Selbyville, Delaware According to Market Study Report, Has Added A New Report On Home Sleep Apnea Testing Devices Market That Provides A Comprehensive Review Of This Industry With Respect To The Driving Forces Influencing The Market Size. Comprising The Current And Future Trends Defining The Dynamics Of This Industry Vertical, This Report Also Incorporates The Regional Landscape Of Home Sleep Apnea Testing Devices Market In Tandem With Its Competitive Terrain.
Home sleep apnea testing devices market Size, Share is expected to exceed USD 1.4 billion by 2025. Rising number of people suffering from sleep apnea disorders will majorly drive the home sleep apnea testing devices market growth over the projected timeframe.
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Some major findings of the home sleep apnea testing devices market report include:
– Increase in number of sleep centers across the globe will act as a high impact rendering factor in the home sleep apnea testing devices market growth
– Growing prevalence of obstructive sleep apnea (OSA), large number of undiagnosed patient population and favorable reimbursement scenario will further propel the demand for home sleep apnea testing devices
– Major industry players in the home sleep apnea testing devices market include Itamar Medical, Koninklijke Philips, Natus Medical, Nox Medical, ResMed, SOMNOmedics GmbH and SleepMed among others
– The industry players are implementing several strategies such as mergers, acquisitions, new product launches, partnerships and collaborations in order to increase their revenue and strengthen market position
Obstructive sleep apnea (OSA) is defined as a complete or partial collapse of the airway resulting in decreased oxygen saturation and arousal from sleep. As per the World Health Organization (WHO), the global prevalence of sleep apnea has increased ten times from around 100 million in 2007 to nearly 1 billion in the year 2019. Surge in number of people suffering from sleep apnea disorder across the globe will augment the adoption rate of home sleep apnea testing devices thereby, boosting the industry expansion.
Preference for home sleep apnea testing is increasing over the last few years. Previously, the obstructive sleep apnea (OSA) could only be diagnosed by in-laboratory polysomnography sleep study. However, introduction to home sleep apnea tests, has resulted in increased patient comfort and convenience. Additionally, the cost of home sleep apnea testing is quite less as compared to the in-laboratory sleep apnea testing. Aforementioned factors will thus accelerate the home sleep apnea testing devices market progress.
On the basis of portability, the home sleep apnea testing devices market is segmented into portable and stationary devices. The portable home sleep apnea test devices market held the maximum share of over 80% in the year 2018. Segment growth is attributed to increase in demand for portable testing devices that offer enhanced diagnostic performance, reliability and satisfaction to both, the patients and healthcare professionals. Furthermore, portable devices provide certain advantages such as reduced time, minimum cleaning as well as easy preparation or handling before and after patient use. Moreover, it generates fully digitalized reports within few minutes resulting in enhanced workflow efficiency and treatment turnaround. Such factors will play a significant role in propelling the home sleep apnea testing devices market growth in the near future.
On the basis of device type, the market is segment as type 1, type 2, type 3 and type 4 devices. The type 3 home sleep apnea testing devices segment was valued around USD 310 million in the year 2018 and is estimated to show significant growth during the forecast period. Lower cost of type 3 devices as compared to polysomnography (PSG) devices, high effectiveness and efficiency in diagnosis of obstructive sleep apnea renders high growth potential in the foreseeable future. The type 3 devices are the most commonly used home sleep apnea test devices, that monitor several channels such as ECG or heart rate, oxygen saturation as well as2 channels of respiratory movement and airflow. Surge in demand for type 3 home sleep apnea testing devices will thus spur market during the forthcoming years.
Based on structure, the home sleep apnea testing devices market is bifurcated into wired and non-wired devices. The non-wired home sleep apnea testing devices market is estimated to expand at a CAGR of 14.5% over the projected time period. Certain advantages offered by non-wired devices such as cost-effectiveness, ease of use and comfortable wearing in any sleep position during the night sleep study, will increase its adoption over the coming years. Additionally, non-wired home sleep apnea test devices have advanced in-built biosensors that improve patient comfort. Thus, aforementioned advantages associated with the non-wired devices will surge the adoption of these testing devices thereby, fostering the business growth.
Canada home sleep apnea testing devices market is estimated to witness more than 19% CAGR over the analysis period. As per the recent study conducted by the Public Health Agency of Canada, currently over 5.5 million Canadian adults are either suffering or are at very high risk of developing sleep apnea disorder in the future. In addition, around 80% of the sleep apnea patient population is estimated to be undiagnosed till date. Hence, growing prevalence of obstructive sleep apnea and large number of undiagnosed patient population in the country will serve as high impact rendering factors in the home sleep apnea testing devices industry growth.
Some of the prominent industry players include Itamar Medical, Koninklijke Philips, Natus Medical, Nox Medical, ResMed, SOMNOmedics and SleepMed. These prominent players are implementing several strategies to expand their geographic presence as well as strengthen existing product portfolio. For instance, in March 2019, ResMed acquired HB Healthcare (HBH), a South Korean home medical equipment provider. This strategy helped ResMed to strengthen its respiratory care portfolio and increase the customer base in South Kore.
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