Comprehensive analysis on Home Sleep Apnea Testing Devices Market Growth | Key Players are: Itamar Medical, Koninklijke Philips, Natus Medical, Nox Medical, ResMed, SOMNOmedics GmbH and SleepMed
Preference for home sleep apnea testing is increasing over the last few years. Previously, the obstructive sleep apnea (OSA) could only be diagnosed by in-laboratory polysomnography sleep study. However, introduction to home sleep apnea tests, has resulted in increased patient comfort and convenience. Additionally, the cost of home sleep apnea testing is quite less as compared to the in-laboratory sleep apnea testing. Aforementioned factors will thus accelerate the home sleep apnea testing devices market progress.
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Some of the prominent industry players include Itamar Medical, Koninklijke Philips, Natus Medical, Nox Medical, ResMed, SOMNOmedics and SleepMed.
Home sleep apnea testing devices market is expected to exceed USD 1.4 billion by 2025. Rising number of people suffering from sleep apnea disorders will majorly drive the home sleep apnea testing devices market growth over the projected timeframe.
Some major findings of the home sleep apnea testing devices market report include:
- Increase in number of sleep centers across the globe will act as a high impact rendering factor in the home sleep apnea testing devices market growth
- Growing prevalence of obstructive sleep apnea (OSA), large number of undiagnosed patient population and favorable reimbursement scenario will further propel the demand for home sleep apnea testing devices
- Major industry players in the home sleep apnea testing devices market include Itamar Medical, Koninklijke Philips, Natus Medical, Nox Medical, ResMed, SOMNOmedics GmbH and SleepMed among others
- The industry players are implementing several strategies such as mergers, acquisitions, new product launches, partnerships and collaborations in order to increase their revenue and strengthen market position
Obstructive sleep apnea (OSA) is defined as a complete or partial collapse of the airway resulting in decreased oxygen saturation and arousal from sleep. As per the World Health Organization (WHO), the global prevalence of sleep apnea has increased ten times from around 100 million in 2007 to nearly 1 billion in the year 2019. Surge in number of people suffering from sleep apnea disorder across the globe will augment the adoption rate of home sleep apnea testing devices thereby, boosting the industry expansion.
Canada home sleep apnea testing devices market is estimated to witness more than 19% CAGR over the analysis period. As per the recent study conducted by the Public Health Agency of Canada, currently over 5.5 million Canadian adults are either suffering or are at very high risk of developing sleep apnea disorder in the future. In addition, around 80% of the sleep apnea patient population is estimated to be undiagnosed till date. Hence, growing prevalence of obstructive sleep apnea and large number of undiagnosed patient population in the country will serve as high impact rendering factors in the home sleep apnea testing devices industry growth.
These prominent players are implementing several strategies to expand their geographic presence as well as strengthen existing product portfolio. For instance, in March 2019, ResMed acquired HB Healthcare (HBH), a South Korean home medical equipment provider. This strategy helped ResMed to strengthen its respiratory care portfolio and increase the customer base in South Kore
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