The global sleep apnea devices market size is predicted to reach USD 13.24 billion by 2027, exhibiting a CAGR of 6.8% during the forecast period. The rising cases of cardiovascular disorders and diabetes among the geriatric population have led to a surge in sleep apnea, which, in turn, will bolster the growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Sleep Apnea Devices Market Size, Share &Covid-19 Impact Analysis, By Device Type (Therapeutic Devices, and Diagnostic Devices), By End User (Sleep Laboratories & Clinics, and Homecare & Other Settings), and Regional Forecast, 2020-2027” the market size stood at USD 7.81 billion in 2019.
An Overview of the Impact of COVID-19 on this Market:
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Market Driver:
Release of Advanced Devices to Aid Colossal Development
The development of new alternative devices owing to the escalating incidence will have a tremendous impact on the market. For instance,the introduction of the mandibular advancement device (MAD) for the treatment of OSA. The shift from CPAP devices to oral appliance owing to the discomfort caused by CPAP, can be a vital factor impelling manufacturers to launch alternative devices. Moreover, the effectiveness and comfort offered by oral devices will spur demand for such devices, which, in turn, will foster the growth of the market in the forthcoming years. The growing awareness regarding early diagnosis among patients will encourage the healthy growth of the market. The growing incidence of sleep apnea around the world will create opportunities for the market during the forecast period. In addition, the rising demand for advanced treatment and devices will spur opportunities for the market in the foreseeable future.
Shift towardsTelehealth & Homecare Model During Coronavirus Outbreak to Incite Business
The corona virus outbreak has disrupted the management of sleep apnea patients across the globe. Reduction in number of specific procedures in sleep labs due to the threat of corona virus has resulted in decline in number of new cases reported of sleep apnea during the pandemic. For instance according to the guideline provided by American Academy of Sleep Medicine, all the in-laboratory administration of PAP therapy and PSG diagnosis has been rescheduled or postpone during the COVID-19 pandemic. However, the introduction of several homecare model by pre-eminent players for sleep apnea patients will have a tremendous impact on the market. For instance, in March 2020, Oventus announced the launch of its Telehealth & homecare models to provide complete care to its patients suffering from obstructive sleep apnea (OSA).
Regional Analysis:
Rising Adoption of Innovative Therapeutics to Boost Market in North America
The market in North America generated a revenue of USD 3.77 billion in 2019 and is predicted to grow rapidly during the forecast period. The favorable reimbursement policies will enable speedy expansion of the market. The growing adoption of advanced treatment devices will further foster growth in the region. According to the American Academy of Sleep Medicine (AASM), an estimated 26% of the adult population in the U.S., was suffering from sleep apnea in 2018. Europe is expected to rise exponentially during the forecast period owing to the rising awareness about sleep apnea in the region. The increasing number of diagnostic tests along with the high adoption of advanced treatment devices will propel market in Europe. Asia Pacific is predicted to witness an excellent growth rate during the forecast period due to the rising cases of sleep apnea.
