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By disorder, the sleep disorder market from the sleep apnea segment is expected to expand at over 12% CAGR through 2032. The American Academy of Sleep Medicine (AASM) estimates that more than 25 million individuals in the U.S. have obstructive sleep apnea. The rapidly aging population has led to the increasing prevalence of sleep apnea illnesses. According to the United States Census Bureau, there are more than 56 million individuals aged 65 and above in the country, accounting for around 16.9% of the total population. Improving living standards and availability of superior healthcare services have enhanced life expectancy rates in many countries, which is estimated to contribute to business progression.
Based on end-use, the sleep disorder market from the home care settings & individuals segment is expected to grow significantly over 2023-2032. Home sleep tests have advanced notably and are now widely used to diagnose sleep problems. Growing public awareness of the benefits of accurate sleep disease diagnosis and treatment, along with the rapid acceptance and introduction of user-friendly sleep apnea devices for use in home care settings, is expected to fuel the segment progress. Recently, in February 2023, Sunrise, a sleep science specialist, announced that the U.S. Food and Drug Administration approved its AI-powered second gen at-home sleep apnea test to diagnose sleep-related respiratory disorders and OSA.
In terms of product, the sleep disorder market from the therapeutics segment reached over USD 8.5 billion in 2022. Oral appliance therapy for the treatment of a variety of sleep problems is gaining traction as people become more aware of the advantages these portable devices provide. Leading companies are working on introducing innovative treatment devices that offer less technical complexity and more ease, thereby influencing industry statistics.
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North American sleep disorder market is forecast to develop at more than 11.5% CAGR through 2032, owing to several factors such as the presence of major market players, growth in the frequency of sleep disorders, and increased knowledge of early-stage illness diagnosis, among others. Furthermore, an increasing number of initiatives to raise awareness about sleep apnea and its consequences are anticipated to influence regional market trends.