Home sleep apnea testing devices market to witness growth
Increasing prevalence of sleep apnea across the globe coupled with consolidating trend towards home testing is likely to inflate home sleep apnea testing devices market demand. Incidences of Obstructive Sleep Apnea (OSA) have become frequent, with an incredibly high number of people still remaining undiagnosed.
Highly effective service offered by home devices is likely to augment home sleep apnea testing devices business share. Also, in-laboratory testing is more expensive as compared to home testing, which has favored the adoption of the at-home variant.
In addition, with several home sleep apnea testing devices market participants investing large amounts on development of innovative products, the market is slated to further consolidate in the coming years.
According to the latest research report published by Global market Insights, home sleep apnea testing devices market share is anticipated to register a $1.4bn valuation by 2025.
On the basis of structure, non-wired devices have gained significant traction among patients and is likely to exhibit substantial growth. Non-wired devices are easy to use, cost effective, and comfortable to wear while sleeping. These devices are installed with advanced in-built biosensors to enhance comfort of patients. Such advantages offered by non-wired devices are likely to increase product demand over the coming years. Home sleep apnea testing devices market forecast report estimates that non-wired devices segment will register a 14.5% CAGR over 2019-2025.
Portable home sleep apnea testing devices provide better diagnostic performance, satisfaction, and reliability. They offer easy preparation, effortless handling, less cleaning, and reduced time. Moreover, portable home sleep apnea devices improve workflow efficiency by generating digitalised reports. In 2018, portable home sleep apnea testing devices industry accounted for more than 80% share in the global industry and is expected to exhibit similar growth patterns in near future.
The number of people suffering from Obstructive Sleep Apnea (OSA) has surged globally, which will escalate home sleep apnea testing devices business size. OSA is partial or complete collapse of airway, which results in arousal from sleep due to reduced oxygen saturation. According to WHO, incidences of sleep apnea have increased ten times, from about 100 million in 2017 to approximately 1 billion in 2019.
According to the latest report by the Public Health Agency of Canada, more than 5.5 million Canadian adults are presently suffering or are at a very high risk of acquiring sleep apnea disorder. Also, it has been estimated that almost 80% of patients with sleep apnea are undiagnosed till date. Thus, amplifying incidences of sleep apnea in Canada and elevating growth rate of undiagnosed patients will spur home sleep apnea testing devices business expansion. Canada home sleep apnea testing devices market is likely to register growth at a CAGR of 19% over 2019-2025.
Given the growing demand for home sleep apnea testing devices, companies operating in the market are striving to expand their customer base. For example, in March 2019, ResMed acquired HB Healthcare (HBH) to consolidate its respiratory care portfolio and multiply their customers. Some other prominent business participants are Koninklijke Philips, Itamar Medical, Natus Medical, SOMNOmedics, SleepMed, and Nox Medical.
You can view the report here.