The global sleep apnea diagnostic system market is estimated to exhibit a 7.3% CAGR [compound annual growth rate] by value during the assessed period, owing to numerous factors. This is according to Future Market Insights’ “Sleep Apnea Diagnostic System Market: Global Industry Analysis and Opportunity Assessment, 2016-2026” report, which delivers key insights on the global sleep apnea diagnostic system market.
The home care settings segment is likely to witness a significant CAGR of 8.0% in the next 10 years in value terms. The actigraphy monitoring device product type segment is estimated to register a significant value CAGR of more than 8% during the forecast period.
The factors powering demand for sleep apnea diagnostic systems are increasing healthcare expenditure on home care testing equipment and wearable devices, according to Future Market Insights. Increasing prevalence of obstructive sleep apnea is likely to lead to significant growth in cost incurred for treatment of sleep apnea, which is anticipated to create demand for more advanced devices for diagnosis of sleep apnea.
Reimbursement companies adopt a more favorable policy towards HST [home sleep testing] over in-lab testing. Thus, rising demand for equipment and wearable devices used in HST testing is in turn expected to drive global sleep apnea diagnostic system market growth.
However, most patients suffering from sleep apnea do not know the difference between general sleeping disorders and normal snoring problems. Moreover, most patients are inclined towards symptomatic treatment. This is projected to inhibit the global sleep apnea diagnostic system market growth in the next few years.
Portable monitoring is used as an alternative test for obstructive sleep apnea as it is less expensive on account of its portability and requires less space. Also, it is quicker to initiate the process as compared to in-laboratory polysomnography testing. Owing to its usability as a device for ambulatory testing, the polysomnography segment is likely to witness moderate growth in the coming years.
The home care settings segment is projected to witness robust growth due to better patient compliance as compared to the in-labs testing segment.
Due to high obesity rates and improper lifestyles, the adoptability of sleep apnea services are higher in the North America region. Introduction of updated devices and owing to the simple and easy process of their regulatory approval, the market in North America is creating a positive impact on the global sleep apnea diagnostic system market.
This report assesses trends driving the growth of each segment of the global as well as regional markets and offers potential takeaways that could prove substantially useful to sleep apnea diagnostic system manufacturers looking to enter the global sleep apnea diagnostic system market. The North America market has been estimated to dominate the global sleep apnea diagnostic system market, accounting for maximum revenue share of the market by 2016 end. Collectively, North America and Western Europe markets are expected to account for approximately 66% revenue share of global sleep apnea diagnostic system market by 2016 end. Western Europe is projected to exhibit a significant CAGR of 7.4% between 2016 and 2026, followed by the Japan sleep apnea diagnostic systems market.