ResMed chief executive Mick Farrell said demand for sleep apnoea devices will continue to grow in the mid-single digits, dismissing fears that the rapid rise of weight-loss drugs will undercut demand for the company’s key product.

The California-based company, which was founded by Mr Farrell’s father in Sydney 35 years ago, said on Friday it was confident investor angst earlier this year about a new generation of drugs posing a structural threat to decades of strong growth was now behind it.