Market Size of Sleep Apnea Devices Industry
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 8.20 Billion |
| Market Size (2029) | USD 11.68 Billion |
| CAGR (2024 - 2029) | 7.33 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Sleep Apnea Devices Market Analysis
The Sleep Apnea Devices Market size is estimated at USD 8.20 billion in 2024, and is expected to reach USD 11.68 billion by 2029, growing at a CAGR of 7.33% during the forecast period (2024-2029).
The COVID-19 pandemic is expected to have a significant impact on the sleep apnea devices market. According to a study published in January 2021 in the BMJ Open Respiratory Research, patients with obstructive sleep apnea (OSA) had a 2.93 times higher risk to be hospitalized when affected by COVID-19 than non-OSA individuals. The study also suggested that in the assessment of patients who were suspected or confirmed with COVID-19 infection, obstructive sleep apnea should be recognized as one of the comorbidity risk factors for developing a severe form of the disease. As per the article published by the Sleep Foundation Organization in March 2022, COVID-19 altered and interrupted sleep patterns in a variety of ways. The article further stated that studies have found that the prevalence of insomnia symptoms among adults, children, and adolescents had increased noticeably, and almost 40% of people report having trouble sleeping. This increase in sleep disorders even post-pandemic is expected to have an impact on the sleep apnea market in the years to come.
The major factors driving the market include the increasing incidences of sleep apnea, an increase in the geriatric population, an increase in the prevalence of obesity and hypertension, and increasing awareness among the patient population in developing countries. Aging is a major factor driving the market growth for sleep apnea devices. The elderly are the most at risk for developing this disorder. According to the World Population Prospects 2022, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12.
Also, the increasing launches by manufacturers to meet the growing demand for innovative products are expected to drive market growth. For instance, in August 2021, ResMed unveiled a new sleep apnea machine amid a scramble to fill the void left by Philips' CPAP recall. Similarly, in February 2021, GoPAPfree, a homecare provider of oral appliance therapy for obstructive sleep apnea launched its new product O2Vent Optima, a highly effective and more convenient alternative to CPAP therapy.
Furthermore, it also reported that sleep disorders represent some of the most challenging medical conditions and affect 1 out of 3 people at some stage of their lives. Sleep apnea is a serious and life-threatening sleep illness that usually goes undiagnosed and untreated. However, various government initiatives are helping patients who suffer from OSA. For instance, in the United States, the American Sleep Apnea Association (ASAA) which is a non-profit organization that promotes awareness regarding sleep apnea, works for continuing improvements in treatments, and advocates for the interests of sleep apnea patients.
Thus, the above-mentioned factors are boosting the market's growth. However, the high cost of CPAP Machines is expected to hinder the growth of the market.
