Burgeoning Adoption of Polysomnography (PSG) Devices to Spur Sleep Apnea Diagnostic Systems Sales: Future Market Insights
Future Market Insights' sleep apnea diagnostic systems market report sheds light on prevailing trends and their impact on the overall value chain from providers to integrators to end-users. The report also offers insights into key growth drivers, trends, and opportunities, shaping the future of the market through 2031
DUBAI, U.A.E, Sept. 22, 2021 /PRNewswire/ -- Future Market Insights' latest study has forecast the global sleep apnea diagnostic systems market to report prolific growth through 2021. Growth registered will be steered by the rising prevalence of sleep disorders and cases of undiagnosed sleep apnea cases around the world.
Long-term growth prospects for sleep apnea diagnostic systems market remain positive, with sales expected to surpass over US$ 5.4 Bn during the forecast period (2021-2031). With increasing awareness about the adverse health impacts of untreated sleep apnea, adoption of polysomnography (PSG) devices is set to rise across India, China, and Brazil.
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With increasing incidence lifestyle disorders such as depression, obesity, and diabetes across the globe, there has been a considerable rise in the cases of sleep apnea. Due to surge in the cases of sleep disorders, hospitals and sleep centers are increasing the adoption of sleep apnea diagnostic devices.
Following the outbreak of COVID-19, people have become more aware and conscious about their mental health. Due to this, patients with obesity and other lifestyle disorders are lining up for diagnosis of sleep disorder.
During the FQ-20, there was substantial increase in the cases of obstructive sleep apnea, especially in the U.S. According to the American Academy of Sleep Medicine, over 936 million people worldwide suffer from sleep apnea and half of them needs treatment.
On the back of this, sleep centers and clinics are increasing the adoption of PSG and advanced medical wearable devices. Demand for advanced wearable devices to track patients' sleep pattern or lack of sleep has therefore increased in hospitals and home care settings, alike.
"Growing pool of patient with undiagnosed sleep apnea and surging awareness regarding the condition will increase the adoption of sleep apnea diagnostic systems across the globe. On the back of this, the demand for advanced sleep apnea diagnostic devices will rise," says the Future Market Insights analyst.
Key Takeaways from Sleep Apnea Diagnostic Systems Market Survey
- In terms of product, polysomnography (PSG) devices are highly sought-after in sleep apnea diagnostic systems market
- Sleep centers and clinics are expected to remain primary end-users
- Rising incidence of sleep disorders and growing patient pool of undiagnosed sleep apnea cases in the U.S. will create incremental opportunities for the market
- China is expected to emerge as lucrative market backed by technological advancements in the healthcare sector
- Prevalence of lifestyle disorders such as obesity and depression have increased the cases of sleep apnea in Brazil, providing boost to the market demand
- India will witness incremental growth opportunities owing to the extensive adoption of PSG devices and growing cases of untreated and undiagnosed cases of sleep apnea
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Key Drivers
- Expanding pool of undiagnosed patients of sleep apnea will provide growth opportunities for sleep apnea diagnostic systems market
- Favorable government initiatives adopted to educate people regarding the ill effects of undiagnosed sleep apnea will accelerate demand
- Growing use of oral devices and home sleep care systems for patients comfortable in home care setting is pushing the market growth
- Increasing number of local players venturing into sleep apnea market will bolster the market growth
Key Restraints
- · High cost of continuous positive airway pressure (CPAP) machine for the treatment of obstructive sleep apnea might burden the patients, especially in emerging economies, restraining the growth
- · While most countries don't cover the cost of sleep apnea diagnostic machine, complex reimbursements policies and high expenses might create hurdle for home care patients
Competitive Landscape
Corporation are the top 5 players.
These players contribute over 80-85% of global revenue in the sleep apnea diagnostic systems market. Key players in this market are focusing on product launches and innovation to increase the sales.
They are also forming alliances with other key players to expand their customer base and meet surging requirement of sleep apnea diagnostic systems.
Further, some of the companies are investing heavily in research activities to develop advanced sleep apnea diagnostic systems to strengthen their position in the industry.
For instance,
- In June 2021, leading player Somnoware of digital sleep and respiratory health management announced its collaboration with Itamar Medical, another leading Israeli sleep apnea company. The company announced the integration of the WatchPAT One device with its Sleep Device Interface (SDI) that provides manufacturer independent, browser-based interface of diagnostic device operations.
- Another key company, Oventus Medical, in June 2021, announced its partnership with Aeroflow Healthcare to provide Oventus' obstructive sleep apnea treatment solution to patients through sleep clinics.
- In August 2021, ZOLL® Medical Corporation, an Asahi Kasei company, leading manufacturer of medical devices and related software solutions, announced the approval of the U.S. Food and Drug Administration (FDA) for the remedē® EL-X System to treat moderate to severe central sleep apnea (CSA) in adult patients.
Some of the leading players operating in the sleep apnea diagnostic systems market profiled by Future Market Insights are:
- Koninklijke Philips N.V.
- Becton, Dickinson and Company
- Braedon Medical Corporation
- Advanced Brain Monitoring Inc.
- SOMNOmedics GmbH
- ResMed Inc.
- BMC Medical Co. Ltd.
- Natus Medical Incorporated
- MGC Diagnostics Corporation
- Cleveland Medical Devices Inc.
More Valuable Insights on Market
Future Market Insights, in its new report presents an unbiased analysis of the global sleep apnea diagnostic systems market. The study analyzes crucial trends that are currently determining the growth of the market. Find compelling insights of the market with a detailed segmentation on the basis of:
By Product:
- Polysomnography (PSG) Devices
- Ambulatory PSG Monitoring Devices
- Clinical PSG Monitoring Devices
- Sleep Apnea Screening Devices
- Nasal Flow Sensors
- Peripheral Capillary Oxygen Saturation (SPO2)
- Actigraphy Monitoring Devices
By End-Users:
- Home Care Settings
- Hospitals
- Sleep Centers & Clinics
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan and China (APEJC)
- Japan
- Middle East & Africa (MEA)
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Key Questions Covered in the Sleep Apnea Diagnostic Systems Market Report
- The report offers detailed insights into sleep apnea diagnostic systems demand outlook for 2021-2031
- The market study also highlights projected sales growth for sleep apnea diagnostic systems market between 2021 and 2031
- Sleep apnea diagnostic systems market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Sleep apnea diagnostic systems market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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