- Growing Demand for Home Healthcare.
- Increasing Focus on Telemedicine and Mhealth (Mobile Health).
Global Growth Dynamics for Sleep Apnea Devices Industry
Driver: Large pool of undiagnosed sleep apnea patients
Although highly prevalent in the elderly, sleep apnea affects people of all ages and is one of the most common sleep disorders across the globe. The health impact of sleep apnea is quite substantial but under-recognized.
Worldwide data suggests that sleep apnea impacts more than 936 million people worldwide, which is nearly 10 times greater than previous estimates (Source: ResMed). In the US alone, around 22 million Americans suffer from obstructive sleep apnea (OSA); of which, 80% of moderate and severe OSA cases are undiagnosed [Source: American Sleep Apnea Association (ASAA)]. In the UK, OSA affects an estimated 1.5 million adults; up to 85% of these cases are undiagnosed or untreated. In countries with huge population bases, such as India and China, the diagnosis rate of OSA is <1% (Source: Press Trust of India, 2017 and China.org.cn).
Another study from ResMed states that up to 4% of all children suffer from sleep apnea, which is commonly misdiagnosed as attention deficit hyperactivity disorder (ADHD). Also, up to 20% of children who habitually snore suffer from sleep apnea as well (Source: ASAA). This leaves a colossal pool of undiagnosed individuals suffering from OSA.
Expected Revenue Growth:
The market for sleep apnea devices is expected to grow from USD 4.5 billion in 2019 to USD 7.5 billion by 2024, at a Compound Annual Growth Rate (OTC:CAGR) of 10.7% during the forecast period.
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Recent Developments in the Industry:
# In 2019, ResMed (US) launched AirFit N30i, its first top-of-head-connected nasal CPAP mask, across the US with a newly designed nasal cradle cushion that sits just under the wearer’s nose.
# In 2016, Koninklijke Philips (Netherlands) launched its Dream Family solution which comprises of a DreamWear mask, DreamStation PAP device, and DreamMapper patient engagement app.
The major players in the sleep apnea devices market include ResMed (US), Koninklijke Philips (Netherlands), and Fisher & Paykel Healthcare (New Zealand).
Different Growth Strategies Adopted:
Analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as partnerships & agreements, expansions, service launches, and strategic acquisitions were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the sleep apnea devices market.
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