By the end of the decade the market for continuous positive airway pressure (CPAP) devices will be worth US$5.25 billion, according to Straits Research Pvt. Ltd.
On Friday, the India-based market intelligence company released data from its new industry report on machines used to treat obstructive sleep apnea disorder.
The market for those devices was only valued at US$2.76 billion in 2021 by Straits and the researcher anticipates a compound annual growth rate (CAGR) of 7.4 per cent for the 2022-2030 forecast period.
Photo via Straits Research.
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Straits says the COVID-19 pandemic has contributed to the market’s growth due to healthcare workers lacking ventilators and having to find alternatives for offering treatment to patients afflicted by the disease (like CPAP devices).
The organization also says an escalating number of patients with sleep apnea, sleep apnea linked to obesity and other respiratory ailments have helped propel market growth due to the demand for these devices to help treat or remedy those conditions.
North America has and will continue to dominate the market due to its top-tier insurance providers and healthcare facilities, according to Straits.
Key market players include Medtronic Plc. (NYSE: MDT), Smith Group Plc. (LON: SMIN) Koninklijke Philips N.V (AMS: PHIA), Draegerwerk AG & Co. KGaA (DRW3: Xetra), ResMed Inc. (NYSE: RMD) and Fisher & Paykel Healthcare (ASX: FPH).