Polysomnography Devices Market Size to Hit USD 0.43 Billion by 2032 at 4.90% CAGR – Report by Market Research Future (MRFR)

New York, USA, June 13, 2023 (GLOBE NEWSWIRE) — Polysomnography Devices Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Polysomnography Devices Market Information By Type, Application, Region and Forecast Till 2032,” the market is projected to grow from USD 0.29 Billion in 2023 to USD 0.43 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.90% during the forecast period (2023 – 2032). 

Polysomnography (PSG) devices are used by sleep medicine professionals in a sleep laboratory to record and analyze sleep patterns by comparing parameters such as reporting, amplifier specifications, lab management software details, video options, and more. Polysomnography device market trends include rising sleep disorders and the growing adoption of sleep testing services. 

Market scope

Polysomnography is a sleep study conducted in home care settings and clinics to diagnose sleeping disorders like periodic limb movement disorder, narcolepsy, unexplained chronic insomnia, and sleep apnea. During these tests, heart rate, brain waves, eye & leg movements, breathing & oxygen level in blood are observed.  

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High rates of obstructive sleep apnea, rising numbers of sleep apnea-related comorbidities, and an aging population more susceptible to respiratory diseases are the key market drivers enhancing the market growth. The growth in stress levels has led to more patients suffering from sleep disorders and increased the polysomnography devices market size.

Also, there is a vast change in the working cycle of the population because of the remote working culture, which has enabled the outsourcing of work from one region to another. This, coupled with growth in diabetic patients and obesity index due to poor lifestyle and eating habits, propel the market growth.  

Report Scope:

Polysomnography Devices Market Competitive Landscape

The global polysomnography devices market has tier-1 and tier-2 players with global reach with diverse product portfolios. These players lead the market owing to their product differentiation, strategic developments, financial stability, and diversified regional presence. The players concentrate on supporting research and development. They embrace strategic approaches, such as product development & introduction, joint ventures (JVs), and partnerships, to strengthen their market position and capture an extensive customer base. 

For instance, on Apr. 29, 2022, a group of researchers in Taiwan announced the development of a mouth puffing device for mouth breathing and OSA disorders. The new mouth-puffing detector (MPD) can explore mouth breathing and the effect of mouth taping in patients with OSA. Researchers have also confirmed that they have tested and gathered data from the mouth-puffing detector designed for home use.

In another instance, on Apr. 28, 2022, Onera Health (The Netherlands) announced that FDA has cleared its at-home sleep diagnostic device, the Onera STS system, for polysomnography studies. Eindhoven is Onera’s patch-based technology that aims to transform the outdated, cumbersome, and expensive process of traditional sleep testing. Achieving FDA 510(k) clearance is a critical milestone for Onera’s commitment to helping its customers deliver better access to patient care.

The newly cleared system and Onera’s digital health platform support an end-to-end PSG service, enabling and simplifying clinical-grade sleep studies with no upfront investment at a fixed fee per test. Onera plans a commercial launch for this end-to-end sleep monitoring system in Europe in the second half of 2023 and the launch with selected partnerships to the American market before the commercialization begins. 

Leading polysomnography devices market players include

• Nox Medical
• CleveMed
• SOMNOmedics GmbH
• Cidelec
• ResMed
• Vyaire Medical
• Natus Medical
• Koninklijke Philips
• BMC Medical
• CleveMed
• Recorders & Medicare Systems
• Medicom MTD
• Compumedics
• Dr. Langer Medical
• Neurovirtual
• Shanghai NCC Medica
• Contec Medical Systems. 

Polysomnography Devices Market Trends

The rising number of patients with various sleeping disorders, such as sleep apnea, insomnia, obstructive sleep apnea (OSA), and others, exerts a huge economic burden on the country’s healthcare system. The factors presumed to fuel the growth of the polysomnography devices market are favorable reimbursement policies and the growing frequency of sleep disorders. 

Private insurance providers also cover the expense and expenditure of sleep testing services, thus permitting more people to use this service. This ultimately boosts the demand for polysomnography devices in the global market. Furthermore, as people become older, their sleeping patterns change. An older person’s overall sleep time stays the same or reduces compared to a younger one. 

Also, a person who is obese is more likely to undergo insomnia, which increases the demand for sleep studies to treat health-related sleep disorders. Furthermore, the growing economic burden of these disorders has forced the government and other private and non-profit organizations to promote awareness about these diseases among general individuals. 

Polysomnography Devices Market Segmnetation

The polysomnography devices market is segmented into types, applications, and regions. The type segment is sub-segmented into fixed and portable polysomnography devices. The fixed polysomnography devices segment holds the largest market share due to advances in new gadgets that improve performance. However, the portable polysomnography devices segment is likely to perceive considerable growth during the forecast period, growing at the highest rate. 

The affordability and capacity to assess the patient’s condition outside of sterile laboratory settings drive the segment growth. The application segment is sub-segmented into hospitals, diagnostic laboratories, homecare settings, and others. Of these, diagnostic laboratories are the largest segment, and the homecare settings segment experiences the highest CAGR due to the rising popularity of home sleep testing among patients.

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Also, growing numbers of insurance providers and the advantageous reimbursement environment drive these segments’ growth. By region, the global market of polysomnography devices has been divided into the Americas, Europe, Asia-Pacific, and the Rest of the World. North America holds an extensive market share, while Asia-Pacific exhibits the highest CAGR.

Polysomnography Devices Market Regional Analysis

North America dominates the global market of polysomnography devices due to many major key players in this region. Besides, favorable reimbursement scenarios and substantial healthcare expenditure foster the market size of polysomnography devices. The broad uptake of new technologies in the US is a key driver for regional market growth. 

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Europe stands second in the global market of polysomnography devices. The market is primarily driven by the resurging economy in the region and rising per capita healthcare expenses. The European market of polysomnography devices is expected to grow at a considerable CAGR during the assessment period. 

APAC is growing at the highest CAGR during the review period. This is because polysomnography devices are quite affordable for patients in the Asia-Pacific region. Besides, rapid growth in the sleep testing services market in this region boosts favorable revenue growth. The APAC polysomnography devices market will exhibit strong growth potential during the forecast period.

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