The global sleep apnea devices market size was worth US$ 7,173.8 million in 2019 and is estimated to reach US$ YY million by 2028, growing at a CAGR of 7.9 % during the forecast period (2021-2028).
Sleep Apnea is a respiratory disorder caused due to disruption of breathing during sleeping commonly observed in obesity people and diabetes patients resulting in loud snoring due to blockage of air during breathing.
Smoking, alcohol consumption, improper sleeping habits, hereditary, usage of medicines with sedative effects lead to sleep apnea.
There are three types of sleep apnea namely obstructive sleep apnea, central sleep apnea and mixed sleep apnea. In obstructive sleep apnea throat muscles relax intermittently and block the air passage during sleep.
There are several types of sleep apnea, but the most common is obstructive sleep apnea. This type of apnea occurs when your throat muscles intermittently relax and block your airway during sleep. A noticeable sign of obstructive sleep apnea is snoring.
Central sleep apnea occurs when the human brain stops sending proper signals to the muscles that control breathing and mixed sleep apnea combination of both.
At present, abundant sleeping gadgets and a new-fangled raft of technology is assisting people with sleep apnea. Several features are available with these devices that range from color altering light bulbs that sync with inner body clocks to the gadgets that recite brain waves.
Market Dynamics
Drivers
- Increasing Awareness Among the Patient Population
- Large pool of undiagnosed sleep apnea patients
- Increase in the geriatric population driving the market
- Upcoming Technological Advancements
Restraints
- The high cost of CPAP machines
- Lack of patient compliance will hamper the market growth
Increase in the geriatric population driving the market
The prevalence of sleep apnea is high in the elderly population and remains underdiagnosed owing to factors such as lack of awareness among people and non-specific presentation of the disease. The growing geriatric population due to increasing life expectancy is expected to lead to a rise in the prevalence of sleep disorders.
According to the data from World Population Prospects: The 2019 Revision, the number of people aged 60 years or above is expected to more than double by 2050 and more than triple by 2100 globally, rising from 962 million in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100. Globally, the population group aged 60 years or over is registering faster growth rates than all younger age groups.
The United Nations Department of Economics and Social 2019 report, by 2050, one in six people around the world will be over age 65 years old (16%), up from 1 in 11 in the year 2019 (9%). By 2050, 1 in 4 persons living in Europe and Northern America could be aged 65 or over.
In 2018, for the first time in history, persons aged 65 or above outnumbered children under five years of age globally. The number of persons aged 80 years and above is projected to triple, from 143 million in 2019 to approximately 426 million in 2050. Thus, the increase in the geriatric population is expected to have a positive effect on market growth.
Geographical Analysis
The market for South America was valued at USD 658.7 million in 2020 and estimated to grow at a CAGR of 7.4% during the forecast period (2021-2028) to reach USD XX million by 2028.
South America sleep apnea devices market has a moderate growth rate owing to factors such as shorter sleep duration, high healthcare expenditure and increasing prevalence of sleep apnea in the region.
The geriatric population in the Brazil along with high number of obese adults is one of the factors responsible for the rising prevalence of sleep disorders in the country. Furthermore, inadequate sleep has an economic burden in the country.
A Brazilian population study published online ahead of print found that nocturnal cardiac arrhythmias occurred in 92 percent of patients with severe sleep apnea, compared with 53 percent of people without sleep apnea. The prevalence of rhythm disturbance also increased with sleep apnea severity.
Aging is a major factor driving the market growth for sleep apnea devices in the region. The elderly are the most at risk for developing this disorder. Currently, around 8% of the population in South America is 65 years of age or older, by 2050, however, this figure is expected to double to 17.5%.
The companies are launching products to make competitive advantage in the region. For instance, in April 2020, Cadwell Laboratories launched ApneaTrak home sleep apnea testing device. This device features three models to meet the clinical requirements to aid in diagnosis of sleep apnea and to validate the efficacy of treatments. This launch helped the company to reinstate its position in the home care sleep apnea devices segment.
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