The global sleep apnea devices market was valued at $4.8bn in 2016 and is anticipated to reach $8.1bn by 2024.
The sleep apnea devices market is expected to grow with a lucrative CAGR of 7.9% over the forecast period, owing to factors such as growing aging population, increasing the prevalence of respiratory and sleep disorders, lifestyle factors such as smoking, substance abuse, and environmental pollution. Sleep apnea is a highly prevalent condition across different age groups however, most of the people are not aware of their condition. Due to this condition, the breathing pattern is distorted due to the lack of oxygen supply during sleep and is associated with snoring and restlessness due to increased airway resistance.
The population which is at an increased risk of suffering from sleep disorders include male candidates who are obese, suffer from hypertension, who use alcohol and sedatives regularly, are prone to smoking, have a family history of OSA and people who suffer from endocrine and metabolic disorders. The different types of sleep apnea include complex sleep apnea, obstructive sleep apnea (OSA), central sleep apnea (CSA). The OSA is the most commonly identified type of condition, which can be treated using sleep masks and positive airway pressure (PAP) devices.
The U.S. market accounts for the largest revenue share, owing to high disease burden, growing awareness pertaining to various sleep disorders and availability of well-developed healthcare infrastructure and reimbursement framework. The American Sleep Apnea Association estimates that over 22 million people suffer from sleep apnea, where nearly 80% cases are related to OSA. The untreated OSA can lead to a spike in blood pressure, chronic heart failure, stroke and several other co-morbidities. Moreover, obesity and diabetes are amongst the major conditions driving the sleep apnea devices market over the next few years.
“Optimal Price Point (OPP) for Products”
Estimated Average sleep apnea devices cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
The products available in the market are available at different price points based on their therapeutic or diagnostic application. For instance, the sleep apnea masks are available in the range of USD 5 to USD 150 and above and the PAP devices such as A-PAP, Bi-PAP and C-PAP are available in the range of USD 400 to USD 800 and above based on the technology, product size, portability and battery life.
Sleep Apnea Devices Market by “Product”
The market is broadly categorized based on therapeutic and diagnostic applications. The therapeutic category includes products such as airway clearance systems, PAP devices, oral devices, oxygen devices, adaptive servo-ventilation systems and others. The diagnostic category includes products such as actigraphy systems, PSG devices, respiratory polygraphs and pulse oximeters.
In 2015, the PAP devices accounted for over 43% the market share and are expected to extend their dominance over the forecast period. The majority of OSA patients are provided treatment using these PAP devices, and growing prevalence of OSA and CSA are expected to reinforce growth over the forecast period. The oral appliances are expected to outperform other categories with a CAGR of 11% over the forecast period, due to rising demand for dental sleep apnea therapies.
In 2016, North America accounted for a dominant share of over 37.5% due to the high disease burden and growing awareness about sleep apnea and associated co-morbidities. The U.S. region contributes the bulk of the revenue due to higher patient volume, treatment rate and availability of reimbursement. Moreover, the presence of sleep diagnostic centers and collaboration, growing demand for dental sleep apnea appliances in the region are expected to positively reinforce growth over the forecast period.
By 2024, Asia-Pacific is expected to emerge as the fastest growing region with a CAGR of 8.7%. The high growth is anticipated because of rising prevalence of obesity, diabetes, and hypertension in the region. Moreover, increase in air pollution, growing consumption of tobacco and alcohol, and highly stressful lifestyle are expected to drive the prevalence of sleep disorders. For instance, countries such as India and China now have the highest number of obese and diabetic population. Moreover, rising awareness and introduction of several low-cost products to cater to the growing needs of the region are expected to reinforce demand over the forecast period.
Merger and Acquisition Landscape
The sleep disorders landscape is witnessing increasing interest for merger and acquisition activities. The companies are driven by a growing urge to use forward and backward integration strategies to minimize the supply side and demand side risks and consolidate their market dominance. Moreover, the players are actively seeking M&A opportunities to exploit the high growing markets of Asia Pacific region. The drive to expand the global footprint and continuously expand product portfolio is encouraging more companies to venture into M&A activity. For instance, in 2016, SleepWorks and MedBridge Home Medical acquired the CPAP division of Active Healthcare (IntegraSleep). The merged entity is operated as the Sound Sleep Institute, with presence across the U.S. region.
Top Players & Company Share
The key market participants include ResMed, Invacare Corporation, ImThera Medical Inc, Fisher & Paykel Healthcare, Phillips Respironics, Curative Medical Inc., BMC Medical Co.Ltd, GE Healthcare, Braebon Medical Corporation, Cadwell Laboratories and Becton, Dickinson and Company. The top 4 players such as ResMed, Becton, Dickinson and Company, Phillips Respironics, and Fisher & Paykel Healthcare account for over 90% the market due to the presence of wide product portfolio with reimbursement coverage, high investment in R&D and strong network of distributors and partners, thus creating a difficult environment for new players to sustain and compete in the market.
Sleep Apnea Devices Market by Product (Revenue, Million, 2014 – 2024)
- Diagnostic Devices
- Actigraphy Systems
- Polysomnography (PSG) Devices
- Respiratory Polygraph
- Single Channel Screening Devices (Pulse Oximeters)
- Therapeutic Devices
- Adaptive Servo Ventilation (ASV) Systems
- Airway Clearance System
- Positive Airway Pressure (PAP) Devices
- Oral Appliances
- Oxygen Devices
Sleep Apnea Devices Market Regional Outlook (Revenue, USD Million, 20124- 2024)
- Asia Pacific
Middle East and Africa
- South Africa
- Saudi Arabia