Global Sleep Apnea Diagnostic System Market, By Product Type (Polysomnography (PSG) Devices (Ambulatory PSG Monitoring Devices, Clinical PSG Monitoring Devices), Sleep Apnea Screening Devices (Nasal Flow Sensors, Peripheral Capillary Oxygen Saturation (SPO2), Actigraphy Monitoring Devices)), By End User (Home Care Settings, Hospitals, Sleep Centers and Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 10.7 Billion in 2023 and is expected to exhibit a CAGR of 8.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players in the market are focusing on the adoption of inorganic growth strategies, such as acquisition to expand their product portfolio, which is expected to drive market growth over the forecast period. For instance, in September 2021, ZOLL Medical Corporation, an Asahi Kasei company that manufactures medical devices and related software solutions, and Itamar Medical Ltd., a medical device and digital health company focused on the integration of sleep apnea diagnosis into the cardiac patient care pathway, announced that the two companies signed a definitive agreement under which ZOLL Medical will acquire all outstanding ordinary shares of Itamar Medical.
Global Sleep Apnea Diagnostic System Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global sleep apnea diagnostic system market. For instance, According to a report released in March 2022 by the Sleep Foundation Organisation, COVID-19 changed and disrupted sleep patterns in a number of different ways. According to research, the prevalence of insomnia symptoms among adults, kids, and teenagers has clearly increased, and about 40% of people report having problems falling asleep, according to the article.
Global Sleep Apnea Diagnostic System Market: Key Developments
In January 2021, Telehealth company, TytoCare Ltd., launched its U.S. Food and Drug Administration (FDA)-cleared fingertip Pulse Oximeter (SpO2) medical device for checking blood oxygen saturation levels and heart rate remotely.
Browse 35 Market Data Tables and 34 Figures spread through 170 Pages and in-depth TOC on “Global Sleep Apnea Diagnostic System Market”- Forecast to 2030, Global Sleep Apnea Diagnostic System Market, by Product Type (Polysomnography (PSG) Devices (Ambulatory PSG Monitoring Devices, Clinical PSG Monitoring Devices), Sleep Apnea Screening Devices (Nasal Flow Sensors, Peripheral Capillary Oxygen Saturation (SPO2)), Actigraphy Monitoring Devices), by End User (Home Care Settings, Hospitals, Sleep Centers and Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/sleep-apnea-diagnostic-system-market-3435
Key Takeaways of the Global Sleep Apnea Diagnostic System Market:
- The global sleep apnea diagnostic system market is expected to exhibit a CAGR of 2% during the forecast period. One of the main components contributing to sleep apnea is obesity. Therefore, the increasing adoption of sleep apnea testing among obese individuals and the high prevalence of obesity is boosting the growth of the market. For instance, according to MedAlertHelp.com over 1.9 billion adults were reported as overweight worldwide.
- Among product type, polysomnography (PSG) devices segment is estimated to hold a dominant position in the global sleep apnea diagnostic system market over the forecast period. For instance, A pulse oximeter manufactured by Medtronic is known as the Nellcor portable SpO2 patient monitoring device, PM10N. This device is perfect for quick inspections and ongoing monitoring in different healthcare settings as well as at home. It is simple to use and operate because to its ergonomic shape and straightforward design. The availability of these kinds of devices will aid in the expansion of the market.
- Among region, North America is expected to dominate the growth of global sleep apnea diagnostic system market. For instance, According to a study by Clocks and Sleep in February 2022, in Canada, there were more men (16.3%) than women in the category of people with moderate to severe OSA. Another intriguing finding was that 12.9% of participants with moderate to severe OSA were between the ages of 18 and 39. There were 49.4% of those who were obese. In this survey, obesity was categorised as affecting 38% of men and 58% of women.
- Major players operating in the global sleep apnea diagnostic system market include Koninklijke Philips N.V., SOMNOmedics GmbH, Advanced Brain Monitoring, Inc., Braebon Medical Corporation, Becton, Dickinson and Company, Itamar Medical Ltd., FusionHealth, MGC Diagnostics Corporation, Natus Medical Incorporated, SleepMed, Cleveland Medical Devices Inc., BMC Medical Co, Ltd., and ResMed Inc.