Market Trends of Sleep Apnea Devices Industry
This section covers the major market trends shaping the Sleep Apnea Devices Market according to our research experts:
Pulse Oximeters are Expected to Register the Highest CAGR in the Diagnostic Devices Category
Pulse oximeters are used extensively in the measurement of blood hemoglobin oxygen saturation. They are used to measure blood hemoglobin oxygen saturation continuously over time in a relatively noninvasive way. Due to their convenience, they have become an almost ubiquitous instrument in hospitals and healthcare institutions. The application of pulse oximetry to investigate and diagnose obstructive sleep apnoea in adults and children consists of different practices. When pulse oximeters are used as a part of an overnight polysomnogram (PSG), the patterns in the oximetry data can be interpreted in the context of events in other physiological channels, potentially allowing detailed characterization of the pathophysiology.
Additionally, the increasing global prevalence of sleep apnea is expected to boost the segment over the forecast period. According to the study published in July 2021, published in the American Journal of Respiratory and Critical Care Medicine, The OSA global prevalence was 22.6% (95% confidence interval, 20.9-24.3%). The likelihood of misdiagnosis in people with OSA based on a single night ranged between approximately 20% and 50%. Thus, the growing prevalence of sleep apnea is expected to drive segment growth.
Medtronic manufactures a pulse oximeter called Nellcor portable SpO2 patient monitoring system, PM10N. This device is ideal for instant checks and continuous monitoring in various healthcare and also home use settings. Its ergonomic shape and simple design make it intuitive to use and simple to operate. The availability of these types of devices will help with the market growth.
Additionally, many developments are taking place that includes product launches and approvals, partnerships, collaborations, mergers, and acquisitions that can boost the segment. For instance, in January 2021, Telehealth company Tyto Care launched its United States Food and Drug Administration (FDA)-cleared fingertip Pulse Oximeter (SpO2) medical device for checking blood oxygen saturation levels and heart rate remotely.
Thus, all aforementioned factors such as the increasing prevalence of sleep apnea and the availability of devices boost the segment growth over the forecast period.
North America Dominates the Market, and it is Expected to Continue its Dominance through the Forecast Period
North America currently dominates the market for sleep apnea devices, and it is expected to continue during the forecast period. The market is predicted to be driven by the rising prevalence of sleep apnea due to several underlying conditions such as depression and anxiety, technical advancements, and research-increasing product launches with the profound impact of COVID-19 lockdowns on Americans in the region. For instance, according to the Survey on COVID-19 and Mental Health (SCMH) in May 2021, 1 in 4 (25%) Canadians of age 18 and older screened positive for symptoms of depression, anxiety, or posttraumatic stress disorder (PTSD).
According to a study published in UpToDate in January 2022, the estimated prevalence in North America is 15 to 30% in males and 10 to 15% in females. Furthermore, according to the same study, a 10% increase in weight was linked to a six-fold increase in the risk of OSA. Moreover, as per the study published by Clocks and Sleep in February 2022, there was a higher proportion of males (16.3%) in the moderate to severe OSA category compared to females. Another interesting observation was that 12.9% of moderate to severe OSA participants were in the 18-39 years age group. The prevalence of obesity was 49.4%. In this study, 38% of males and 58% of females were defined as being obese. Thus, the growing prevalence of obesity is expected to rise the demand for sleep apnea, thereby driving the market over the forecast period.
Therefore, owing to the abovementioned factors, the market is expected to grow in the North American region over the analysis period.
