Market Overview
The Polysomnography
Devices Market size is projected to grow from USD 0.29
Billion in 2023 to USD 0.43 Billion by 2032, exhibiting a CAGR of 4.90% during
the forecast period (2023 - 2032).
Market Dynamics
High-quality healthcare facilities,
cutting-edge diagnostic and treatment tools, increasing patient awareness, and
favorable reimbursement policies are all factors fueling the market's
expansion. Demand for easy-to-implement, non-medical treatments is also
expected to develop in tandem with the popularity of at-home sleep-testing
procedures. Companies are focusing on developing new polysomnography devices
with improved performance to fuel market growth over the forecast period. The
primary market drivers boosting the market growth are the high prevalence of
obstructive sleep apnea, the increasing prevalence of sleep apnea-related
comorbidities, and the increased susceptibility of the elderly population to
respiratory ailments.
The increasing incidence of obstructive
sleep apnea (OSA) and the related health issues it is linked to, such as
diabetes, hypertension, obesity, and cardiovascular diseases, is driving up the
demand for polysomnography equipment. It is anticipated that the prevalence and
impact of allied health diseases would increase over time, driving demand for
better diagnostic tools and treatment options. These days, it's not uncommon
for a patient's treatment plan to include the use of actigraphy sensors and
polysomnography devices. New product launches and technological advancements by
key industry players are also contributing to the growth of the market.
Competitive
Analysis
Polysomnography
Devices Market players are CleveMed, Nox Medical, SOMNOmedics GmbH, ResMed,
Cidelec, Vyaire Medical, Koninklijke Philips, Natus Medical, BMC Medical,
Recorders & Medicare Systems, CleveMed, Medicom MTD, Dr. Langer Medical,
Compumedics, Neurovirtual, Contec Medical Systems, and Shanghai NCC Medical.
Market Segmentation
The Polysomnography Devices Market
segmentation, based on Type, includes fixed polysomnography devices and
portable polysomnography devices.
The Polysomnography
Devices Market insights segmentation, based on Application, includes
hospitals, diagnostic laboratories, homecare settings, and others.
Regional Analysis
In 2022, North America's share of the
worldwide polysomnography devices market was 45.80 percent. Increases in the
numbers of people suffering from sleep problems, diabetes, chronic obstructive
pulmonary disease, and cardiovascular disease, as well as more advanced medical
infrastructure and more favorable reimbursement policies, are all factors that
are pushing the industry forward. The market for polysomnography devices was
also greatest in the United States, but the fastest expanding market in North America
was Canada.
The polysomnography devices market in
Europe is second only to that in North America. Regional expansion is primarily
fueled by a number of factors, including an aging population, a high incidence
of chronic sleep disorders, increased productivity and reduced costs as a
result of technological advances, and the presence of well-established research
institutions. Additionally, the market for polysomnography devices in Germany
was the largest in the world, while the market in the United Kingdom was the fastest
growing in Europe.
From 2023 to 2032, the market for
polysomnography devices in Asia Pacific is anticipated to grow at the quickest
CAGR. This is because of the general increase of living standards and medical
care. Market growth is anticipated in this space as a result of several
factors, including an increase in the number of OSA patients and the prevalence
of respiratory ailments and chronic diseases like obesity and diabetes that are
associated to sleep apnea. In addition, the Polysomnography Devices market in
China accounted for the greatest part of the overall market, while the
Polysomnography Devices market in India grew at the highest rate in the
Asia-Pacific.
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