Pinned straw:
In my day job as an anaesthesiologist in a community with high levels of obesity, I meet a lot of patients who have OSA. Probably only about a quarter routinely use their CPAP, and these are the people who feel tired during the day due to poor quality sleep, can afford the devices, and tolerate the masks.
Probably another quarter give up on their CPAP because they dont like the mask. Another quarter know or suspect they have OSA, and are in denial about their health, dont want the stigma of the mask, or dont care because they don't feel particularly tired and don't have anyone nagging them about their snoring. The final quarter are oblivious to the diagnosis, but its clear to me when I see them sleep.
Out of this population, the 25% of people who cant tolerate or dont want a CPAP device are the ones most likely to seek an alternative treatment such as tirzapetide / other GLP1s / weight loss surgery. This group were unlikely to become CPAP customers at all. Meanwhile, the other 50% of patients who are unaware or unmotivated to treat OSA, may become users of GLP1s, but may or may not have ever become a CPAP user.
It really is clear to me that CPAP and GLP1s are complementary therapies, with some overlap and more co-creation of value than erosion/competition.