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Sleep Apnea Diagnostics Market Worth $685.66 million, Globally, by 2028 at 5.4% CAGR: The Insight Partners

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News provided by

The Insight Partners

19 Nov, 2021, 13:30 GMT

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The growth of the global sleep apnea devices market is attributed to the technological advancements, rising geriatric population and the declining prices of sleep apnea devices are likely to have a positive impact on the growth of the market in the coming years.

NEW YORK, Nov. 19, 2021 /PRNewswire/ -- According to The Insight Partners study on "Sleep Apnea Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, End User, and Geography," the market is projected to reach US$ 685.66 million by 2028 from US$ 473.95 million in 2021; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028. Factors such as increased sleep apnea prevalence, technological developments, and rising geriatric population are boosting the sleep apnea diagnostics market growth. However, the high cost of diagnosis, and challenges in medical device industry hamper the growth of the market. On the other hand, rising government support for medical technologies is expected to offer significant growth opportunities to the market players to capitalize and expand their customer base in Asia and Latin America.

Report Coverage

Details

Market Size Value in

US$ 473.95 million in 2021

Market Size Value by

US$ 685.66 million by 2028

Growth rate

CAGR of 5.4% from 2021 to 2028

Forecast Period

2021-2028

Base Year

2021

No. of Pages

166

No. Tables

84

No. of Charts & Figures

73

Historical data available

Yes

Segments covered

Product, End User, and Geography

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Download the Latest Sample PDF on Sleep Apnea Diagnostics Market Growth Research Report at https://www.theinsightpartners.com/sample/TIPRE00016809/

In 2020, North America dominated the sleep apnea diagnostics market. The US holds the largest share of the market in this region. The market growth in the country is attributed to the rapidly increasing incidence of chronic diseases. The growth of the market is mainly driven the high prevalence of sleep apnea disorder among the American population. As per the American Sleep Apnea Association, in 2017, 22 million Americans suffered from sleep apnea and ~80% of the cases of moderate and severe obstructive sleep apnea were undiagnosed. The growth of the sleep apnea diagnostics market in the US is attributed to the rising awareness about the condition and its risk factors, coupled with its high prevalence. The market growth is also accelerated with the increasing importance of sleep testing in adults and pediatric population. The American Sleep Apnea Association estimates that 38,000 people in the US die each year from heart diseases, with sleep apnea as a complicating factor.

Increased Prevalence of Sleep Apnea Boosts Sleep Apnea Diagnostics Market Growth

Obstructive sleep apnea (OSA) is a common disorder, characterized by the repetitive, complete or partial closure of the upper airway during sleep. This airway is helpful in the fragmentation of sleep and oxygen desaturation. The disorder causes significant morbidity, especially in the form of impairment of daytime functioning and degraded quality of life. As per recent controlled trials, oral appliances are up to 50.0% efficient in controlling the OSA among patients, including severe cases.

According to a survey conducted by Needham & Company, an investment firm, over one-third of OSA tests were conducted in patients' homes in 2018, up from 15% in 2013. As a result, companies are concentrating their efforts on the development of home-care sleep apnea equipment. In June 2019, the FDA approved Itamar Medical, an Israel-based business, for a disposable home sleep apnea test. ResApp (Australia), a firm that develops smartphone applications for the diagnosis and management of respiratory disorders, has launched SleepCheck, an at-home screening app for the OSA.

Due to the rising use of the polysomnography (PSG) device in the various regions, the need for improved and technologically advanced PSG devices for the diagnosis of OSA has surged substantially, thus driving the global sleep apnea diagnostics market.

The COVID-19 pandemic has adversely affected North American countries such as the US and Canada. The disease led to a chaotic situation in the medical industry across the region, and the demand for diagnosing and therapeutic devices such as ventilators, respirators, and in vitro diagnostic (IVD) tests has dramatically increased in hospitals. The demand for personal protective kits has also surged significantly. The FDA has increased its efforts to keep people healthy and has rolled out several guidelines for hospitals and medical device companies. Various companies also enhanced their research and development activities for diagnostics tests and therapeutic devices. Thus, the redirected efforts of healthcare players, due to increased demands in other categories, have considerably hampered the sleep apnea diagnostics market performance.

Download the Latest COVID-19 Analysis on Sleep Apnea Diagnostics Market Growth Research Report at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00016809/

Sleep Apnea Diagnostics Market: Segmental Overview

The sleep apnea diagnostics market, based on product, is segmented into polysomnography (PSG) device, home sleep testing devices, oximeter, actigraphy monitoring device, sleep apnea screening device. The oximeter segment is further segmented into fingertip oximeter, handheld oximeter, wrist-worn oximeter, and table-top oximeter. The PSG device segment is expected to hold the largest share of ~59.09% of the sleep apnea diagnostics market in 2021. Based on End User, the sleep apnea diagnostics market has been segmented into hospitals and sleep laboratories, and home care settings. The hospitals and sleep laboratories segment is likely to account for a larger market share in 2021. However, the home care settings segment is expected to register a higher CAGR in the market during the forecast period.

Sleep Apnea Diagnostics Market: Competitive Landscape and Key Developments

Drive DeVilbiss International, ResMed Inc, Nihon Kohden Corporation, SOMNOmedics GmbH, Cleveland Medical Devices Inc, Koninklijke Philips N.V., Cadwell Industries Inc, Natus Medical Incorporated, Itamar Medical Ltd., Compumedics Limited are among the leading companies operating in the sleep apnea diagnostics market. These players focus on expanding as well as diversifying their market presence and acquiring new customer base, thereby tapping prevailing business opportunities.

In October 2021, ResMed Inc. acquired Ectosense, a leader in connected home sleep testing. Ectosense sells its FDA-approved NightOwl in the US, Australia, New Zealand, India, and European countries. ResMed has been a minority investor in Ectosense since July 2020, and it has also been distributing NightOwl in Australia, New Zealand, and India under the brand "ResMed onesleeptest" since the same year. Ectosense will operate within ResMed's Sleep and Respiratory Care business.

Purchase a Copy of Sleep Apnea Diagnostics Market Shares, Strategies and Forecasts 2021-2028 Research Report at https://www.theinsightpartners.com/buy/TIPRE00016809/

In September 2021, Koninklijke Philips N.V. received authorization from the US FDA for the rework of the affected first-generation DreamStation devices.

In November 2019, Drive DeVilbiss International exhibited its products in MEDICA 2019, Düsseldorf, Germany. The company actively participates in various events across world to boost awareness about its brand and products among customers and end users.

Browse Related Reports and Get Sample copy

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  • Sleeping Medications Market 2028 By Product Type, Sleep Disorder, Distribution channel
  • Respiratory Medical Device Market 2028 Type, Disorder, End User and Geography

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com 
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/reports/sleep-apnea-devices-market 
More Research: https://www.einpresswire.com/newsroom/the_insight_partners/

Logo: https://mma.prnewswire.com/media/1586348/The_Insight_Partners_Logo.jpg

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