The global sleep apnea market size was valued at USD 4,407.1 million in 2014 and is expected to grow at the rate of 7.7% over the forecast period. The rising prevalence of sleep-related disorders is expected to act as a high impact rendering driver for the global sleep apnea device market.
According to the statistics published by the National Sleep Foundation, around 40 million Americans were affected by this disorder in 2012. Moreover, the prevalence of obstructive sleep apnea was calculated at 12 million in the U.S. with a diagnosis rate of approximately one in 22.
The growing prevalence of sleep apnea in comorbidities is expected to be vital for this industry. The notable conditions that might arise due to this disorder include type II diabetes, obesity, coronary artery disease, congestive heart failure, stroke, hypertension, and atrial fibrillation.
As per the data published by “ResMed”, the prevalence of this disorder is 83.0% in drug resistance hypertension, 77.0% in obesity, 76.0% in congestive heart failure, and 50.0% in atrial fibrillation & diabetes. Thus, rising prevalence of these conditions is further anticipated to increase the prevalence of sleep apnea.
Age is considered as one of the prime risk factors for the development of this disorder. Estimates published by the WHO suggest that the global base of population pertaining to the age group 65 years and above is expected to rise from 7% in 2000 to 16% in 2050. Moreover, increasing the prevalence of sleep disordered breathing in the geriatric population is in a range of 20% to 50%. This prevalence is almost twice in the elderly population in the age group of 70 to 80 years. Rapidly growing geriatric population is expected to be the vital driver for this market growth.
The advent of technologically advanced products is projected to exhibit lucrative growth in this industry. For instance, the introduction of Provent, a disposable device that requires no machine or mask and uses the power of patient’s breathing to create Expiratory Positive Airway Pressure, thereby enabling natural airflow.
North America therapeutic sleep apnea device market share, by product, 2012-2020 (USD Million)
Key products analyzed in this study include therapeutic and diagnostic devices. Diagnostic devices consist of actigraphy systems, polysomnography (PSG), respiratory polygraph, and single channel screening pulse oximeters. Therapeutic devices include airway clearance system, adaptive servo-ventilation, positive airway pressure, oral appliances, and oxygen equipment.
Diagnostic devices dominated the product segment with over 51.0% share, increasing demand for early diagnosis. Growing patient awareness levels are expected to increase the usage rate during the forecast period. Moreover, many people suffering from this disorder are left un-diagnosed; thus, government and independent healthcare organizations are taking initiatives to promote diagnosis. For instance, Office of Disease Prevention and Health Promotion in its ‘Healthy People 2020 program’ states benefits of this disease’s diagnosis.
On the other hand, therapeutic devices are expected to witness lucrative growth in the coming six years. This can be attributed to increasing usage of treatment equipment. Additionally, rising awareness amongst people about complications associated with these disorders are expected to result in increased usage of apnea equipment.
Geographically, the market is divided into North America, Europe, Asia-Pacific, and Rest of World. North America dominated this market with over 36.0% share, which can be attributed to their sophisticated healthcare infrastructure. Moreover, high healthcare spending coupled with increasing disposable income led to the growth of this industry in North America.
Asia Pacific is expected to register the fastest growth rate during the forecast period. The presence of large untapped opportunities in emerging economies such as India and China are expected to support the growth of this region. In addition, improving healthcare infrastructure and favorable government initiatives are anticipated to boost this industry growth.
Competitive Market Share Insights
Key players operating in this market include Phillips Healthcare, BMC Medical Co.Ltd., Braebon Medical Corporation, Cadwell Laboratories, Carefusion Corp., Compumedics Limited, Curative Medical Inc., Fisher & Paykel Healthcare, GE Healthcare, ImThera Medical Inc., Invacare Corporation, Nihon Kohden, and ResMed. The key trend witnessed in this market includes new product launches, technological advancements, and collaborations to gain competitive advantage.
For instance, in February 2015, ResMed launched a new product, Easy-to-Use AirView, a Patient Management System which directly syncs with Brightree. This new product launch is expected to help the company strengthen the product portfolio.
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