Sleep Apnea Diagnostics Market Share Is Expected to Garner 6.8% CAGR Worldwide by Forecast period 2021 to 2025
Pune, Maharashtra, India, February 15 2021 (Wiredrelease) Allied Analytics –:Rise in prevalence of obesity across the globe, increase in number of employees working in shifts as well as under stressful work conditions and technological advancements in sleep apnea diagnostic devices have driven the growth of the market. On the other hand, high cost associated with the sleep apnea diagnostic devices and lack of awareness among patients regarding sleep apnea have happened to restrain the growth to some extent. Nevertheless, emerging markets in developing economies have created a number of opportunities in the sector.
“Sleep Apnea Diagnostics Market by Product (Polysomnography (PSG) Device, Actigraphy System, Respiratory Polygraph, Sleep Apnea Screening Device, and Oximeter) and End User (Hospitals & Sleep Laboratories and Home Care Settings): Global Opportunity Analysis and Industry Forecast, 2018 – 2025.” According to the report, the global sleep apnea diagnostics market was estimated at $99 million by 2017 and is expected to garner $168 million by 2015, growing at a CAGR of 6.8% from 2018 to 2025.
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The report states an all-inclusive analysis of market dynamics, market scope, market size, top investment pockets, and key market trends. Based on product, polysomnography device (PSG) accounted for one-third of the total market in 2017 and is expected to maintain its dominance throughout the forecast period. By end-user, hospitals & sleep laboratories contributed to more than three-fifths of the total market and is expected to retain its leadership status by 2025. By region, North-America accounted for nearly half of the total market share in 2017, registering a CAGR of 5.9% from 2018-2025.
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.
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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The report provides a comprehensive analysis of the leading companies operating in the global market 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 operating in the market include Cleveland Medical Devices, Inc., Compumedics Ltd., Fisher & Paykel Healthcare Limited, Vyaire Medical, Inc., Becton, Dickinson and Company, BMC Medical Co., Ltd., and others.
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