The sleep apnea device market has undergone rapid transformation, driven by growing awareness about the consequences associated with disruptive or poor sleep conditions. Sleep apnea is a severe sleeping disorder in which a person experiences interruptive breathing or loud snoring. Long-term untreated or undiagnosed sleep apnea can cause several health problems, such as daytime sleepiness, cognitive impairment, fatigue, and metabolic disorders.
The development of groundbreaking sleep apnea devices, including auto-adjusting pressure machines, bilevel positive airway pressure machines, continuous airway pressure machines, and implantable devices, makes it easier to treat patients with disruptive sleep issues.
Having witnessed remarkable growth, the sleep apnea device market size is estimated to be worth USD 13.5 billion in 2024. The market is poised to grow substantially at a high CAGR of 4.94% from 2023-2035, according to Roots Analysis. Further, the growth in the sleep apnea devices market is likely to be the result of increasing cases of sleeping disorder patients and a rising demand for advanced devices to treat patients.
Based on the latest market insight from the Roots Analysis market research report, here’s a look at the top four factors that are shaping the sleep apnea device market in 2024 and beyond.
1. Technological Advancements in Sleep Apnea Devices
Technological advancements in the sleep apnea device market play a significant role in the treatment of patients suffering from sleeping disorders. The majority of the technological advancements in this domain focus on the integration of smart technologies such as wearable devices with sleep data monitoring devices.
Several opportunities that drive the growth in this field include poor compliance with continuous positive airway pressure devices and growing demand for oral therapeutics to treat patients. As a result, technologies and solutions such as telemedicine and wearable medical devices are expected to improve patient adherence to sleeping disorder treatments. Further, the industry is witnessing growing adoption of mHealth, alarm systems on patient devices, and artificial intelligence that can alert healthcare professionals to provide appropriate treatment for sleep apnea patients. The sleep apnea devices market has witnessed remarkable growth in the wake of technological advancements.
2. Competitive Landscape of Sleep Apnea Device Manufacturers
Currently, the sleep apnea device market features more than 100 companies that offer a wide range of sleep apnea medical devices, including auto-adjusting pressure machines, bilevel positive airway pressure machines, continuous positive airway pressure machines, implantable devices, oral devices, contactless devices and home sleep apnea test devices. The focus is on enhancing the overall experience of patients and developing home-care sleep apnea medical devices to diagnose and treat patients. Notable examples of sleep apnea devices include aura6000™, AirSense™, O2Vent Optima Mini, 11 CPAP, and Bongo Rx.
Currently, more than 35 sleep apnea drug therapies are being evaluated across various phases of clinical trials. These therapies are either monotherapies or used in combination with different therapeutic drugs to treat obstructive sleep apnea.
3. Key Companies in Sleep Apnea Devices Market
The sleep apnea devices market is characterized by the presence of various industrial leaders who hold the required expertise to develop innovative technologies for the diagnosis and treatment of disease. Examples of the key companies in the sleep apnea devices market include Acurable, Advanced Brain Monitoring, Airway Management, Apnimed, Bayer, Belun Technology, Braebon Medical, Cadwell, Desitin Pharma, Drive DeVilbiss Healthcare, Eli Lilly and Company, Fisher Paykel, Hunan VentMed Medical Technology, Incannex Healthcare, Löwenstein Medical, Natus Medical, Nox Medical, Oventus Medical, Philips, React Health, ResMed, SciSparc, Sibelmed, Somnetics International inc, SomnoMed, Sunrise, Topson Medical, Vyaire Medical, Wellue, Whole You and ZOLL Itamar.
4. Regional Outlook and Funding Activities
The sleep apnea devices market is dominated by North America, capturing 70% of the overall revenue share in 2023 as per the market research report by Roots Analysis. The trend is likely to remain unchanged in the future owing to the rising demand for sleep apnea devices in this region. In the long run, the sleep apnea devices market in Asia-Pacific is likely to grow at a higher CAGR in the upcoming years.
According to the report by Roots Analysis, around USD 1.6 billion have been invested by various stakeholders active in this industry, across the globe, to develop advanced devices, in the last four years. The majority of the funds have been raised through equities and funding rounds. It is interesting to note here that LivaNova has successfully raised USD 595 million in capital funds through other equity. The funds will be used to advance their neurostimulator therapeutic devices for the treatment of sleep apnea patients. Moreover, more than 1,600 patents have been granted / filed in the past few years, indicating the significant efforts of researchers engaged in this industry.
Where to Learn More Information
To find out more insight about the sleep apnea device market, future trends, opportunities, challenges, and advancements, please read the full report by Roots Analysis on Sleep Apnea Devices Market, which details this market’s unique dynamics, providing insights into the historical period (2022-2024) and forecasting trends for 2023-2035.
About Author
Ajay Sharma is a senior analyst who has been working with Roots Analysis since 2020. With a strong academic background and a master’s degree in pharmacology from a renowned university, he brought invaluable knowledge and expertise to the firm’s diverse projects. Through his work on projects like mRNA contract manufacturing, ADC therapeutics and T-cell therapeutics, which involved extensive research, Ajay has gathered experience and expertise in the growing segments of the biologics market.
About Roots Analysis
Roots Analysis is a global leader in pharma and biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists, and strategic investors for more than a decade, Roots Analysis offers a highly analytical and data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by this firm are structured in a way that enables the reader to develop a thorough perspective on the given subject.
