Sleep Apnea Implants Market to grow at a Robust CAGR of 17.3% through 2021-2031
Rising inclination towards non-invasive procedures and increasing focus on the advancement of sleep apnea devices have created lucrative opportunities for the expansion of the sleep apnea implants market. As per a study by Future Market Insights, application of sleep apnea implants ranges from snoring to sleep-deprived complications. Additionally, an increase in the number of obese and geriatric people is associated with a rise in the prevalence of sleep disorders.
Sedentary and unhealthy lifestyles may lead to heart diseases, diabetes and other diseases, which may lead to sleep disorders. Moreover, the rising global burden of obstructive sleep apnea (OSA) or central sleep apnea that may increase the risk of fatal accidents and the growing number of sleep apnea therapies are expected to boost the sleep apnea market growth during the forecast period.
Sleep deprivation is also associated with lost productivity. In a study by RAND Corporation, it is stated that in the U.S. there are around 1.2 million lost workdays due to sleep deprivation per year and as a result, the economic impact of productivity losses and higher mortality rates will account for over US$ 400 billion, or 2 per cent of the GDP.
The global sleep apnea implants market was valued at US$ 188.3 Mn in 2021. Based on product type, hypoglossal neurostimulation devices are expected to gain popularity in the sleep apnea implants market, accounting for 80% of the revenue in 2020.
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Key Takeaways of Sleep Apnea Implants Market Study
- Driven by rising prevalence of sleep disorders, the sleep apnea implants market will exhibit 17.3% CAGR between 2021 and 2031
- Rising concerns pertaining to sleep deprivation has fuelled demand in the U.S., which accounts for the leading share in North America
- The U.K. will remain a key market for sleep apnea implants on the back of rising awareness about the condition and willingness to spend on treatment
- As per the Journal of Thoracic Disease, population based studies have indicated that nearly 50 million patients in China suffer from OSA. With focus on providing advanced healthcare rising, the demand for sleep apnea implants will rise in China
- Expansion of the healthcare sector and rising demand from hospitals will continue supporting growth in India
Who is Winning?
FDA approvals for sleep apnea implants are aiding the adoption of advanced sleep apnea products. Numerous manufacturers are focusing on the research and development area to innovate advanced products with high safety and efficacy.
In May 2019, Siesta Medical, Inc. (Private), announced FDA clearance for expanded indications for its Encore Tongue Suspension System for the treatment of obstructive sleep apnea.
The sleep apnea implants market is considered diverse due to the presence of various local and international players in the competitive market. Competing to gain a large market share, the players continue to rely upon acquisitions, investments and alliances to provide access to new technologies in both new and existing markets.
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