Sleep Apnea Diagnostic System Market

Key Factors Shaping the Sleep Apnea Diagnostic System Market

Rise in Adoption Rate due to Technological Advancements

Companies are focused on providing novel and advanced lab testing and portable wearable medical devices to gain competitive advantage in the market. Wearable medical devices are expected to play a major role in monitoring sleep disorders, diabetes, heart disorders, etc. on an individual level. Technology plays an important role in raising the bar for home sleep testing devices by raising the standards of quality and increasing ease of use. This would ultimately increase patient compliance and drive the growth of the sleep apnea diagnostic system market over the forecast period.

Increasing Demand for Home Sleep Testing

In-lab sleep testing is an expensive procedure as compared to home sleep testing. This is inclusive of equipment used for the process and the service charges. These high costs are a major concern for insurance providers as well as to patients. Also, reimbursement companies adopt a more favorable policy towards HST over in-lab testing. Thus, rising demand for equipment and wearable devices used in HST testing in turn is expected to drive the growth of the overall market for sleep apnea diagnostic systems.

Increasing Focus on Polysomnography Testing

Sleep testing service providers are focusing on providing full polysomnography services, which provides comprehensive information about a variety of sleep disorders. This increasing adoption of full polysomnography is expected to boost the growth of the sleep apnea diagnostic system market over the forecast period.

Polysomnography Devices Highly Sought-after in Sleep Apnea Diagnosis

Polysomnography devices remain the most preferred sleep apnea diagnostic system in global market. These devices comprise ambulatory and clinic polysomnography, and help in the diagnosis of sleep apnea by evaluating multiple parameters such as heart rate, breathing rate, eye and leg movements, patient’s brain waves, and blood oxygen level.  Most widely adopted by hospitals and sleep centers, polysomnography devices enable doctors to monitor varied parameters and get more comprehensive information about sleep disorders.

Growth of the Market in Emerging Economies

Increasing prevalence of sleep apnea owing to rise in cardiovascular diseases, diabetes and other diseases in the Asia Pacific region are factors offering a strong impetus to the growth of the sleep apnea diagnostic system market. The launch of advanced technological devices prominently accounts for the growing popularity of sleep apnea diagnostic system across developing regional markets. Consistent rise in the number of manufacturers and distributors, is likely to contribute to the growth of the sleep apnea diagnostic system market in the near future.

Sleep Apnea Diagnostic System Market Structure Analysis

• Key players continue to increase the market share with the launch of new products in the market.
• Joint ventures and partnership with distributors are the strategic actions practised by majority of key players.
• Prominent players continue to address the unmet needs in the market through inorganic strategies, such as mergers and acquisitions.
• The sleep apnea diagnostic system market has been relatively moderate in size and likely to remain dynamic, growing in steady pace throughout the forecast period.
• Major players focus on inorganic growth strategies to make a strong hold on targeted in-licensing and acquisitions through expanding its R&D activities and its distribution channels particularly including its specialist retail chains.

FREQUENTLY ASKED QUESTIONS ABOUT Sleep Apnea Diagnostic System Market

Which region is expected to lead in terms of revenue in sleep apnea diagnostic market?

North America remains most lucrative region in terms of revenue and is anticipated to grow at an impressive rate during the forecast period. India, China, and Brazil are expected to be targeted geographies for incremental opportunity for regional and major players. Increasing prevalence of sleep apnea and increase in government initiatives towards growing awareness regarding sleeping disorders are the major factors contributing the growth of market

Which product segment would be most attractive for investments?

Polysomnography devices segment remain the most preferred product type in the global sleep apnea diagnostic system market. Polysomnography devices comprise of ambulatory and clinic polysomnography. These devices help in the diagnosis of sleep apnea by evaluating multiple parameters such as heart rate, breathing rate, eye and leg movements, patient’s brain waves, blood oxygen level etc.  Polysomnography devices are most commonly used in hospitals and sleep centers. Polysomnography devices enable doctors to monitor varied parameters and get more comprehensive information about disorders.

Which end users would contribute maximum revenue during the forecast period?

In terms of end user, sleep centers and clinics will continue to be prominent end user for sleep apnea diagnostic system. This is attributed to the increasing preferences among patients to visit sleep centers and clinics. Moreover, sleep centers and clinics are well equipped with modern devices and medical settings required for the diagnosis of sleep apnea.

Who are the major players in the lacrimal duct stent tube market?

Koninklijke Philips N.V and ResMed Inc. among the leading market players in the sleep apnea diagnostic system market. These manufacturers continue to dominate the market landscape of the sleep apnea diagnostic system market due to its focus on product innovation, market leadership in product introduction, and strong distribution network with hospitals and sleep centers and clinics to increase sales.

Which are the drivers responsible for the market growth?

Growth in the sedentary life style, increase in obese population associated with increased risk of cardiovascular diseases and increasing prevalence of obstructive sleep apnea are the primary factors for the growth of sleep apnea diagnostic system market. Moreover, technological advancements for better diagnosis and management of sleep apnea have been the driving factors for the growth of the sleep apnea diagnostic system market