The sleep diagnostic industry is expected to reach USD 2 billion by 2020. Technological advancements in devices for sleep apnea are observed to be the main growth driver. Sleep apnea is a potentially serious sleep disorder. It is characterized by repeated start and stop of breathing. If left untreated, it could lead to heart attacks, stroke, hypertension, diabetes and other serious health problems. Thus its medical diagnosis and treatment is of great importance.
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Apart from sleep apnea, there are other sleep disorders that affect the quality and quantity of sleep on a regular basis. These include insomnia, parasomnias, narcolepsy, etc. Modern lifestyle is full of stress, unhealthy diet and erratic schedules. It has made people across the world more susceptible to sleep issues. Moreover, the awareness regarding sleep apnea and its harmful effects has increased. This is creating huge opportunities for the sleep diagnostic industry.
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Sleep diagnostic devices comprise actigraphy systems, polysomnography devices, respiratory polygraph, and single channel screening devices (i.e. pulse oximeters). Polysomnography is a study that measures oxygen levels, brain waves and body movements to assess how these factors disrupt sleep. It greatly preferred in the diagnosis of sleep apnea. Development of sophisticated technology for this type of study is leading to accurate diagnosis and improved performance. This is likely to sustain demand for polysomnography devices in the coming years.
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Genetic blood tests are often conducted to diagnose narcolepsy. An electroencephalogram assesses electrical activity in the brain and detects related problems. These tests are commonly performed to determine the right course of treatment.
Major geographical markets for sleep diagnostics encompass North America, EU (European Union), Asia Pacific and RoW (Rest of the World). The U.S., Japan, and China are the dominant nations. North America accounted for the largest share in 2014. It was followed by EU and Asia Pacific. Rising geriatric population in North America and the EU should fuel regional demand.
Prominent players in the sleep diagnostic industry are Philips Healthcare, Compumedics Ltd., Whole You, Inc., Fisher & Paykel Healthcare Ltd., and SomnoMed. These and other companies like ResMed, Inc. and Airing LLC are focused on product innovation. Products that offer integration and connectivity in home settings and sleep centers would be in favor from 2015 to 2020. The industry is witnessing an influx of startups owing to the immense growth potential.
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