Upper Airway Stimulation Market is Projected to Reach a US$ 2,050.6 Million with 12.3% CAGR by 2034 | Fact.MR Report
Rockville, MD, Nov. 14, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global upper airway stimulation market is estimated to reach a valuation of US$ 642.8 million in 2024 and is expected to grow at a CAGR of 12.3% during the forecast period of (2024 to 2034).
The global upper airway stimulation market is positioned for growth over the next ten years, driven by heightened demand for advanced treatments in managing sleep apnea. UAS therapy in particular is considered for those OSA patients intolerant of CPAP devices and has been gaining momentum as a far safer and more effective alternative. Key market players are leveraging technological advancements, FDA approvals, and partnerships to expand their portfolios and increase market reach.
According to recent market reports, the market was estimated to grow at a CAGR of 12.3% from 2024 to 2034 and thus reach billions of dollars in revenue in the future. Recent market developments have played an important role in this upward trend. Advanced implantable hypoglossal nerve stimulators have given OSA treatment a whole new look. The leading companies, such as Inspire Medical Systems, have been at the leading edge in offering surgically implanted devices for stimulating the hypoglossal nerve.
These improve airway muscle tone and reduce obstruction of the airways during sleep. Results from these devices are remarkable, as evidenced in long-term patient studies aimed at improving the quality of sleep and overall well-being. The invention focuses on patients who have failed CPAP therapy and will, therefore, provide a high unmet need in the OSA treatment space.
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Another driver fuelling the market is the increasing number of FDA approvals for next-generation devices to cater to less invasive solutions with improved safety and efficacy profiles. In the recent context, Inspire Medical Systems recently received FDA approval for a new version of its UAS system in July 2023, aimed at advancing treatment flexibility and patient comfort. The further interest from healthcare providers, sleep centers, and other end users leads to greater adoption of UAS devices in hospitals and clinics across the world.
Furthermore, the growing prevalence of sleep apnea among the adult population across the globe is one of the major growth factors. The study by NCOA (The National Council of Ageing), estimates that 936 Mn elder individuals suffer from mild to severe obstructive sleep apnea disorder in the world.
It is expected that this continuously growing patient pool, combined with rising awareness and demand for actual curative treatments, will drive the adoption of the UAS technology. Geographical expansion, particularly toward North America, Europe, and the Asia-Pacific region, is thereby in great focus among the market players, on grounds of an increase in healthcare expenditure and rising diagnosis rates of the disease.
On the other hand, there are certain challenges the market has to confront - represented by the high cost of treatment and the associated strict regulatory approval process. Despite all such barriers, collaborations between medical device companies and healthcare providers are aimed at making such therapies accessible and more affordable to a wider patient demographic.
Key Takeaways from the Market Study:
- The global upper airway stimulation market is projected to grow at 12.3% CAGR and reach US$ 2,050.6 million by 2034
- The market created an opportunity of US$ 192.7 million growing at a CAGR of 10.8% between 2019 to 2023
- North America is a prominent region that is estimated to hold a market share of 38.1% in 2034
- Predominating market players include Inspire Medical Systems, Respicardia, Inc., and Medtronic Plc among others.
- Obstructive sleep apnea (OSA) under indication type is estimated to grow at a CAGR of 11.9% creating an absolute $ opportunity of US$ 1,047.9 million between 2024 and 2034
“Looking ahead, collaboration and partnerships among leading players and service providers will boost product adoption and personalized treatment,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Upper Airway Stimulation Market:
Inspire Medical Systems; Respicardia, Inc.; Medtronic Plc; LinguaFlex LLC; Siesta Medical, Inc.; Pillar Palatal LLC / The Snoring Center; Nyxoah SA; LivaNova/ImThera; Other Prominent Players
Market Development:
Going ahead, key market participants have set ambitious and measurable goals to ensure further growth. The leading players have started to focus on underdeveloped and developing markets where there is a lack of awareness and possible opportunities for the market to grow. Companies are targeting product development and government initiatives in regulatory approvals in these regions, coupled with alliances with local healthcare providers aimed at improving device penetration.
Another measurable goal is the market share acquisition through new product development and launch as well as enhancement of the existing UAS systems. It involves the development and commercialization of minimally invasive therapies that treat a broader patient pool. For example, Inspire Medical Systems develops new generations of its products, which are less invasive, less procedural complications, and less recovery time suitable for patients and physicians.
Further, market-leading companies also focused on strategic partnerships with various hospitals and sleep centers to ensure product adoption rates in end users. It aims to equip additional healthcare providers by offering UAS therapy through a broad-based training and support program, which will further expand hospital adoption rates by 10% by the year 2028. This also covers access to ambulatory surgical centers and home care settings.
There have been several technological advances in the industry that are reordering the competition dynamics. Recently, the FDA approved Inspire Medical System’s next-generation UAS device. The newer version of the UAS device (hypoglossal nerve stimulator) offers flexibility and increased patient control which is therefore much easier for a medical professional to make personalized adjustments for each particular case. With such development, a company would accordingly increase its market share, hence the revenue.
Besides technological innovation, partnerships among manufacturers of the devices and healthcare providers are driving critical roles in increasing adoption rates. Beyond 2023, additional product launches are expected in the UAS market by key players. The development of UAS devices integrated into digital health platforms for real-time monitoring further drives patient engagement and compliance, forming part of the digital transformation trend across healthcare and creating opportunities for growth and innovation within sleep apnea treatment.
The global upper airway stimulation market finds itself at an interesting juncture-one with growing demand for non-CPAP therapies coupled with technological advancement and new product pipelines. The setting of clear, quantifiable goals by the leading players in the market has set the stage for robust growth and expansion, making UAS therapy a cornerstone for the future management of sleep apnea.
Upper Airway Stimulation Industry News:
- The FDA approved LivaNova's OSA (Obstructive Sleep Apnoea) experimental device in June 2021.
- The FDA approved Inspire Medical Systems' next-generation Inspire V therapy system, which targets moderate to severe OSA, in August 2024.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global upper airway stimulation market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the product type (implantable devices, external stimulation devices), patient demographics (pediatrics, and adults), indication (obstructive sleep apnea (OSA), and central sleep apnea (CSA), end-user (hospitals, sleep centers & clinics, ambulatory surgical centers, and home care settings) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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