NEW YORK, Jan. 17, 2022 /PRNewswire/ -- The polysomnography market value is set to grow by USD 136.42 million, progressing at a CAGR of 5.71% from 2020 to 2025, as per the latest report by Technavio.
The market is expected to witness substantial growth over the forecast period with the rising global geriatric population and the adoption of sedentary lifestyles. By 2040, about 15% of the total population in Asia is expected to be aged over 65 years. Also, the rate of obesity in Asia is progressing rapidly. The incidence of obesity reached epidemic levels in 2017, with more than 900 million being overweight in the region. The rising prevalence of such conditions globally is increasing the number of patients with fat deposits in the upper airway tract, which obstructs breathing and causes OSA. All these factors are creating significant growth opportunities for market players.
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Polysomnography Market: Increasing prevalence of sleep apnea, especially OSA
OSA is one of the highly prevalent types of sleep apnea. In 2018, the condition affected about 930-940 million people globally. The condition causes serious sleep disruption among individuals. It obstructs breathing during sleep and lowers the oxygen levels in the blood, causing the buildup of carbon dioxide. The condition is more prevalent in individuals who are obese and aged over 60 years. Considering the rapid growth in the global geriatric population, the prevalence of the condition is expected to increase significantly over the forecast period. This will increase the demand for polysomnography and related devices and hence drive the growth of the market.
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Regional Market Analysis
With 41% of the growth originating from North America, the region will record a faster growth rate during 2020-2025.
The growth of the polysomnography market in North America is majorly driven by the rising incidence of sleep disorders such as sleep apnea among individuals in the US. The region is home to several leading vendors of polysomnography devices, such as Natus Medical Inc. (Natus Medical), Cadwell Industries, ResMed, Neurovirtual, Cleveland Medical Devices Inc. (Cleveland Medical Devices), and Vyaire Medical Inc. (Vyaire Medical). In addition, the increasing geriatric population, especially in the US will significantly contribute to the growth of the regional market during the forecast period.
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Polysomnography Market: Segmentation Analysis
This market research report segments the polysomnography market by application (hospitals, sleep clinics and diagnostic laboratories, ASCs, and homecare).
The demand for polysomnography devices was significant from the hospitals segment in 2021. Hospitals are sufficiently equipped with all the latest and most advanced machines compared to other healthcare facilities. Moreover, the availability of specialized technicians and equipment for the treatment of patients with sleep disorders and other serious health issues such as obstructive respiratory issues, cardiac issues, or obesity are driving the growth of the segment.
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Polysomnography Devices Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.71% |
Market growth 2021-2025 |
USD 136.42 million |
Market structure |
Fragmented |
YoY growth (%) |
5.15 |
Regional analysis |
North America, Europe, Asia, and ROW |
Performing market contribution |
North America at 41% |
Key consumer countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Cleveland Medical Devices Inc., Compumedics Ltd., Koninklijke Philips NV, Natus Medical Inc., Neurosoft, Neurovirtual USA, Nihon Kohden Corp., ResMed Inc., SOMNOmedics GmbH, and Vyaire Medical Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Market ChallengesSome of the key topics covered in the report include:
Market Drivers
Market Trends
Vendor Landscape
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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