The sleep testing devices market size has the potential to grow by USD 234.62 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by product (HSTD and in-facility devices) and geographic landscape (Asia, Europe, North America, and ROW). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including BMC Medical Co. Ltd., Cidelec, Compumedics Ltd., Itamar Medical Ltd., Koninklijke Philips NV, Natus Medical Inc., Nihon Kohden Corp., ResMed Inc., SOMNOmedics GmbH, and VirtuOx Inc.
Market Overview
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Market Competitive Analysis
The sleep testing devices market is fragmented. BMC Medical Co. Ltd., Cidelec, and Compumedics Ltd. are some of the major market participants. Vendors in the market are competing based on strategic collaborations, M&As, market expansion, investments in market growth initiatives, and distribution networks. Key vendors offer a range of sleep testing devices and have substantial financial, sales, marketing, and distribution resources. Although the rising demand for non-invasive diagnostic tests will offer immense growth opportunities, limitations associated with sleep testing devices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this sleep testing devices market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this sleep testing devices market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- BMC Medical Co. Ltd.
- Cidelec
- Compumedics Ltd.
- Itamar Medical Ltd.
- Koninklijke Philips NV
- Natus Medical Inc.
- Nihon Kohden Corp.
- ResMed Inc.
- SOMNOmedics GmbH
- VirtuOx Inc.
Sleep Testing Devices Market: Segmentation by Geography
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Asia will offer several growth opportunities to market vendors during the forecast period. The rising prevalence of sleep disorders, the presence of vendors with technological advances in countries such as Japan, and the growing purchasing power are some of the factors that will significantly drive the sleep testing devices market growth in this region over the forecast period.
Almost 33% of the market’s growth will originate from Asia during the forecast period. Japan is the key market for sleep testing devices in Asia. Market growth in this region will be faster than the growth of the market in other regions.
Sleep Testing Devices Market: Segmentation by Product
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Home sleep testing (HST) devices are small, portable, lightweight, and cost-effective and integrated with sensors to track oxygen saturation, heart rate, and airflow to diagnose sleep disorders such as sleep apnea, without intervention by a technician at home. These devices are usually preferred for elderly and chronically ill patients and for patients with no insurance coverage or with high deductibles on their insurance plans. Also, home testing devices are used for people who are obese and suffer from sleep disruptions.
The sleep testing devices market share growth by the HSTD this segment will be faster than the growth of the market by the in-facility segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the sleep testing devices market size.
Sleep Testing Devices Market: Key Drivers and Trends
The increasing prevalence of sleep disorders such as obstructive sleep apnea, insomnia, and narcolepsy are causing various health conditions such as headaches and chronic pain and anxiety. This has increased the need for sleep testing devices that record the oxygen level in blood, brainwaves, heartbeat, and breathing. Furthermore, end-users such as home care, hospitals, and sleep centers in developed and developing countries usually prefer non-invasive diagnostic tests as they enable rapid and accurate diagnosis of sleep disorders with no incisions. Moreover, non-invasive diagnostics reduce patient morbidity and mortality rates by providing improved treatment along with early disease detection in real-time. As a result, the sales of non-invasive diagnostic tests such as polysomnography and actigraphy, which are painless, are increasing.
- Wearable sleep testing devices are lightweight electronic devices with micro-controllers worn directly on the body or incorporated into clothing.
- Devices such as smart wrist bands are connected to the Internet, which enables data to be exchanged between a network and the device for diagnosis of sleep disorders.
- The benefits of wearable sleep testing devices include early diagnosis, the scope for personalization to enable improved visibility of health status daily, and remote data sharing with healthcare providers.
- The growing preference for wearable sleep testing devices will drive market growth.
- The sleep testing devices market is expected to grow at a CAGR of over 6% during 2020-2024.
Sleep Testing Devices Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive sleep testing devices market growth during the next five years
- Precise estimation of the sleep testing devices market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the sleep testing devices industry across Asia, Europe, North America, and ROW
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of sleep testing devices market vendors
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