The study involved four major activities in estimating the current size for the global sleep apnea devices market. Exhaustive secondary research was done to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and sub-segments
Expected Revenue Growth Prospects:
The market for sleep apnea devices is expected to grow from USD 4.5 billion in 2019 to USD 7.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period.
Major Growth Boosting Factors:
Growth in the sleep apnea devices market can be attributed to factors such the large pool of undiagnosed sleep apnea patients, growing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, technological advancements in sleep apnea devices, considerable venture capital funding, and the increasing number of companies venturing into sleep apnea and oral appliances markets.
In most developed countries, the cost of a CPAP device is either reimbursed or provided by medical insurance companies. The main reason for non-adherence is non-acceptance on the part of the patient, mainly due to the mask causing discomfort or claustrophobia. However, conditions are different in most developing countries, where insurance access is minimal and insurance companies usually do not cover the cost of a CPAP device.
In countries like India, CPAP is not covered by private insurance companies. Only some government employees are able to be reimbursed for CPAP therapy, and that too reimbursement ranges from 30% to 100% depending on the reimbursement rules of various government offices. CPAP is generally an out-of-pocket expense for most of the Indian population. This is a major limiting factor for therapy adoption in these countries.
Similar factors affect the CPAP compliance rate among patients in other South Asian countries as well. For instance, in Singapore, the cost of a CPAP machine is substantial, with an auto-titrating CPAP device costing between USD 1,100–USD 1,500 (1,500–2,000 SGD approximately), which would be nearly half the median monthly income of the average Singaporean worker. Thus, high CPAP device costs act as a restraining factor for the global sleep apnea devices market, especially in developing countries.
Opportunity: Increasing focus on telemedicine and mHealth (mobile health)
Several studies have reported that a main predictive factor for long-term CPAP compliance is patient adherence in the first few weeks of treatment. To improve compliance, support and follow-up during this period must be prompt. Telemedicine offers this kind of assistance since long waiting lists make it difficult to provide such support. Several studies suggest that patients in the telemedicine group expressed high satisfaction with their care. They especially liked the convenience of a live video visit with a sleep doctor.
Obstructive sleep apnea is a highly prevalent chronic condition, and telemedicine could play a vital role in the different phases of its management. In the future, using new devices capable of signal acquisition and analysis is expected to refine obstructive sleep apnea diagnosis; even smartphones’ built-in sensors could offer improved comfort and the possibility of home sleep monitoring. Continuous positive airway pressure titration could be performed with wireless devices, whose parameters can be changed remotely from sleep centers.
Finally, the follow-up phase could be specially improved by using remote continuous positive airway-pressure data, self-management platforms, and mobile applications for patient feedback. Moreover, instead of replicating traditional visits, mHealth can provide shorter and more frequent assessments; alarm systems on the patients’ devices could alert physicians and mobile applications with simple questionnaires may help on follow-up. The sleep apnea market is likely to show positive growth owing to these potential benefits offered by telemedicine and mHealth in improvising sleep apnea diagnosis and management.
Home care settings/individuals projected to grow at the highest CAGR in the global sleep apnea devices market during the forecast period
On the basis of end user, the sleep apnea devices market has been segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment accounted for the largest share of the market in 2018, while home care settings/individuals end-user segment is projected to grow at the highest CAGR during the forecast period. This high growth is likely driven by factors such as the rising preference for home sleep testing by both patients and private insurance companies, along with the favorable reimbursement scenario for home sleep testing.
Geographical Growth Scenario:
North America is expected to dominate the sleep apnea devices market during the forecast period
On the basis of region, North America accounted for the largest share of the global sleep apnea devices market in 2018, whereas, the Asia Pacific region registered the highest CAGR during the forecast period. North American accounted for the largest share owing to factors like an increase in the number of patients diagnosed with sleep apnea in the region, growth in awareness initiatives being taken by various government and non-government organizations, availability of adequate funding for research and development, and substantial growth in the usage of oral appliances in the region.
Key Players:
Major players operating in the sleep apnea devices market include ResMed (US), Koninklijke Philips (Netherlands), Fisher & Paykel Healthcare (New Zealand), SomnoMed (US), Oventus Medical (Australia), Compumedics (Australia), Löwenstein Medical (Germany), Drive DeVilbiss Healthcare (US), BMC Medical (China), Braebon Medical (Canada), and Panthera Dental (Canada).
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