Sleep Apnea Diagnostic Systems Market Size to Expand at Highest Revenue US$ 5.4 Billion with Growth Rate at 5.1% CAGR by 2031
ESOMAR-certified consulting firm Future Market Insights’ projects the global sleep apnea diagnostic systems market valuation to reach US$ 5.4 Bn over the forecast period of 2021 and 2031.
Growing demand for advanced polysomnography (PSG) devices within sleep centers & clinics and hospitals is accelerating sleep apnea diagnostic systems sales across the globe.
Demand for sleep apnea diagnostic systems is rising extensively in emerging economies as there is a large pool of undiagnosed and untreated sleep apnea patients.
Increasing application within sleep centers & clinics and at homecare settings for in-lab testing is expected to spur the sales during the assessment period.
As per the FMI’s analysis, due to the outbreak of COVID-19, the global sleep apnea diagnostic systems market registered spike in demand as the number of patients with depression and mental health issues spurred during 2020-2021.
Increasing funding by governments and initiatives undertaken to create awareness about sleep disorders have encouraged manufacturers to increase the research & development activities. This also has encouraged the development of advanced PSG devices and wearable sleep apnea diagnostic systems.
Key Takeaways from FMI’s Sleep apnea diagnostic systems Market Study
- By end-user, sleep centers and clinics are expected to be the primary end-user in sleep apnea diagnostic systems market
- Hospitals and homecare settings are expected to exhibit robust growth during the forecast period owing to the increasing demand for devices at home-care settings
- In terms of product, polysomnography (PSG) devices are expected to be the most preferred devices
- The U.S. will be the most lucrative market owing to the rising prevalence of sleep apnea and other lifestyle disorders
- China and India will spearhead the growth of East & South Asia backed by the adoption of advanced PSG devices across the region
- Brazil is expected to have incremental growth opportunities owing to the large pool of untreated and undiagnosed cases of sleep apnea
“Ever expanding pool of undiagnosed sleep apnea patients, especially across developing economies such as India, China, and Brazil, will generate remunerative growth opportunities for the sleep apnea diagnostic systems market players over the coming years,” says the FMI analyst.
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Who is Winning?
Koninklijke Philips N.V., Becton, Dickinson, and Company, Braeden Medical Corporation, Advanced Brain Monitoring Inc., SOMNO medics GmbH, ResMed Inc., BMC Medical Co. Ltd., Natus Medical Incorporated, MGC Diagnostic Corporation, and Cleveland Medical Devices Inc. among others are some prominent players operating in the Sleep apnea diagnostic systems market.
As per the FMI’s analysis, Koninklijke Philips N.V., and ResMed Inc. are identified as leading players in the sleep apnea diagnostic systems market. These manufacturers are focusing on product innovation and new launches to maintain their leading position.
Collaborations with hospitals and sleep centers & clinics is the core strategy to strengthen their distribution networks. Key players are also focusing on other strategies such as mergers and product introductions to increase their sales.
Other regional and local players also account for considerable market share in the global sleep apnea diagnostic systems market, opines Future Market Insights.
Get More Insights on Global Sleep Apnea Diagnostic Systems Market
In its latest report, FMI provides an incisive coverage on the global sleep apnea diagnostic systems market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (polysomnography (PSG) devices, sleep apnea screening devices, and actigraphy monitoring devices), end-user (home care settings, hospitals, and sleep centers & clinics), and across major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)
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Key Questions Answered in the Report
- What is the current Sleep apnea diagnostic systems market value?
The Sleep apnea diagnostic systems market is expected to exceed US$ 4276.2 Bn in 2021
- At what rate did the Sleep Apnea Diagnostic Systems market grow between 2016 and 2020?
The sleep apnea diagnostic systems market projected healthy growth, registering a CAGR at 7.07% between 2016 and 2020.
- What are the key trends driving sleep apnea diagnostic systems sales?
Growing adoption of sleep apnea diagnostic systems within Asian countries and emphasis on training and education to keep up with ever-changing healthcare scenario will drive the sales.
- Who are the leading players of Sleep apnea diagnostic systems?
Top 5 prominent players of sleep apnea diagnostic systems market are Koninklijke Philips N.V., ResMed Inc., Becton, Dickinson and Company, Natus Medical Incorporated, and MGC Diagnostics Corporation.
- What will be the demand outlook for North America Sleep apnea diagnostic systems market?
North America’s sleep apnea diagnostic systems market demand is set to rise at 5.82% CAGR over the forecast period of 2021 and 2031.
- What is the market share of leading players in Sleep apnea diagnostic systems market?
The top 5 players in the sleep apnea diagnostic systems market will collectively account for 80-85% of global market share in the year 2021.
- At what rate will sleep apnea diagnostic systems demand rise in Europe?
The sales for sleep apnea diagnostic systems are set to rise at a steady rate of 5.75% across Europe between 2021 and 2031.
- Which are the top countries driving the Sleep apnea diagnostic systems market sales?
The U.S., Canada, Germany, China, and France are the key produces of sleep apnea diagnostic systems.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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