Future Market Insights, Dubai: ESOMAR-certified consulting firm Future Market Insights’ projects the global sleep apnea diagnostic systems market valuation to reach US$ 5.4 Bn over the forecast period of 2021 and 2031.
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Growing demand for advanced polysomnography (PSG) devices within sleep centers & clinics and hospitals is accelerating sleep apnea diagnostic systems sales across the globe.
Demand for sleep apnea diagnostic systems is rising extensively in emerging economies as there is a large pool of undiagnosed and untreated sleep apnea patients.
Increasing application within sleep centers & clinics and at homecare settings for in-lab testing is expected to spur the sales during the assessment period.
As per the FMI’s analysis, due to the outbreak of COVID-19, the global sleep apnea diagnostic systems market registered spike in demand as the number of patients with depression and mental health issues spurred during 2020-2021.
Increasing funding by governments and initiatives undertaken to create awareness about sleep disorders have encouraged manufacturers to increase the research & development activities. This also has encouraged the development of advanced PSG devices and wearable sleep apnea diagnostic systems.
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Key Takeaways from FMI’s Sleep apnea diagnostic systems Market Study
- By end-user, sleep centers and clinics are expected to be the primary end-user in sleep apnea diagnostic systems market
- Hospitals and homecare settings are expected to exhibit robust growth during the forecast period owing to the increasing demand for devices at home-care settings
- In terms of product, polysomnography (PSG) devices are expected to be the most preferred devices
- The U.S. will be the most lucrative market owing to the rising prevalence of sleep apnea and other lifestyle disorders
- China and India will spearhead the growth of East & South Asia backed by the adoption of advanced PSG devices across the region
- Brazil is expected to have incremental growth opportunities owing to the large pool of untreated and undiagnosed cases of sleep apnea
“Ever expanding pool of undiagnosed sleep apnea patients, especially across developing economies such as India, China, and Brazil, will generate remunerative growth opportunities for the sleep apnea diagnostic systems market players over the coming years,” says the FMI analyst.
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Who is Winning?
Koninklijke Philips N.V., Becton, Dickinson, and Company, Braeden Medical Corporation, Advanced Brain Monitoring Inc., SOMNO medics GmbH, ResMed Inc., BMC Medical Co. Ltd., Natus Medical Incorporated, MGC Diagnostic Corporation, and Cleveland Medical Devices Inc. among others are some prominent players operating in the Sleep apnea diagnostic systems market.
As per the FMI’s analysis, Koninklijke Philips N.V., and ResMed Inc. are identified as leading players in the sleep apnea diagnostic systems market. These manufacturers are focusing on product innovation and new launches to maintain their leading position.
Collaborations with hospitals and sleep centers & clinics is the core strategy to strengthen their distribution networks. Key players are also focusing on other strategies such as mergers and product introductions to increase their sales.
Other regional and local players also account for considerable market share in the global sleep apnea diagnostic systems market, opines Future Market Insights.