigraphy Systems, Polysomnography {PSG} Device, Re

Sleep Apnea Devices Market Size By Product (Therapeutics {Airway Clearance System, Adaptive Servo-ventilation {ASV}, Positive Airway Pressure {PAP} Device, Oral Appliances, Oxygen Devices}, Diagnostics {Actigraphy Systems, Polysomnography {PSG} Device, Respiratory Polygraph, Sleep Screening Devices}), By End-use (Home Care Settings & Individuals, Sleep Laboratories & Hospitals), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030

The Sleep Apnea Devices Market is predicted to grow substantially between 2022 and 2030 primarily driven by the increasing aging population across the globe.

The rising living standards and access to quality healthcare services have promoted life expectancy in several nations leading to a surging aging population with sleep disorders which is positively impacting the dynamics of sleep apnea devices industry. The WHO data estimates that the geriatric population is expected to double in the years from 2015 to 2050, thereby augmenting product adoption in the years to come.

Furthermore, the growing prevalence of sleep apnea disorders such as insomnia, central disorders of hypersomnolence, and sleep-related breathing ailments are anticipated to aid in industry expansion over 2022-2030. For example, according to a 2019 research article, around 1 billion people worldwide suffer from obstructive sleep apnea. This emphasizes the need for highly portable sleep apnea devices that can effectively detect and treat sleep apnea and related co-morbidities.

Such above-mentioned factors enhance the growth potential of the market players in the sleep apnea devices business space. With product innovation strategies by leading companies, the industry is expected to witness remarkable progress in the future. Citing an instance, in January 2021, medical device company, Itamar Medical acquired technological assets of Spry Health, the developer of health wearable devices, and leveraged them to develop the device for continuous remote patient monitoring (RPM) of sleep apnea.

Similarly, in August 2020, leading medical electronic equipment manufacturer, Nihon Kohden, broadened its product portfolio and client base by launching polysmith 12 software for their polysomnography devices. This software is the 12th version polysmith software including over 40 market-driven features that offer improved workflow to sleep specialists and better analysis outcomes for the patients.

The sleep apnea devices market has been bifurcated on the basis of product, end use, and region.

As per product, the market therapeutics market segment is projected to grow rapidly during the forecast period. As per research, oral appliances can be beneficial in treating obstructive apnea. There is booming demand for oral devices and mouthpieces as they are convenient for storage and travel due to their compact and portable designs, also, highly cost-effective. Such product features will drive the segmental growth.

The home care settings & individuals end-use segment of the sleep apnea devices market is predicted to accrue significant profit share in the coming years. The diagnosis of sleep apnea in the home setting is a new technique that is widely preferred by patients due to the convenience offered. When compared to lab tests, at-home testing is more advantageous since they involve less travel for both patients and healthcare professionals, as well as resource sharing. Furthermore, sleep laboratory tests are connected with long wait times and are expensive for patients.

Regionally, the MEA sleep apnea industry is anticipated to record strong gains due to the superior healthcare facilities and services in the region. Rising initiatives by market players and the government to provide education and raise awareness about OSA and sleep disorders diagnostics among patients, health care experts, institutions, medical schools, government healthcare providers, and the general public will supplement the market expansion. Furthermore, the growing availability of treatment modalities and alternative solutions will push regional market share.

In March 2021, Philips, a global corporation, and health technology expert, signed a three-year partnership with the Saudi German Health (SGH) Group in the Middle East to develop treatment solutions or easing the symptoms of sleep disorders in the Kingdom of Saudi Arabia (KSA).