Original Article By: PRNewswire
Summarized By: Neurobit
According to a recent analysis by Emergen Research, the sleep apnea devices market size reached USD 7.00 Billion in 2021 and is projected to register a CAGR of 6.9% during the forecast period. One of the key factors driving market growth is favorable reimbursement policies, such as Medicare Part B covering the cost of sleep apnea treatment, including equipment and doctor visits. This was exemplified by ProSomnus, Inc., a leader in the development of precise oral appliance therapy (OAT) for the management of obstructive sleep apnea (OSA), who announced that Medicare would now reimburse for their ProSomnus EVO [PH] Sleep and Snore Device.
Demand for sleep apnea devices has significantly increased over the years due to the increasing number of businesses entering the sleep apnea devices and oral applications industries. For example, Panthera Dental and Dentsply Sirona announced a partnership for a completely digital approach for personalized sleep devices, while Apnimed, a clinical-stage pharmaceutical business, reported that it had secured USD 62.5 million in committed capital through Series C funding.
However, the sleep apnea devices industry also faces numerous issues and challenges, such as the high cost of CPAP machines and product recalls. A voluntary recall of millions of CPAP devices was issued by Philips Respironics in June 2021 due to a piece of foam within the devices that could disintegrate, endangering the user's health and restraining demand. Additionally, cost issues continue to be a barrier to adoption for many doctors and patients, even as oral appliance treatment (OAT) gains popularity amongst sleep specialists as a reasonable alternative to CPAP for patients with mild to severe obstructive sleep apnea (OSA).
The sleep apnea devices market revenue is projected to increase from USD 7.00 Billion in 2021 to USD 12.88 Billion in 2030. Home-based sleep apnea testing is on the rise, gradually increasing its demand, and Sunrise, a sleep technology company located in Belgium, has developed a portable, simple-to-use at-home sleep test that yields clinically appropriate results in a matter of hours. The sleep apnea devices industry is also undergoing gradual change due to new technology and innovations, such as more efficient, simpler, and more inexpensive measures in hospital settings without impacting clinical accuracy, which can be made possible by technological advancements in measuring technology together with analytical approaches based on Machine Learning (ML) and Artificial Intelligence (AI).
Some major companies included in the market report are ResMed, Koninklijke Philips N.V., Fisher & Paykel Healthcare Limited, Inspire Medical Systems, Inc., SomnoMed.com, Oventus, Compumedics Limited, Löwenstein Medical Technology GmbH + Co. KG., Drive DeVilbiss International, and BMC. Companies such as Somne and Itamar Medical have introduced new noninvasive technology and wearable RPM devices to treat sleep apnea, respectively, and are looking to launch their products as early as 2024.
PRNewswire. (2023, February 14). Sleep Apnea Devices Market Size to Reach USD 12.88 Billion in 2030 | Emergen Research. PR Newswire. Retrieved February 15, 2023, from https://www.prnewswire.com/news-releases/sleep-apnea-devices-market-size-to-reach-usd-12-88-billion-in-2030--emergen-research-301746293.html