Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Sleep apnea screening devices are primarily utilized to analyze daytime sleepiness, snoring, breathing interruptions, mid sleep awakenings, and other respiratory related events.
The global sleep apnea diagnostic system market is estimated to be valued at US$ 14,639.7 Mn in terms of value by the end of 2027.
Global Sleep Apnea Diagnostic System Market: Drivers
The rising demand for home sleep testing is expected to augment growth of the global sleep apnea diagnostic system market over the forecast period. This is attributed to high expanses involved in in-lab sleep testing. For instance, in the U.S., average cost of in-lab polysomnography is around US$ 3,500, while that for home sleep testing is around US$ 500, including wearable device, prices of which can vary depending on the provider.
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The increasing incidence of sleep apnea in emerging economies is further expected to offer lucrative growth opportunities for players operating in the global sleep apnea diagnostic system market. For instance, according to the study, ‘Prevalence of Obstructive Sleep Apnea in An Indian Population: Using Stopbang Questionnaire,’ published in the Asian Journal of Pharmaceutical and Clinical Research, in November 2018, the prevalence of obstructive sleep apnea was found to be 13.7% in the study population.
However, shifting preference for conventional methods and symptomatic treatment options is expected to hamper growth of the market over the forecast period. Moreover, majority of patients suffering from sleep apnea do not know the difference between general sleeping disorder and normal snoring problems. Additionally, most of the patients are inclined towards symptomatic treatment, which is expected to restrain growth of the market over the forecast period.
Among product type, sleep apnea screening devices segment is estimated to be valued at US$ 2,016.6 Mn in 2019 and is expected to reach US$ 3,471.8 Mn by 2027 exhibiting a CAGR of 7.0% over the forecast period. The growth of the segment is attributed to rising incidence of sleep apnea disorder, in developed and emerging economies.
Among end user, sleep centers and clinics segment is expected to account for major market share of 39.6%, in terms of value in 2019, followed by homecare settings segment, respectively. The segment growth is attributed to increasing demand and efficacy of home sleep testing (HST) test solutions.
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One of the major factors contributing to sleep apnea includes obesity. Therefore, increasing adoption of sleep apnea testing among obese individuals and high prevalence of obesity are the factors that are expected to drive growth of the market over the forecast period. For instance, according to MedAlertHelp.org, over 1.9 billion adults were reported as overweight worldwide.
However, in Latin America, lack of awareness about the benefits of sleep apnea diagnosis, among populace is expected to hinder growth of the market. Penetration of advanced sleep diagnostic products is interspersed across Latin America, due to lack of effective research activities in the region regarding the diagnostic devices and lack of basic knowledge regarding sleep testing services. Lack of local clinical guidelines and dearth of supportive public and private policies for sleep medicines is also impacting adoption of sleep testing services in Latin American countries.
Global Sleep Apnea Diagnostic System Market: Competitive Landscape
Key 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
- September 2019: SleepMed acquired Novasom’s assets, a leading provider of HST
- June 2019: Itamar Medical received the U.S. FDA 510(k) clearance for a new disposable home sleep apnea test (HSAT) called WatchPAT One
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Scope of the report
- Sleep Apnea Diagnostic System Market, By Product Type:
- 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
- Polysomnography (PSG) Devices
- Sleep Apnea Diagnostic System Market, By End User:
- Home Care Settings
- Sleep Centers and Clinics
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