As per a report published by a market research institution, P&S Intelligence, the sleep apnea devices industry will grow at a compound annual growth rate of 7.2%, to touch USD 13,386.5 million by 2030.
This growth of the industry is because of the increasing incidence of OSA, unhealthy routines of individuals, changes in diet and sleep patterns, and enormous work pressure.
With the development of cutting-edge products, there is an increase in the acceptance of portable devices. For example, products equipped with additional features, for example the usage of an algorithm and pressure sensor for determination of the best pressure, are there in the market.
Therapeutic devices had the larger share. The industry has availability of numerous therapeutic devices for treating sleep apnea in which sleeping aids support the treatment. It will also be faster growing category, advancing at a rate of about 9% by the end of this decade. This growth will mainly be led by the growing OSA cases globally.
North America led the sleep apnea devices market, with about 45% share in 2022. This is because of the increasing incidence of sleeping ailments. Also, the rise in the incidence of a number of health conditions, for example obesity and heart diseases, which are risky factors for sleep apnea will also play a part in the growth of the industry in the region.
The growing elderly population also plays a key role in powering the market growth. With elderly, people suffer from health issues, as a result of psychological features and changes in cardiac rhythm, therefore making them more vulnerable to sleep ailments.
Furthermore, OSA and insomnia are the most common sleeping conditions in aged people. For improving the quality of life and ensuring a healthy lifestyle amongst the elderly population, the requirement for such devices is rapidly on the rise.
The increasing incidence of OSA, and the changing lifestyle of the people has a lot to do with the increasing demand for sleep apnea devices all over the world.