Sleep Apnea Diagnostics Market Expected to reach $0.55 Billion by 2030

Sleep Apnea Diagnostics Market Report, published by Allied Market Research, Predicted that the global sleep apnea diagnostics market was valued at $290.50 million in 2020, and is projected to reach $545.09 million by 2030, registering a CAGR of 6.7% from 2021 to 2030. Sleep apnea is a serious sleep disorder that decreases or stops the patient’s breathing patterns during sleep. In some cases, this pause in breathing (called apnea) can last 10 seconds or longer, and it can occur 30 times or more in an hour. Symptoms of sleep apnea include daytime sleepiness, loud snoring, and restless sleep. Approximately 18 million Americans suffer from sleep apnea, while only 20% have been diagnosed and treated.

Increase in geriatric population as well as a surge in prevalence of sedentary lifestyle disorders such as obesity and diabetes, as well as considerable increase in awareness about sleep apnea drive the growth of the market. Furthermore, technical developments to make products more convenient for users as well as a notable increase in sleep apnea diseases are driving market expansion. However, the market is expected to be hampered by the high cost of sleep apnea treatment tools, restricted reimbursement for these devices, and low patient compliance. On the contrary, the progressive rise in popularity of home healthcare equipment is expected to provide attractive development opportunities for the global market in the near future.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. supply chains were disrupted due to restrictions on trade of pharmaceutical ingredients and products across countries. In addition, COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. In its disruption to clinical trials and drug supply to patients, the COVID-19 pandemic has impacted the most crucial areas of the sleep apnea diagnostics market. The banned trade with other nations and enforced travel restrictions, resulting in decline in diagnostics and surgical procedures in the first half of 2020. According to the study published in the British Journal of Surgery, around 28.4 million elective procedures were cancelled or postponed in May 2020, based on a 12-week period of peak disruption to hospital services due to COVID-19. There has been a significant reduction in hospitals and sleep laboratory-based diagnosis of sleep apnea.

The global sleep apnea diagnostics market is segmented into product, end user, and region. Depending on product, the market is fragmented into polysomnography (PSG) devices, actigraphy systems, respiratory polygraph, sleep apnea screening device, oximeter, and others. On the basis of end user, it is bifurcated into sleep laboratory & hospital and home healthcare. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By product, the polysomnography device (PSG) segment was the major revenue contributor in 2020, and is expected to maintain this dominance throughout the forecast period. This is attributed to the wide use of PSG devices in hospitals & sleep labs, as PSG enables the doctor to monitor varied parameters of sleep apnea, such as brain activity, muscle activity, and breathing activity to get a comprehensive interpretation of what disorder the patient is suffering from.

By end user, the market is divided into hospital & sleep lab and homecare. The hospital & sleep lab segment dominates the global sleep apnea diagnostics market, owing to the preference among patients to visit hospitals for the diagnosis of sleep apnea. In addition, sleep labs possess different equipment and medical settings required to monitor sleep apnea.

North America accounted for the highest market share in 2020, due to availability of advance therapeutics, higher spreading of awareness, and heavy expenditure by the government on healthcare, followed by Europe and Asia-Pacific regions contribution in the growth of market. Pharmaceutical companies have focused on expanding their presence in emerging economies, which is anticipated to drive the market growth.

Key Findings Of The Study

• On the basis of product, the polysomnography device (PSG) segment held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
• On the basis of end user, hospital & sleep lab segment held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
• On the basis of region, North America is expected to experience growth at the highest rate, registering a CAGR of 5.7% during the forecast period.