How Is Booming Geriatric Population Driving Sleep Apnea Devices Market?
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.
On the basis of product, the sleep apnea devices market is bifurcated into therapeutic and diagnostic products. Therapeutic products include positive air pressure (PAP) devices, which are themselves of three types; facial interfaces, adaptive servo-ventilators (ASP), and oral appliances. Similarly, diagnostic devices include respiratory polygraphs, polysomnography devices, pulse oximeters, sleep screening devices, actigraphy devices, and home sleep testing devices. Of the two main types of products, therapeutic ones held the larger share during 2013–2017 (historical period), and they will also witness the faster growth in adoption till 2023.
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.
In 2017, the sleep apnea devices market was dominated by North America because of the rising number of research and development (R&D) initiatives to diagnose and treat the disease, the incidence of which continues to increase. In addition, several public and private companies are pouring millions into this cause, so that people can get better sleep. For instance, 5,000 continuous positive air pressure (CPAP) devices were provided by the American Sleep Apnea Association (ASAA) to patients across the U.S. in July 2017.
Thus, with the rising incidence of OSA, the demand for various devices to detect and treat it will increase across the globe.
Source: P&S Intelligence
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