According to Vision Research Reports, the sleep apnea diagnostic devices market size was accounted at US$ 310.3 Million in 2020 and is expected to be worth around US$ 602.9 Million by 2030, growing at a CAGR of 17% from 2022 to 2030.
According to Vision Research Reports, the sleep apnea diagnostic devices market size was accounted at US$ 310.3 Million in 2020 and is expected to be worth around US$ 602.9 Million by 2030, growing at a CAGR of 17% from 2022 to 2030.
Growth Factors
Growing incidence of sleep-related disorders and rising prevalence of Obstructive Sleep Apnea (OSA) in health conditions such as Chronic Obstructive Pulmonary Disorder (COPD) is positively impacting the market growth. Furthermore, increasing prevalence of comorbidities associated with the condition such as hypertension, diabetes, obesity, and cardiovascular diseases is anticipated to bolster revenue growth over the forecast period.
Based on product type, the Polysomnography (PSG) segment dominated the market in 2019 with a revenue share of 60.0%. One of the major factors contributing to the increase in product demand includes the development of new devices rendering enhancement in performance. In addition, rising initiatives of insurance coverage for some tests for adults based upon the clinical evaluation of OSA is further propelling segment growth.
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North America dominated the market with a revenue share of 45.2% in 2019 owing to the increasing incidence of the population suffering from OSA and other related disorders. Furthermore, technologically advanced healthcare facilities and better reimbursement facilities for such health conditions are boosting the growth in the region. For instance, Medicare and Medicaid provide coverage for certain diagnoses and treatment procedures related to OSA in the U.S. In addition, the rising prevalence of OSA associated chronic health conditions is further fueling the growth of the market.
Report Highlights
Based on product type, Polysomnography (PSG) dominated the global sleep apnea diagnostic devices market with a revenue share of 60.0% in 2019. This large share is attributable to the development of new devices rendering enhancement in performance. Furthermore, the respiratory polygraph is expected to be the fastest-growing segment and is anticipated to witness a significant growth rate over the forecast period. This growth can be attributed to its cost-effective nature and ability to measure the patient’s condition in settings other than artificial laboratory testing.
In addition, the increasing incidence of comorbidities associated with OSA is increasing the adoption of its diagnostic devices. Sleep Disordered Breathing (SDB) is one of the conditions, which is a significant concern for OSA patients. For instance, it is estimated that nearly 30.0% of the people suffering from hypertension have SDB, which may extend up to 80.0% in patients suffering from drug-resistant hypertension. Therefore, the rising proportion of SDB associated with these comorbidities is anticipated to drive the market in the coming years.
North America dominated the market with a revenue share of 45.2% in 2019. Rising incidence of sleep disorders, increasing patient pool suffering from cardiovascular diseases, diabetes, and COPD, along with technologically advanced healthcare facilities, and better reimbursement facilities for such health conditions in the region are some of the key factors fueling the market growth.
On the other hand, in Asia Pacific sleep apnea diagnostic devices market is also expected to exhibit lucrative growth over the forecast period owing to constantly improving healthcare infrastructure and economic development. Furthermore, a growing number of patients suffering from OSA coupled with the growing prevalence of respiratory diseases and chronic conditions such as obesity and diabetes associated with sleep apnea are likely to propel market growth in the region during the forecast period.
Key Players
- Natus Medical Incorporated
- SOMNOmedics GmbH
- Compumedics Limited
- Itamar Medical Ltd.
- Nihon Kohden Corporation
- Vyaire Medical, Inc
- CleveMed (Cleveland Medical Devices Inc.)
- Cadwell Laboratories Inc.
- Koninklijke Philips N.V.
Market Segmentation
- Product Type Outlook
- Actigraphs
- Polysomnography (PSG)
- Respiratory Polygraphs
- Pulse Oximeters
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
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