(I-BusinessNews.Com, August 03, 2021 ) Sleep Apnea Diagnostics Market size is estimated to reach $179.4 million by 2026, growing at a CAGR of 6.8% during the forecast period 2021-2026. Sleep apnea is a serious medical condition in which patients do not get enough oxygen to the brain and the rest of the body. It can also result in health problems, such as high blood pressure, heart failure, and others. Sleep apnea has created an economic burden on society owing to the presence of a large pool of undiagnosed patients across the world that causes high collateral losses. Rise in the adoption of polysomnography devices in home care settings, growing demand for advanced actigraphy system, pulse oximeter, and respiratory polygraph devices in hospitals and sleep laboratories, and rise in the pool of undiagnosed sleep apnea patients are the factors that are set to drive the growth of the Sleep Apnea Diagnostics Market for the period 2021-2026.
Sleep Apnea Diagnostics Market Segment Analysis-By Product Type
The Sleep Apnea Diagnostics Market based on the Product Type can be further segmented into Polysomnography Device, Actigraphy System, Respiratory Polygraph, Pulse Oximeter, and Sleep Apnea Screening Device. The Polysomnography Device segment held the largest share in 2020 owing to factors such as it monitors sleep stages and cycles, identifies when the sleep patterns are disrupted, and also provides an objective measure of sleep. The rise in the adoption of polysomnography devices in home care settings is driving the growth of the Sleep Apnea Diagnostics Market. The Respiratory Polygraph segment is estimated to be the fastest growing segment with a CAGR of 7.5% over the period 2021-2026. This growth is owing to the factors such as the cost-effective nature and its ability to measure the condition of patients in settings other than artificial laboratory testing. Respiratory polygraph also provides the advantage of letting the child in its natural sleeping environment and improving comfort.
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Sleep Apnea Diagnostics Market Segment Analysis-By End User
The Sleep Apnea Diagnostics Market based on the End User can be further segmented into Hospitals and Sleep Laboratories, Home Care Settings, and Others. The Hospitals and Sleep Laboratories segment held the largest share in 2020 owing to the factors such as the rise in the adoption of hospitals and sleep laboratories for the diagnosis of sleep apnea in developed nations and the growing demand for advanced actigraphy systems, respiratory polygraph devices in hospitals and sleep laboratories. Hospitals and sleep laboratories are well equipped with advanced diagnostic equipment to help in detecting sleep problems by monitoring brain activity, which is driving the growth of the Sleep Apnea Diagnostics Market. The Home Care Settings segment is estimated to be the fastest growing segment with a CAGR of 7.2% over the period 2021-2026. This growth is owing to the factors such as rise in the number of skilled practitioners to provide treatment to patients in their homes and increase in the investment by the key players to launch advanced devices for the diagnosis of sleep apnea in-home care settings.
Sleep Apnea Diagnostics Market Segment Analysis-By Geography
North America held the largest share with 31% of the overall market in 2020. The growth in this segment is owing to the factors such as increase in the demand for advanced actigraphy systems, pulse oximeter devices in hospitals and sleep laboratories and rise in the pool of undiagnosed sleep apnea patients. The rise in the adoption of polysomnography devices in home care settings is driving the growth of the Sleep Apnea Diagnostics Market. Asia-Pacific segment is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as growing awareness about the benefits of respiratory polygraph devices and increase in the investment by the key players to launch advanced devices for the diagnosis of sleep apnea in home care settings.
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Sleep Apnea Diagnostics Market Drivers
Increase in the Adoption of Advanced Polysomnography Devices
Polysomnography devices are increasingly being adopted among developed nations owing to their cost-effectiveness and ability to record sleep patterns over several weeks. It identifies when the sleep patterns are disrupted and also provides an objective measure of sleep. The key players are focusing on developing advanced polysomnography devices, which is further propelling the growth of the Sleep Apnea Diagnostics Market.
Rise in the Pool of Undiagnosed Sleep Apnea Patients
Sleep apnea is one of the most common sleep disorders across the world and is highly prevalent in the elderly population. With an increase in the prevalence of obesity worldwide, the global sleep apnea patient pool has increased rapidly. Moreover, changing lifestyles is also contributing to the prevalence of sleep apnea, which is one of the major factors driving the growth of the Sleep Apnea Diagnostics Market.
Sleep Apnea Diagnostics Market Challenges
High Cost of Sleep Apnea Diagnostics
The governments of several nations and other organizations are increasing their initiatives to enhance awareness among people about the diagnosis of sleep apnea and advanced products available for the treatment of sleep apnea. However, the high cost of sleep apnea diagnostics is one of the major factors that is estimated to reduce the growth of the Sleep Apnea Diagnostics Market.
Sleep Apnea Diagnostics Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Sleep Apnea Diagnostics Market. Key companies of this market are Cadwell Industries Inc, Koninklijke Philips N.V., Medtronic plc, Natus Medical Incorporated, Resmed, Nihon Kohden Corporation, Smiths Medical, SomnoMedics, Vyaire Medical Inc, and Itamar Medical Ltd among others.
Acquisitions/Product Launches:
In March 2021, ResMed has launched a three-part ‘onesleeptest’ service in India to help physicians diagnose people who suffer from undiagnosed sleep apnea. This device accurately tracks and delivers results by a certified sleep specialist, making it an ideal solution to test sleep quality from the comfort of home during the pandemic.
In April 2020, Cadwell Industries Inc has launched the ApneaTrak home sleep apnea testing (HSAT) device to test the efficacy of treatments and to help diagnose sleep apnea. It is used to rule in sleep apnea and also provides a customizable experience.
In September 2019, Koninklijke Philips N.V. has launched NightBalance, which is asleep position therapy device designed for patients with sleep apnea to increasing therapy options. It uses gentle vibrations and helps in preventing apneas by altering sleeping positions.
Key Takeaways
Geographically, North America Sleep Apnea Diagnostics Market accounted for the highest revenue share in 2020 and is poised to dominate over the period 2021-2026 owing to the growing adoption of polysomnography devices in-home care settings.
The rise in the availability of advanced diagnostic equipment to help in detecting sleep problems is driving the Hospitals and Sleep Laboratories segment. However, the high cost of sleep apnea diagnostics is one of the major factors that is said to reduce the growth of the Sleep Apnea Diagnostics Market.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Sleep Apnea Diagnostics Market report.
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