Home Sleep Apnea Testing Devices Market Size to exceed $1.4bn by 2025
Published Date: November 25, 2019 Authors: Sumant Ugalmugle, Rupali Swain
Home Sleep Apnea Testing Devices Market size is set to exceed USD 1.4 billion by 2025; according to a new research report by Global Market Insights, Inc.
Increase in number of sleep centers across the globe will enhance the home sleep apnea testing devices industry growth over the forthcoming years. The rapid market growth is owing to increasing prevalence of sleep apnea disorders and large number of undiagnosed patient population. However, there are several guidelines and regulations that are needed to be followed while using home sleep apnea testing devices.
Rise in awareness among the people regarding several applications of home sleep apnea testing will drive the market trends in the near future
Home sleep apnea testing is most commonly used to detect obstructive sleep apnea (OSA), with several insurance providers considering it as a cost-effective alternative. Some healthcare providers prefer it as a convenient initial screening for people with symptoms such as gasping during sleep, loud snoring and daytime sleepiness. With growing awareness of the condition and rise in the requests for home screenings, home test is considered as an alternative for patients that are likely to have moderate to severe OSA. Also, in the recent past years, home sleep testing for diagnosing OSA has gained scientific support and approval, resulting in enhanced growth of home sleep apnea testing devices market size.
Increase in number of sleep centers for sleep apnea diagnostics will boost the industry demand
Growing number of sleep centers across the globe has resulted in boosting the demand and adoption rate of home sleep apnea testing devices, thereby fueling the market growth. As per the American Academy of Sleep Medicine (AASM), currently there are over 3,000 sleep centers in the U.S. The multidisciplinary sleep centers assist in facilitating highest-quality care to the patient that is cost-effective as well as quite accurate. Use of effective resources in a multidisciplinary sleep center can help enhance the diagnostic possibility of sleep apnea disorders. Hence, enhanced quality of diagnosis and growing number of sleep centers will boost the home sleep apnea testing devices market demand over the forthcoming years.
Browse key industry insights spread across 200 pages with 468 market data tables & 15 figures & charts from the report, “Home Sleep Apnea Testing Devices Market Share By Portability (Portable Devices, Stationary Devices), By Structure (Wired Devices, Non-wired Devices), By Device Type (Type 1, Type 2, Type 3, Type 4), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Belgium, Greece, Netherlands, Norway, Portugal, Romania, Russia, Sweden, Turkey, Switzerland, Japan, China, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Increase in use of portable home sleep apnea testing devices will enhance the industry outlook
Based on the portability of the devices, the market is segmented into portable and stationary. Recent technological advancements have resulted in new product introductions in home sleep apnea test devices that will further spur the market growth from 2019 to 2025. In 2018, the portable home sleep apnea test devices market was valued at around USD 490 million and is estimated to expand at a CAGR of more than 14% during the forecast. Growing adoption of portable sleep apnea test devices in developed countries owing to favorable reimbursement scenario will be one of the major factors driving the market outlook.
Growing technological developments in manufacturing non-wired home sleep apnea testing devices is expected to pave attractive growth opportunities in the forthcoming years
On the basis of structure, the market is bifurcated as wired and non-wired devices. Non-wired home sleep apnea test devices held the largest share in 2018 and was valued at around USD 470 million. The high market share is due to advantages such as convenience, comfortability and ease-of-use for patients. Non-wired devices offer highest degree of accuracy and lowest documented failure rate. For instance, ARES, a next generation device is designed to be worn in all sleep positions. The device has sophisticated sensors and is comfortable in use along with the unmatched accuracy and service. The device has 96% concordance with simultaneous lab polysomnography (PSG) and 9 times channels of data for detailed analysis. Hence, the above-mentioned factors will play crucial role in augmenting the non-wired devices market demand in the forthcoming years.
High diagnostic accuracy of type 4 home sleep apnea testing devices will boost the product demand and adoption rate
On the basis of device type, the market is segmented into type 1, type 2, type 3 and type 4. The type 4 home sleep apnea testing devices market share is estimated to expand at a CAGR of 14.5% over the forthcoming years. Obstructive sleep apnea (OSA) is known to be the most common type of sleep-related breathing disorder. As per the recent research study, type 4 devices provide potentially broader access to sleep apnea diagnosis and treatment as compared to other home sleep apnea screening devices. The type 4 devices are mainly used for single or dual bio parameter recording that includes minimum of one parameter. Hence, the above mentioned factors will play a significant role in enhancing the growth of type 4 home sleep apnea testing devices market over the forthcoming years.
Germany dominated the Europe home sleep apnea testing devices industry with significant market share owing to growing prevalence of sleep apnea disorders
Germany dominated the Europe home sleep apnea testing devices market outlook with a total revenue of around USD 15 million in the year 2018. As per the recent statistics, more than 175 million Europeans suffer from sleep apnea disorder each year. Germany ranks second in Europe just behind Russia in terms of highest obstructive sleep apnea prevalence. According to the European Respiratory Society (ERS), currently around 26 million people suffer from obstructive sleep apnea in Germany. Also, as per the German Sleep Society, there are more than 300 sleep centers in Germany. Hence, the above-mentioned reasons will augment the demand and adoption rate of home sleep apnea testing devices in Germany, hence fueling the industry share.
Growing strategic initiatives such as merger and acquisitions, new product launches and collaborations by key industry players will enhance the market growth in future
Prominent industry players in the home sleep apnea testing devices industry include Cadwell Laboratories, CleveMed, Itamar Medical, ResMed and Phillips Respironics. The key market players emphasize on several strategic initiatives such as mergers, acquisitions, and new product launches in order to enhance and expand their product portfolio along with increase in geographical expansion presence. For instance, in September 2019, SleepMed acquired Novasom’s assets, a leading provider of Home Sleep Testing (HST). The acquisition helped the company in becoming one of the leading home sleep testing device manufacturers in North America.