The sleep apnea devices market is growing with the rising incidence of obstructive sleep apnea (OSA) and its co-morbidities, increasing usage of portable devices, strong government support for start-ups, expanding network of healthcare centers, and booming population of the elderly. As a result, market players could earn a combined $6.8 billion in 2023, compared to $4.4 billion in 2017, with the revenue surging at a 7.7% CAGR during 2018–2023 (forecast period). In sleep apnea, breathing is repeatedly hindered, which leads to many tell-tale signs, most commonly snoring.
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The key trend in the market is home sleep monitoring devices, as the basic step in diagnosing sleep apnea is tracking the patient’s sleep during the day or at night. Apart from sleep apnea, these devices help diagnose numerous other sleep disorders, including insomnia and narcolepsy, entirely painlessly. This is achieved by monitoring several parameters that define good sleep, including oronasal airflow, oxygen saturation, respiratory effort, and body position. Additionally, home-use sleep monitoring devices can be bought for a maximum of $200, which is cheaper than visiting a sleep lab.
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Similarly, the rising population of the elderly is also propelling the sleep apnea devices market on the path to prosperity. Compared to the young, the elderly are more prone to sleep issues because of the lower efficiency of their biological processes. Moreover, the comorbidities of OSA also have a more-severe effect on the elderly; a perpetually high blood pressure could lead to stroke, while atrial fibrillation could lead to cardiac arrest. Thus, with the booming geriatric population, the demand for therapeutic and diagnostic devices for sleep apnea will rise.
Thus, with the rising incidence of OSA, the demand for various devices to detect and treat it will increase across the globe.
