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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