Future market insights, Dubai: The ESOMAR-certified consulting firm Future Market Insights predicts that the global market valuation of sleep apnea diagnostic systems should be achieved $ 5.4 billion over the forecast period 2021 and 2031.
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The growing demand for advanced polysomnography (PSG) devices in sleep centers, clinics and hospitals is accelerating sales of sleep apnea diagnostic systems around the world.
The demand for sleep apnea diagnostic systems is growing rapidly in emerging countries as there is a large pool of undiagnosed and untreated sleep apnea patients.
The increased use in sleep centers and clinics, as well as in home care facilities for laboratory testing, is expected to drive sales during the evaluation period.
According to the FMI’s analysis, the global sleep apnea diagnostic systems market saw a surge in demand due to the COVID-19 outbreak as the number of patients with depression and mental health problems increased in 2020-2021.
Increased government funding and insomnia awareness initiatives have encouraged manufacturers to step up their research and development activities. This has also encouraged the development of advanced PSG devices and portable sleep apnea diagnostic systems.
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Key findings from FMI’s sleep apnea diagnostic systems market study
- According to end users, sleep centers and clinics are expected to be the major end users in the sleep apnea diagnostic systems market
- For hospitals and home care facilities, robust growth is expected in the forecast period due to the increasing demand for devices in home care facilities
- In terms of product, polysomnography (PSG) devices are expected to be the most preferred devices
- The US will be the most lucrative market due to the rising prevalence of sleep apnea and other lifestyle disorders
- China and India will lead growth in East and South Asia, aided by the introduction of advanced PSG equipment across the region
- Brazil is expected to have additional growth opportunities due to the large pool of untreated and undiagnosed cases of sleep apnea
“The steadily growing pool of undiagnosed sleep apnea patients, especially in developing countries such as India, China and Brazil, will open up profitable growth opportunities for market participants in sleep apnea diagnostic systems in the coming years,” says the FMI analyst.
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Koninklijke Philips NV, 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 There are several key players in the Sleep Apnea Diagnostic System market.
According to the FMI’s analysis, Koninklijke Philips NV and ResMed Inc. are identified as leading players in the sleep apnea diagnostic systems market. These manufacturers focus on product innovation and new product launches to maintain their leadership position.
Cooperation with hospitals and sleep centers & clinics is the core strategy to strengthen their sales networks. The main players are also focusing on other strategies such as mergers and product launches to increase their sales.
Other regional and local players also have significant market share in the global Sleep Apnea Diagnostic Systems market, according to Future Market Insights.