Sleep apnea devices comprising of CPAP, APAP, and BiPAP devices helps in regulating breathing flow through positive airway pressure during sleep for individuals suffering from sleep apnea. Sleep apnea leads to disturbances in breathing patterns during sleep and is quite common in obese individuals. The rising prevalence of obesity and cardiovascular diseases has boosted demand for sleep apnea devices globally.
The global Sleep Apnea Devices Market is estimated to be valued at US$ 5.8 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in untapped emerging countries presents a lucrative prospect for growth of sleep apnea devices market. Countries in Asia Pacific and Latin America are witnessing rising incidences of sleep disorders owing to changing lifestyle and increasing stress levels. However, lack of awareness and underdeveloped healthcare infrastructure has restricted penetration of sleep apnea devices in these regions. If major players focus on creating awareness through patient education programs and collaborate with local distributors, a huge section of the affected population in emerging nations can be reached. This will help address unmet needs and unlock new growth avenues for sleep apnea devices market.
Porter's Analysis:
Threat of new entrants: The sleep apnea devices market has moderate threat of new entrants as it requires extensive research and development to develop new devices along with obtaining regulatory approvals which requires large investments.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as the market has few large buyers like hospitals and diagnostic centers. Buyers can negotiate on price and demand better service.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are many component suppliers for sleep apnea devices manufacturers. switching costs are low for manufacturers to change suppliers.
Threat of new substitutes: Threat of new substitutes is low as there are limited alternatives available for sleep apnea treatment currently.
Competitive rivalry: The competitive rivalry in the market is high as the market is dominated by few large players and market being fragmented increases the competition.
SWOT Analysis:
Strengths: Growing awareness about sleep disorders, rising obese and geriatric population are driving the market growth. Technological advancements improved diagnosis and treatment.
Weaknesses: High costs associated with devices hampers market penetration in developing nations. Lack of awareness in underdeveloped areas.
Opportunities: Untapped potential of developing regions will boost future market opportunities. Increasing healthcare expenditure is augmenting market growth.
Threats: Stringent regulatory hurdles and delays in new product approvals are key threats for manufacturers. Reimbursement issues can affect market revenues.
Key Takeaways:
The global sleep apnea devices market is expected to witness high growth during the forecast period 2023-2030 supported by rising incidences of sleep disorders and technological innovations. The global Sleep Apnea Devices Market is estimated to be valued at US$ 5.8 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024-2030.
North America dominates the sleep apnea devices market currently accounting for more than 35% of global revenues due to presence of major players, favorable reimbursement policies and awareness levels being higher as compared to other regions. Asia Pacific market is growing at a highest rate supported by growing healthcare infrastructure, rising disposable incomes and increasing obesity in India and China.
Key players in the sleep apnea devices market are ResMed, Philips Respironics, Fisher & Paykel Healthcare, and BMC Medical. ResMed dominates the market with over 25% market share offering wide range of CPAP machines, respiratory masks and accessories. Philips Respironics offers innovative diagnostic and therapeutic devices.
