GLOBAL OBSTRUCTIVE SLEEP APNEA DIAGNOSTICS MARKET SIZE  (2023 - 2030)

The Global Obstructive Sleep Apnea Diagnostics Market was valued at USD 0.94 billion and is projected to reach a market size of USD 1.49 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6.8%. 

Market Overview: 

Obstructive Sleep Apnea is the most common form of sleep disorder Sleep Apnea, where breathing repeatedly stops and starts when the throat muscles relax and do not allow for a normal breathing process. It is a condition where the upper airway dysfunctions during sleep and is distinguished by snoring and/or elevated respiratory effort and may result in pharyngeal collapsibility. It is a sleep disorder that results in a remarkable decrease in airflow along with increased breathing effort. Almost 85-90% of OSA patients are likely to remain undiagnosed that indicates unmet medical attention which needs to be addressed. The major factor for sleep apnea is excess body weight or obesity. It has also been estimated that 58% of moderate to severe OSA is attributable to this. 

COVID-19 Impact on the Obstructive Sleep Apnea Market: 

The COVID-19 pandemic brought crucial challenges to healthcare systems and public health policies worldwide since it required unconventional treatment and prevention strategies to adjust to the impact of the pandemic. Social and economic modifications that came with lockdowns and shutdowns caused by the pandemic, along with the traditional problems regarding treatment access and adherence certainly worsened during the period and aggravated the conditions further. It impacted the most vital areas of the obstructive sleep apnea diagnostics market. Due to trade bans and travel restrictions around the globe, a decline in diagnostics and surgical procedures could be observed. There was a notable reduction in hospitals and sleep laboratory-based diagnoses of obstructive sleep apnea as the labs were shut down in the first half of 2020. 

Market Drivers: 

The growing prevalence of obstructive sleep apnea is rising the market demand size: 

Obstructive Sleep Apnea is a condition where normal breathing is restricted while sleeping due to muscle movements in the throat. The major causes of this include obesity, hypertension, diabetes (Type 2), and other cardiovascular diseases. Due to the adoption of a sedentary lifestyle along with the increase in stress-related habits such as alcohol intake and tobacco consumption among the youth it has now become more prevalent in the community. More and more people are being recognized and diagnosed with this sleep disorder rising the demand for its diagnostic market.  

Rising awareness of the disorder among people in developed nations is boosting the market growth: 

With the increase in awareness among people due to various steps taken by the government and independent health organizations for healthcare and well-being, more people are taking preventive measures and are going for regular check-ups, screenings, and tests. Also, several counseling programs and camps are also being organized at the community level support. These are a few factors that are leading to an increased size of the Obstructive Sleep Apnea Diagnostics market. 

The increasing geriatric population is driving the Obstructive Sleep Apnea Diagnostics market: 

According to a report by the National Library of Medicine, Obstructive Sleep Apnea is more prevalent in people of age 60 and above as they are more prone to other diseases that co-exist with the sleep disorder. And with the rise in the population of elderly people in almost every country, the size of people dealing with sleep apnea is also increasing. According to WHO, by 2030, 1 in every 6 people will be aged 60 years or over in the world. This shift in the population demographic is predicted to affect the obstructive sleep apnea diagnostics market hugely driving the market in the forecast period.  

Increased technological advancements developments are bolstering the market opportunities: 

The increase in demand for sleep disorder diagnostic devices has given rise to increased R&D requirements obtaining huge capital investments in the medical device industry. Increased competition, integration of advanced technologies like IoT, AI, and AR in healthcare devices, and continuous innovations through research and development in the field are sure to bound lucrative opportunities in the market boosting the global market size of the Obstructive Sleep Apnea Diagnostics market. 

Market Restraints: 

Lower access to diagnostic devices in developing nations is hindering market growth:  

The low accessibility of Sleep Apnea Diagnostic devices can be attributed to the high cost of these devices. Due to this, there may be a shortage, and may not be readily available in many underdeveloped and developing economies restraining the growth of the global market size for the Obstructive Sleep Apnea Diagnostics market.  

Lack of awareness in underdeveloped and developing countries is slowing down the market growth: 

The OSA diagnostics market size is restrained in developing nations as well as in some underdeveloped countries as the awareness remains lower. Many people in developing countries are known to neglect their regular health check-ups and have really low knowledge levels about hypertension and the complications associated with it. This makes it difficult for all the players to have any profit in the developing regions narrowing down the scope and hindering the growth of the OSA Diagnostics market size. 

GLOBAL OBSTRUCTIVE SLEEP APNEA DIAGNOSTICS MARKET REPORT COVERAGE:

This research report on the Application Server Market has been segmented and sub-segmented based on Product Type, End-Use, Region, and Key Companies. 

Obstructive Sleep Apnea Diagnostics Market - Product Type  

• Finger Tip Oximeter 

• Respiratory Polygraph 

• Actigraphy Monitoring Device 

• Sleep Apnea Screening Device 

• Polysomnography Device (PSG) 

• Others 

Based on product type, the Obstructive Sleep Apnea Diagnostics market is segmented into six categories – Finger Tip Oximeter, Respiratory Polygraph, Actigraphy Monitoring Device, Sleep Apnea Screening Device, Polysomnography Device, and others.  

Polysomnography dominates the global obstructive sleep apnea diagnostic devices market with the majority of the revenue share, almost 60.0%. This massive share is due to the development of new devices extending enhancement in their performances.  

The Respiratory Polygraph segment is anticipated to be the fastest-growing segment and is likely to witness a remarkable growth rate over the outlook period. This growth can be due to its cost-effective nature and adaptability in settings other than artificial laboratories. 

Obstructive Sleep Apnea Diagnostics Market - End-Use  

• Home Care Settings 

• Hospitals & Sleep Laboratories 

Based on end-use type, the Obstructive Sleep Apnea Diagnostics market is segmented into two categories – Home Care Settings and Hospitals and Sleep Laboratories.  

The Hospitals and Sleep Laboratories segment holds the largest share of revenue and dominates the global diagnostics market. Owing to its popularity in the industry, more people prefer visiting hospitals and sleep labs for their sleep diagnoses as more equipment and facilities are provided there for regular monitoring of sleep apnea.  

Obstructive Sleep Apnea Diagnostics Market – Region. 

• North America 

• Europe 

• Asia-Pacific 

• South America 

• Middle-East and Africa 

North America dominates the market with a major revenue share of 45.2%. The ever-increasing incidence of sleep disorders, a growing patient pool enduring cardiovascular diseases, diabetes, and hypertension along with a technologically advanced healthcare system, and a better reimbursement process for such health disorders are some of the key factors propelling the market growth in the region. 

Asia-Pacific obstructive sleep apnea diagnostic devices market is also anticipated to project lucrative growth over the forecast period due to constantly ameliorating healthcare infrastructure and economic development. Further, an increasing number of patients suffering from OSA along with the growing prevalence of cardiovascular diseases and chronic conditions such as obesity and diabetes linked with sleep apnea are very likely to fuel the market growth in the region.  

Obstructive Sleep Apnea Diagnostics Market – Key Companies 

1. Somonomedics GmbH  

2. Smith Group plc 

3. ResMed Inc. 

4. Nihon Kohden Corp. 

5. Natus Medical Inc. 

6. Mindray Medical International Ltd. 

7. Medtronic plc 

8. Koninklijke Philips N.V. 

9. Devilbiss Healthcare LLC 

10. Cadwell Industries Inc. 

The competition is exceptionally fierce among key players in the market owing to the rise in demand for sleep apnea diagnostic devices along with the growing prevalence of sleep apnea. It is anticipated to favor the new entrants due to the rising awareness, technological enhancements, and acceptance of these devices. Further, companies are enlarging their products and portfolios and scaling their reach in the form of mergers, acquisitions, and collaborations to increase their share in the market. These factors are estimated to help in creating a robust product portfolio and will help in gaining more lucrative opportunities in the market.  

Recent Industry Developments: 

• In October 2021, ResMed, a California-based medical equipment company launched the next-gen PAP device to treat OSA.  

• In February 2021, Nyxoah SA, a manufacturer of OSA stimulator devices, collaborated with Vanderbilt University to create new solutions for neurostimulation for the treatment of OSA.