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Sleep Apnea Diagnostic System Market will generate new growth opportunities 2021-2028 | Koninklijke Philips N.V., SOMNOmedics GmbH, Advanced Brain Monitoring, Inc.
Sleep Apnea Diagnostic System Market
The global sleep apnea diagnostic system market is estimated to account for US$ 14,639.7 Mn in terms of value by the end of 2027.
Global Sleep Apnea Diagnostic System Market: Drivers
Increasing prevalence of sleep apnea is a major factor boosting growth of the global sleep apnea diagnostic system market over the forecast period. For instance, according to the study, ‘Estimation of the global prevalence and burden of obstructive sleep apnea: a literature-based analysis’, published in July 2019, 936 million adults aged 30–69 years have mild to severe obstructive sleep apnea and 425 million adults aged 30–69 years have moderate to severe obstructive sleep apnea globally.
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Moreover, high incidence of cardiovascular disorder (CVD) is also expected to aid in growth of the market. For instance, according to American Heart Association’s Heart Disease and Stroke Statistics 2018, around 92.1 million adults in the U.S. are suffering from some form of CVD or the after-effects of stroke.
North America region held dominant position in the global sleep apnea diagnostic system market in 2019, accounting for 53.5% share in terms of volume, followed by Asia Pacific.
Global Sleep Apnea Diagnostic System Market: Restraints
High cost of in-lab sleep testing is a major factor hampering growth of the global sleep apnea diagnostic system market. The cost of full polysomnography in the U.S. ranges from US$ 3,500 to US$ 5,000. However, the cost of home sleep testing is around US$ 500 to US$ 800.
Moreover, low awareness among the masses about the serious implications of sleep apnea is also expected to hinder growth of the market. Sleep apnea may lead to other diseases such as diabetes and cardiovascular disorders. Majority of the population, especially in developing regions, is not aware about the serious implications of sleep apnea. If sleep disorder is not treated, it can lead to chronic conditions such as heart failure, stroke, high blood pressure, diabetes, and obesity.
Global Sleep Apnea Diagnostic System Market: Opportunities
Increasing demand and efficacy of home sleep testing (HST) test solutions is expected to offer lucrative growth opportunity for players in the global sleep apnea diagnostic system market. Efficacy of most wearable home care devices available in the market is significantly lesser as compared to in-lab sleep testing devices. Moreover, a significant number of individuals with sleep-related disorders do not adopt in-house analysis due to diagnostic limitations in obstructive sleep apnea. Therefore, integration of advanced technologies resulting in higher efficacy and reliability of these devices offer lucrative growth opportunities for manufacturers.
Moreover, increasing compliance for home care testing by elderly patients is also expected to aid in growth of the market. HST can be beneficial for home-bound, elderly patients, or those with chronic illness, who require specialized care.
Actigraphy Monitoring Devices segment in the global sleep apnea diagnostic system market was valued at US$ 3,107.2 Mn in 2019 and is expected to reach US$ 5,951.2 Mn by 2027 at a CAGR of 8.5% during the forecast period.
Market Trends/Key Takeaways
Sleep testing services providers are shifting from diagnostic testing methods to integrated care services, which involves pre-test evaluation, diagnostic testing, provision of care, follow-up, and long-term care. Growing interest of insurance providers to encourage home sleep testing over in-lab testing is expected to boost growth of the global sleep apnea diagnostic system market.
Academic institutes are analyzing the scope of sleep testing services and devising a comprehensive study tool for students. Home sleep testing and auto-titrating positive airway pressure (APAP) devices are transforming the sleep apnea diagnostic system market and the role of sleep technologist. This has reduced the amount of work related to the process of analyzing, monitoring, and recording physiologic data of patients undergoing testing.
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Global Sleep Apnea Diagnostic System Market: Competitive Landscape
Major players operating in the global sleep apnea diagnostic system market include, Koninklijke Philips N.V., SOMNOmedics GmbH, Advanced Brain Monitoring, Inc., Braebon Medical Corporation, Becton, Dickinson and Company, Itamar Medical Ltd., FusionHealth, MGC Diagnostics Corporation, Natus Medical Incorporated, SleepMed, Cleveland Medical Devices Inc., BMC Medical Co, Ltd., and ResMed Inc.
Global Sleep Apnea Diagnostic System Market: Key Developments
Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in December 2019, Itamar Medical Ltd. a manufacturer of noninvasive ambulatory diagnostic medical devices for sleep apnea, collaborated with SoClean Inc., a developer of sleep equipment sanitizers, for commercialization and distribution of Itamar Medical’s WatchPAT ONE home sleep apnea test and Digital Health Services.
Major Players Are Operating In This Market Are: Koninklijke Philips N.V., SOMNOmedics GmbH, Advanced Brain Monitoring, Inc., Braebon Medical Corporation, Becton, Dickinson and Company, Itamar Medical Ltd., FusionHealth, MGC Diagnostics Corporation, Natus Medical Incorporated, SleepMed, Cleveland Medical Devices Inc., BMC Medical Co, Ltd., and ResMed Inc.
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