Market Research Report
Sleep Apnea Devices Market Size By Product, By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2022 - 2028
|Sleep Apnea Devices Market Size By Product, By End-use, Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2022 - 2028|
Published: March 4, 2022
Global Market Insights Inc.
Content info: 100 Pages
Delivery time: 2-3 business days
The global sleep apnea devices market share is expected to grow at a substantial pace through 2028 owing to increasing awareness of multiple sleep disorders and mounting availability of proper treatments.
Obstructive sleep apnea syndrome (OSAS), a sleep breathing disorder, interferes with a variety of metabolic and cardiovascular risks. Owing to daytime sleepiness and cognitive impairments, OSAS is also linked to an increased risk of traffic accidents.
Notably, in the United States, OSAS affects approximately 26% of people aged 30 to 70 years. Increasing number of patients suffering from sleep disorders as well as rising preference for getting proper care for these illnesses have resulted in a sharp rise in the use of sleep apnea devices worldwide, which has positively influenced business growth.
Moreover, soaring research focus on sleep apnea has supported product development and innovation, which has been favorable for industry expansion. For instance, a February 2022 study conducted by researchers at Eindhoven University of Technology described a smartwatch-like wrist-worn gadgets that can better detect sleep apnea. The researchers devised a method to monitor sleep apnea with the help of a portable wrist-worn sensor that is comfortable and light to wear and can be used for home monitoring for a longer time.
The sleep apnea devices market has been segmented in terms of product, end-use, and region. With respect to product, the industry has been divided further into therapeutics and diagnostics. The diagnostics sub-segment was worth more than USD 2,626 million in 2021 and is expected to grow at a rate of about 6.5% over the review timeline driven by rising product demand and increasing awareness regarding the benefits of diagnostic devices in the evaluation of various sleep disorders.
Based on end-use, the sleep apnea devices market has been bifurcated into home care settings & individuals and sleep laboratories & hospitals. In 2021, the sleep laboratories & hospitals sub-segment was valued at roughly USD 3,047 million and is anticipated to expand at a rate of approximately 7.5% over the analysis timespan. Increasing patient preference for sleep laboratories & hospitals for quality sleep disorders treatment and affordability is likely to propel segmental growth in the coming years.
In the regional landscape, the Latin America sleep apnea devices industry surpassed a valuation of USD 418 million in 2021 and is projected to register more than 8.6% CAGR through the forecast period. Growing aging population and escalating awareness of sleep apnea and other sleep disorders in LATAM is foreseen to boost market growth in the future.