Home Sleep Apnea Testing Devices Market size is set to surpass USD 2.5 billion by 2028, according to a new research report by Global Market Insights Inc.
The growing adoption of novel sleep apnea monitoring methods along with the availability of insurance coverage for home-based sleep apnea tests is creating lucrative opportunities for the market. The provision of insurance coverage to reduce out-of-pocket expenses for home sleep apnea testing devices is estimated to upsurge the product demand.
For instance, the Centers for Medicare and Medicaid Services (CMS) provides insurance coverage for type II or type III home sleep apnea testing devices used to support the screening of obstructive sleep apnea (OSA). Further, it also covers type IV home sleep apnea testing those aids in the diagnosis of obstructive sleep apnea. Sleep apnea may have devastating effects on a patient’s health in the absence of an accurate diagnosis. Hence, precise sleep apnea diagnosis and the costs covered by health insurance are proving to be conducive to addressing these conditions efficiently, thereby fuelling the home sleep apnea testing devices market demand over the forecast period.
Growing aging population coupled with the increasing prevalence of sleep apnea disorders is anticipated to boost the market expansion
Insomnia, central disorders of hypersomnolence, and sleep-related breathing ailments is set to generate enormous product demand, further impelling the market revenue. Rising living standards and access to quality health care services have promoted life expectancy in several nations. Numerous factors such as health problems, changes in circadian rhythm, and altered sleep patterns among the elderly contribute to increased susceptibility to sleeping disorders. This increased susceptibility is set to promote the prevalence of sleep ailments, thereby driving the adoption of home sleep apnea testing devices.
Browse key industry insights spread across 100 pages with 67 market data tables & 12 figures & charts from the report, “Home Sleep Apnea Testing Devices Market Analysis By Test Type (Type 2, Type 3, Type 4), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Technological advancements in home sleep apnea testing devices are expected to stimulate the business landscape
Surging innovations in home sleep apnea testing devices such as integration of sleep software, artificial intelligence (AI) technology, sensor & smart check will influence the home sleep apnea testing devices market development. Novel innovations include the incorporation of a web portal option that enables seamless, secure access to patient’s home sleep test data, scoring, and interpretation. Also, the ubiquitous use of mobile and advancements in wearable modality has fueled the availability of applications and devices to promote the use of home sleep apnea testing devices in sleep disorder screening.
The key manufacturers have innovated various technologies leading to the development of novel products with improvised performance. For instance, CleveMed has commercialized the SleepScout home sleep apnea testing device that incorporates multiple modes to assist in the diagnosis of sleep apnea and help choose the optimal treatment. Thus, such developments and the launch of novel products are projected to offer substantial business opportunities for the market expansion.
Novel approaches in the devices will spur the home sleep apnea testing devices market value
The type 4 device segment is poised to grow at 17% CAGR from 2022 to 2028. This is attributed to the innovative approaches that have been utilized in the development of type 4 home sleep apnea testing devices and several benefits offered in tracking patient’s breathing pattern & oxygen levels. Novel type 4 home sleep apnea testing devices designs & technology have enabled its use for precise disease diagnosis, assessment of treatment efficacy, and treatment decisions among others.
Moreover, leading industry players comprising Koninklijke Philips is emphasizing introducing highly effective home sleep apnea testing devices that highly streamlines the task of performing a sleep study and simultaneously provides more secure & precise measurements. Innovations in key areas of type 4 home sleep apnea testing devices such as flexibility, robustness, ergonomics, scalability, and use of new technology is also likely to boost the adoption of these devices.
Increasing prevalence of sleep apnea and related co-morbidities is projected to fuel the business growth in Germany
Germany home sleep apnea testing devices market is predicted to exhibit 14.3% CAGR during the analysis timeframe. This is attributed to a host of factors such as the high prevalence of sleep disorders, surging adoption of home healthcare, etc. Similarly, the growing adoption of advanced home sleep apnea tests coupled with surging awareness related to home health care services accelerate the regional market progression. The availability of insurance coverage for the treatment of sleep apnea and other sleep disorders across the country is also contributing to the market revenue. The provision of insurance coverage to reduce out-of-pocket expenses of lower-income groups for sleep apnea and related co-morbidities diagnosis will foster the regional market development.
Players are emphasizing strategic initiatives and innovative product launch to expand business operations
Some of the major market players operating in the home sleep apnea testing devices market are Compumedics Limited, Natus Medical Inc., Koninklijke Philips N.V., SOMNOmedics GmbH, and Resmed. These business leaders are involved in adoption of strategies such as research collaborations, partnerships, acquisitions, and agreements to gain competitive edge over other competitors.
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