Overview of This Study:
This study involved four major activities in estimating the current size of the sleep apnea devices market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. 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. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Market Size Estimation:
Both top-down and bottom-up approaches were used to estimate and validate the total size of the sleep apnea devices market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry and market have been identified through extensive secondary research
# The revenues generated from the sleep apnea devices business of leading players have been determined through primary and secondary research
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
After arriving at the overall market size from the market size estimation process, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
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DRIVER: Large pool of undiagnosed sleep apnea patients, growing awareness about the ill effects of untreated sleep apnea, growing usage of oral appliances, and an increasing number of companies venturing into the sleep apnea devices market
The massive pool of undiagnosed patients of sleep apnea holds tremendous potential for the global market. It is expected with the ongoing awareness campaigns and efforts, the untouched patients base would be diagnosed and treated for the sleep apnea. The increasing trend of oral appliances and home sleep care for the management of sleep apnea are pushing the growth of the market. Over past few years, there is an increasing number of companies venturing into the sleep apnea market.
RESTRAINT: The high cost of CPAP machines, complex referral pathways, long waiting periods, and product recalls
The high expenses of the CPAP machines are burden to the patients of sleep apnea, the expenses of these machines are sparsely covered by Medicare in the US, while other countries don’t cover any cost of CPAP. The medical visits to multiple locations, the inconvenient and high cost of diagnosis, and therapy creates a huge hurdle for patients.
# In June 2021, Oventus Medical signed a partnership agreement with Aeroflow Healthcare to provide Oventus’ obstructive sleep apnea (OSA) treatment solutions, including O2Vent Optima, directly to consumers via sleep clinics in the US.
# In February 2021, Oventus Medical launched 02Vent Optima, a customizable oral appliance therapy device that offers an alternative to CPAP therapy in the US through GoPAPfree.
# In November 2020, Panthera Dental collaborated with Dentsply Sirona.
# In December 2019, Fisher & Paykel Healthcare signed a USD-1.5-million partnership agreement with Counties Manukau Health (CM Health) to provide funding for clinical research at Middlemore Hospital.
# In March 2019, ResMed acquired HB Healthcare, a home medical equipment provider, which offers sleep and respiratory care devices.
OPPORTUNITY: Growing demand for home sleep apnea tests (HSATs), and increasing focus on telemedicine, mHealth (mobile health), and artificial intelligence
People are opting more for the home sleep apnea tests (HSATs) due to their affordability and comfort of sleep apnea management at home. The telemedicine has witnessed a surge in the demand maid the pandemic. The incoming advanced technologies in the domain of sleep apnea devices such as Artificial Intelligence (AI) are also creating more opportunities for the market.
CHALLENGES: Lack of patient compliance
The lack of patient compliance to CPAP therapy is a challenging aspect in the growth of the market. Treatment compliance, especially of the CPAP, has always been an issue with sleep apnea patients. This is mainly due to the lack of affordability and comfort.
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Sleep laboratories & hospitals account for the largest share of the sleep apnea devices market. The home care settings/individuals’ segment is expected to grow at the fastest pace during the forecast period.
Based on end user, the market is segmented into sleep laboratories & hospitals and home care settings/individuals. The sleep laboratories & hospitals segment accounted for the largest share of in themarket in 2020. However, the home care settings/individuals’ segment is estimated to grow at the highest CAGR from 2021 to 2026, owing to the increasing preference for home sleep testing by both patients and insurance companies, coupled with the favourable reimbursement scenario for home sleep testing.
Geographical Growth Dynamics:
North America was the largest regional market for sleep apnea devices market in 2020.
The sleep apnea devices market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America was the largest regional segment of the overall market, followed by Europe. The large share of North American can be attributed to the increasing prevalence of the sleep apnea, growing awareness, wide usage of oral appliances for sleep apnea and the of the leading players, such as ResMed, and Inspire Medical Systems, Inc., in the region.
Key Market Players:
The prominent players operating in this market include ResMed (US), Koninklijke Philips N.V. (Netherlands), and Fisher & Paykel Healthcare (New Zealand).
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