Cloud Solutions is fastest growing segment fueling the growth of Sleep Apnea Devices Market

 

Sleep apnea devices are used in diagnosis and treatment of sleep apnea. These devices help in monitoring breathing patterns during sleep and provide positive airway pressure to keep airways open.

The global Sleep Apnea Devices Market is estimated to be valued at US$ 5.8 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights

Market key trends:
One of the key trends in the sleep apnea devices market is the shift towards cloud-based software solutions. These cloud solutions allow remote monitoring of sleep data and facilitate quick diagnosis and treatment of sleep apnea. Respiratory polygraphs and actigraphs connected to the cloud provide real-time breathing and movement data to doctors while patients sleep at home. This reduces burden on healthcare facilities and allows for more efficient management of sleep apnea.

Segment Analysis
The global sleep apnea devices market size is segmented based on product type and end user. By product type, the market is divided into therapeutic devices and diagnostic devices. Therapeutic devices held the largest market share in 2022 and are expected to remain the largest segment over the forecast period. Within therapeutic devices, positive airway pressure (PAP) devices are the most commonly prescribed therapeutic devices for sleep apnea. PAP devices help increase air pressure in the throat to keep the airway open during sleep. By end user, the market is classified into sleep laboratories & hospitals and home care/individuals. The home care/individuals segment holds a larger share of the market and is expected to witness higher growth over the next few years due to the increasing preference for home sleep testing.

Key Takeaways
The global sleep apnea devices market size was valued at US$ 5.8 billion in 2023 and is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period of 2023 to 2030, due to the increasing prevalence of sleep disorders worldwide.

Regional analysis: North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to the rising awareness regarding sleep disorders and availability of advanced devices in the region. Asia Pacific is expected to exhibit the fastest growth owing to the increasing healthcare expenditure and growing geriatric population.

Key players: Key players operating in the sleep apnea devices market are ResMed, Philips Respironics, Fisher & Paykel Healthcare, and BMC Medical. ResMed leads the global market with its wide range of innovative therapeutic and diagnostic devices. Philips Respironics offers both PAP devices and ventilators for the treatment of sleep disorders. Fisher & Paykel Healthcare manufactures sleep therapy devices, specifically heated humidifiers.

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