Global sleep apnea devices market was valued at USD 4,407.4 million in 2014 and is expected to grow at a CAGR of 7.7% over the forecast period. Key factors attributing for the market growth include the rising prevalence of sleep & respiratory disorders, and the presence of high unmet medical needs in the emerging economies such as India, China, Brazil, and others.
Key risk factors for the development of sleep apnea include obesity, life style habits such as smoking, alcohol, and substance abuse, and irregular sleep patterns. The risk of sleep apnea is much higher in the age group above 50-60 years. As per estimates published by the United Nations in 2012, the global geriatric population was nearly 809.4 million and is expected to grow more than double by 2050 to reach over 2,000 million. Therefore, an increase in the geriatric population, and the consequent increase in the target diseases are expected to significantly boost the usage rates over the forecast period. Furthermore, development of technologically advanced products such as WINX sleep-therapy system which allow patients to breathe naturally through their nose without being restricted by a mask is also expected to reinforce market growth.
North America sleep apnea device market, product 2014-2022 (USD Million)
Product Revenue, Volume and ASP Insights
On the basis of the product, sleep apnea devices market is segmented into Actigraphy Systems, PSG Devices, Respiratory Polygraph, Single Channel Screening Devices (Pulse Oximeters), Adaptive Servo Ventilation (ASV) Systems, Airway Clearance Systems, Positive Airway Pressure (PAP) Devices, Oral Appliances and Oxygen Devices.
Various types of sleep apnea devices are recommended based on the patient’s medical requirements. The most commonly used devices are the PAP devices which include CPAP, BiPAP and APAP devices. In 2014, the PAP devices segment accounted for the largest share and was valued at 497.6 USD million. The CPAP devices are utilized for the majority of the cases and account for over 44% of the PAP devices category the average selling prices (ASPs) identified for these products in the U.S. are nearly USD 826.
In terms of revenues, oral appliances segment is expected to be the most lucrative segment growing at a CAGR of 11.6% over the forecast period. Increasing use of oral appliances in dental sleep apnea therapies is one of the key factors for the segments high growth.
The products with the maximum volume share are masks, tubes, humidifiers, and filters. These products are collectively reported in the “other products” segment. Additionally, the masks category is further categorized as full face masks, nasal masks, nasal prongs and oral masks. In 2014, in terms of volume North America accounted for the majority of the volume share of 37% and is expected to continue its dominance over the forecast period.
In 2014, North America sleep apnea devices market held the maximum revenue share of over 38% and is followed by Europe. Key factors attributed for the large market share include, the presence of large numbers of geriatric population, the number of people affected with sleep apnea, and large number of people with sleep apnea associated co-morbidities. Furthermore, the presence of advanced healthcare facilities, constant investments in R&D and availability of technologically advanced products are additional factors boosting the usage rates in this region.
In terms of revenue Asia Pacific sleep apnea devices market is expected to be the fastest growing region, with a CAGR of over 8.5% over the forecast period The demand for the sleep apnea devices is expected to increase at a rapid pace owing to increase in awareness about sleep apnea and various co-morbidities, increase in public and private healthcare expenditure pertaining to establishment of sleep testing labs, and continuous launch of new products at par with the other global regions.
In terms of volume, the Asia Pacific is expected to grow at a CAGR of nearly 11% through the forecast period. In terms of product volume, the PAP devices category is expected to witness the highest growth at a CAGR of over 15% over the forecast period. Increasing use of PAP devices for airway management and treatment of sleep disorders is expected to fuel the segments growth.
Competitive Market Share Insights
Key players operating in the sleep apnea devices market include Fisher & Paykel Healthcare, ResMed, GE Healthcare, Invacare Corporation, BMC Medical Co.Ltd., Braebon Medical Corporation, ImThera Medical Inc., Cadwell Laboratories, Phillips Healthcare, Curative Medical Inc., Nihon Kohden, and Compumedics Limited. The global sleep apnea devices market is oligopolistic in nature with Phillips Respironics, ResMed, Fisher & Paykel, and CareFusion accounting for nearly 90% of the market share.
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