Sleep Apnea Diagnostics Market Set to Witness a Significant CAGR of 6.8% by 2025, Industry Driven by the Need to Enhance the Global Healthcare Sector
Significant rise in prevalence of sleep apnea across the globe supplement the need for sleep apnea diagnostics. Moreover, technological advancements pertaining to the development of home care diagnostic devices by the leading manufacturers further boost the growth of the market.
According to a new report published by Allied Market Research, titled,“Sleep Apnea Diagnostics Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”the global sleep apnea diagnostics market was valued at $99 million in 2017, and is projected to reach $168 million by 2025, growing at a CAGR of 6.8% from 2018 to 2025.
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North America was the leading revenue contributor to the global market in 2017, owing to increase in healthcare investments by manufacturers and surge in R&D expenditure for the development of sleep apnea diagnostics. Asia-Pacific is expected to witness the highest growth rate throughout the forecast period, due to increase in prevalence of sleep apnea owing to the rise in obesity, diabetes, hypertension and other diseases that increases the probability of a person to get suffer from sleep apnea.
Sleep Apnea Diagnostics Market Key Players:
The report provides an extensive competitive analysis and profiles of the key market players, such as Cadwell Laboratories Inc., DeVilbiss Healthcare LLC., Koninklijke Philips N.V., Medtronic plc, Mindray, Natus Medical Incorporated, Nihon Kohden Corporation, Resmed, Smiths Medical, and SomnoMedics. The other key players include Cleveland Medical Devices, Inc., Compumedics Ltd., Fisher & Paykel Healthcare Limited, Vyaire Medical, Inc., Becton, Dickinson and Company, BMC Medical Co., Ltd., and others.
Sleep apnea is a serious sleep disorder that decreases or stops the patients breathing patterns during sleep. In some cases, this pause in breathing (called apnea) can last 10 seconds or longer and can occur 30 times or more in an hour. Symptoms of sleep apnea include daytime sleepiness, loud snoring, and restless sleep. Approximately 18 million Americans suffer from sleep apnea, while only 20% have been diagnosed and treated.
Sleep Apnea Diagnostics Market Growth
The sleep apnea diagnostics market is growing at a significant pace due to surge in incidence of sleep apnea across the globe. Further, leading manufacturers are focusing toward the technological advancements in sleep apnea devices such as Fitbit has launched a wearable smartwatch that can help in easy diagnosis of sleep apnea. However, expensive tools used for the treatment of sleep apnea, limited reimbursement of these devices, and low patient compliance are projected to hinder the market growth. Moreover, gradual increase in preference for home healthcare devices is projected to offer lucrative growth opportunities in the near future.
Sleep Apnea Diagnostics Market Segments
Based on product, the polysomnography (PSG) device generated the highest revenue in 2017 and is expected to maintain this dominance throughout the forecast period. This is attributed to the wide use of these devices in the hospitals and sleep labs, as PSG enables the doctor monitor varied parameters of sleep apnea, such as brain activity, muscle activity, breathing activity, and more to get a comprehensive interpretation of what disorder the patient is suffering from. However, the actigraphy monitoring devices segment is expected to register the highest growth rate during the forecast period, due to its increased use in the homecare settings.
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Based on end user, the market is classified into hospitals & sleep laboratories and home care settings. The hospital & sleep laboratories segment dominates the global sleep apnea diagnostics market due to the preference among patients to visit hospitals for the diagnosis of sleep apnea. In addition, sleep labs possess all the different equipment and medical settings required to monitor sleep apnea.
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