Sleep Apnea Diagnostic Devices Market Size, Share & Trends Analysis Report By Product Type (Actigraphs, Polysomnography, Respiratory Polygraphs, Pulse Oximeters), By Region, And Segment Forecasts, 2020 - 2027

Report Overview               

The global sleep apnea diagnostic devices market size was valued at USD 299.3 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2020 to 2027. High prevalence of obstructive sleep apnea, increased cases of comorbidities associated with sleep apnea, and growing geriatric population which is prone to respiratory disorders are the key factors driving the growth of the market. In addition, the increased prevalence of comorbidities associated with sleep apnea is further increasing the adoption of diagnostic devices. Obstructive Sleep Apnea (OSA) has also created an economic burden on society due to the presence of a large pool of undiagnosed patients that causes high collateral losses and public & private expenditure on the management. For instance, the estimated total economic burden caused by undiagnosed sleep apnea is nearly USD 150 billion. Thus, an increasing number of people suffering from this disorder has resulted in an increased demand for sleep apnea diagnostic devices.

The presence of sophisticated healthcare infrastructure, technological advancements, increasing patient awareness, and favorable reimbursement policies are some other major factors propelling the growth of the market. In addition, the growing number of home sleep test procedures is expected to boost the demand for easy to use products that do not require physician expertise. Thus, the companies are focusing on the development of new sleep apnea diagnostic devices rendering enhanced performance, which is anticipated to boost market growth over the forecast period.

Furthermore, the rising prevalence of allied health conditions associated with OSA such as diabetes, hypertension, obesity, and cardiovascular diseases is one of the major factors responsible for the increasing demand for sleep apnea diagnostic devices. In addition, the increase in the severity of allied health conditions is anticipated to increase the awareness regarding diagnosis and treatment and further help in the growth of the market in the coming years.

The increase in the prevalence of Chronic Obstructive Pulmonary Disorder (COPD) is another factor that positively impacts the demand for these products. According to the American Thoracic Society, patients suffering from COPD have a higher prevalence of insomnia, sleepiness during the day, nightmares, and disturbed sleep by around 50.0% compared to OSA patients.

Moreover, the high cost of diagnosis of sleep apnea is likely to hamper the growth of the market. For instance, the diagnosis of OSA is mainly performed by polysomnography device in an overnight sleep clinic, which typically costs about USD 1,000 to USD 3,000. Sometimes there are additional data interpretation costs associated with these tests. It increases the cost burden on the patient, which is likely to pose an obstacle for the growth of the market. However, if strategies for addressing cost-related issues and provision of insurance coverage schemes for sleep apnea diagnosis and treatment are undertaken in the developing economies, it will lead to positive outcomes and boost market growth during the forecast period.

Product Type Insights

Based on product type, Polysomnography (PSG) dominated the global sleep apnea diagnostic devices market with a revenue share of 60.0% in 2019. This large share is attributable to the development of new devices rendering enhancement in performance. Furthermore, the respiratory polygraph is expected to be the fastest-growing segment and is anticipated to witness a significant growth rate over the forecast period. This growth can be attributed to its cost-effective nature and ability to measure the patient’s condition in settings other than artificial laboratory testing.

In addition, the increasing incidence of comorbidities associated with OSA is increasing the adoption of its diagnostic devices. Sleep Disordered Breathing (SDB) is one of the conditions, which is a significant concern for OSA patients. For instance, it is estimated that nearly 30.0% of the people suffering from hypertension have SDB, which may extend up to 80.0% in patients suffering from drug-resistant hypertension. Therefore, the rising proportion of SDB associated with these comorbidities is anticipated to drive the market in the coming years.

Regional Insights

North America dominated the market with a revenue share of 45.2% in 2019. Rising incidence of sleep disorders, increasing patient pool suffering from cardiovascular diseases, diabetes, and COPD, along with technologically advanced healthcare facilities, and better reimbursement facilities for such health conditions in the region are some of the key factors fueling the market growth.

On the other hand, in Asia Pacific sleep apnea diagnostic devices market is also expected to exhibit lucrative growth over the forecast period owing to constantly improving healthcare infrastructure and economic development. Furthermore, a growing number of patients suffering from OSA coupled with the growing prevalence of respiratory diseases and chronic conditions such as obesity and diabetes associated with sleep apnea are likely to propel market growth in the region during the forecast period.

Key Companies & Market Share Insights

The competition is intense among existing players owing to the rise in demand for sleep apnea diagnostic devices coupled with the rising prevalence of sleep apnea. Growing demand for sleep apnea diagnostic devices is expected to favor the new entrants owing to the rising awareness, technological advancements, and acceptance of these products. Furthermore, companies are expanding their portfolios and increasing their reach in the form of mergers, acquisitions, and partnerships to increase their share in the market. For instance, in 2018, Philips Respironics acquired a digital health company- NightBalance. The company develops a device that treats positional OSA and snoring. This acquisition is expected to help in creating a robust product portfolio and will help in gaining more revenue share in the market. Some of the prominent players in the sleep apnea diagnostic devices market include:

• Natus Medical Incorporated

• SOMNOmedics GmbH

• Compumedics Limited

• Itamar Medical Ltd.

• Nihon Kohden Corporation

• Vyaire Medical, Inc

• CleveMed (Cleveland Medical Devices Inc.)

• Cadwell Laboratories Inc.

• Koninklijke Philips N.V.

Sleep Apnea Diagnostic Devices Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research, Inc. has segmented the sleep apnea diagnostic devices market report on the basis of product and region:

• Product Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Actigraphs

  • Polysomnography (PSG)

  • Respiratory Polygraphs

  • Pulse Oximeters

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

    • Spain

    • France

    • Italy

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Singapore

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East Africa

    • Tunisia

    • Egypt

    • South Africa