Sleep apnea diagnostic devices market size was estimated at USD _43.7 million in 2020 and is forecast to reach USD _87.9 million by 2027, growing at a CAGR of _9.6%.
Sleep apnea diagnostic devices are certain equipment or machines that are hooked up to patients who have sleep apnea in order to monitor the patients heart, lungs, breathing patterns, appendages movement, blood oxygen levels as well as brain activity while the patient sleeps. This is mainly used by elderly patients in hospital wards or old age homes. They are also found in hospitals and clinics but can also be used at home for patients that aren’t as high risk.
There has been a huge increase in sleep apnea diagnostic devices as there has been an increase in people suffering from sleep apnea. This is accredited to the increase in obesity in society as well as an increase in the elderly who struggle with this disease. Also considering the fact that there has been an increase in smokers as well as the use of alcohol also means that more people are inclined to sleep apnea and therefore need this device.
This has become a massive problem as the supply for this machine cannot meet the increasing demand and now due to the pandemic hospitals can’t just reuse this device because sterilization has to occur. This has also increased the price making it more difficult for patients to gain access to this device at home.
Sleep Apnea Diagnostic Devices Market Growth and Trends
High incidence of obstructive sleep apnea, rising instances of comorbidities associated with sleep apnea, and growing geriatric population prone to respiratory disorders are key factors driving the growth of the sleep apnea diagnostic devices market. Obstructive sleep apnea has also created an economic burden on society owing to a large pool of undiagnosed patients which causes high collateral losses along with public and private expenditure on the management. This in turn has resulted in an increased demand for sleep apnea diagnostic devices. Technological advancements, sophisticated healthcare infrastructure, increasing patient awareness, and favourable reimbursement policies are other major factors fostering the market growth. Additionally, the increasing number of sleep test procedures at home will boost the demand for easy-to-use products that do not require the expertise of a physician. Therefore, companies are concentrating on developing new sleep apnea diagnostic devices rendering enhanced performance, a driver of market growth. The rise in the severity of health conditions is expected to increase awareness regarding diagnosis and treatment and further foster the growth of the market in the forthcoming years. The increase in the incidence of Chronic Obstructive Pulmonary Disorder is another factor that positively impacts the demand for these products, because patients suffering from this chronic disease have a higher prevalence of insomnia, sleepiness during the day, nightmares, and disturbed sleep by around 50% in comparison with patients who suffer from obstructive sleep apnea. With modernised and changing lifestyles where work-life balance has become a major challenge, the demand for these devices is likely to grow, thus fuelling and accelerating market growth.
One of the likely restraining factors that could cause hindrance to the market growth of sleep apnea diagnostic devices is the high cost. This might show a decline in demand or slow down the growth curve of the product.
Sleep Apnea Diagnostic Devices Market Competition
Key companies operating in this industry are Philips, WEINMANN Geraete, MALLINCKRODT, ResMed Limited, Compumedics Limited, Watermark Medical, Natus, MRA Medical Ltd, WideMed and CADWELL LABORATORIES.
• Sleep Apnea Diagnostic Devices Market Revenue Estimation and Forecast (2020 – 2027)
• Production Estimation and Forecast (2020 – 2027)
• Sales/Consumption Volume Estimation and Forecast (2020 – 2027)
• Breakdown of Revenue by Segments (2020 – 2027)
• Breakdown of Production by Segments (2020 – 2027)
• Breakdown of Sales Volume by Segments (2020 – 2027)
• Gross Margin and Profitability Analysis of Companies
• Business Trend and Expansion Analysis
• Import and Export Analysis
Sleep Apnea Diagnostic Devices Market Segmentation
Product Outlook (Revenue, USD Million, 2020 - 2027)
• Screening type Sleep Apnea Diagnostic device
• Stereotypes Sleep Apnea Diagnostic device
Application Outlook (Revenue, USD Million, 2020 - 2027)
• Sleep apnea diagnosis
• Sleep apnea treatment
Country (Revenue, USD Million, 2020 - 2027)
• United States
• South Korea
• Rest of Asia Pacific
• Rest of Europe
• Rest of South America
The Middle East and Africa
• Saudi Arabia
Sleep Apnea Diagnostic Devices Market Companies
• WEINMANN Geraete
• ResMed Limited
• Compumedics Limited
• Watermark Medical
• MRA Medical Ltd
• CADWELL LABORATORIES
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