New York, USA, June 14, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global ambulatory polysomnography (PSG) systems market is projected to generate a revenue of $570.7 million and rise at a CAGR of 6.0% during the analysis timeframe from 2022 to 2031.
As per our analysts, the increasing demand for ambulatory (PSG) systems owing to the rising awareness of sleep disorders among individuals as well as healthcare professionals is expected to foster the growth of the ambulatory polysomnography (PSG) systems market over the analysis timeframe. Besides, the early detection and treatment of sleep disturbances may reduce the risk of developing various health issues such as diabetes, heart disease, and many more. This is expected to increase the growth of the market over the forecast period.
Moreover, the growing technological advancements such as using wireless technology, incorporating AI and ML algorithms, and downsizing hardware to create more complex and cutting-edge (PSG) systems are expected to provide immense growth opportunities for the market during the estimated period. However, the high cost of ambulatory polysomnography (PSG) systems may hamper the growth of the market over the analysis timeframe.
Segments of the Ambulatory Polysomnography (PSG) Systems Market
The report has divided the market into segments based on product, application, end-user, and region.
Product: Up to 24 Channel (PSG) systems Sub-Segment to be Most Profitable
The up-to-24-channel (PSG) systems sub-segment generated the highest market share in 2021. The increasing demand for more sophisticated (PSG) systems that offer precise diagnoses of sleep disorders by tracking eye movements, heart rate, brain waves, muscle activity, and many more parameters is expected to amplify the growth of the market sub-segment over the analysis timeframe.
Application: Obstructive Sleep Apnea Sub-Segment to be Most Productive
The obstructive sleep apnea sub-segment registered the largest revenue in 2021. This is mainly due to the rising incidences of sleep apnea and various other sleep disorders among individuals. Moreover, the increasing demand for ambulatory (PSG) equipment to monitor sleep apnea among individuals is predicted to augment the growth of the market sub-segment during the forecast period.
End-User: Sleep Laboratories Sub-Segment to be Most Beneficial
The sleep laboratories sub-segment held the biggest market share in 2021. This is majorly due to the increasing need for diagnosis and treatment services owing to the growing incidences of sleep disorders among people across the globe. Additionally, the growing need for (PSG) systems in sleep labs due to the rising patient population is expected to bolster the growth of the market sub-segment over the estimated period.
Region: North America Region Held the Maximum Market Share in 2021
The North America region of the ambulatory polysomnography (PSG) systems market generated the largest market share in 2021. This is mainly due to the increasing prevalence of sleep-related problems among individuals across the region. Moreover, the growing awareness about the importance of early detection and treatment of sleep disorders among patients and healthcare providers is expected to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Ambulatory Polysomnography (PSG) Systems Market
The rise of the Covid-19 pandemic devastated various industries including the ambulatory polysomnography (PSG) systems market. Most people stopped visiting hospitals and clinics for non-urgent treatments, including sleep testing to avoid the risk of getting infected during the pandemic. This has decreased the demand for ambulatory polysomnography systems over that period. Additionally, the disruption in the supply chain slowed down the creation and distribution of polysomnography machinery. However, the willingness of people to enhance their sleep quality and general health is expected to create wide growth opportunities for the market throughout the crisis.
Key Players of the Ambulatory Polysomnography (PSG) Systems Market
The major players of the ambulatory polysomnography (PSG) systems market include
- Löwenstein Medical Technology GmbH + Co. KG.
- Cadwell Industries Inc.
- Neurosoft
- Nox Medical
- SOMNOmedics GmbH
- Nihon Kohden Corporation
- Compumedics Limited
- Natus Medical Incorporated
- Neurovirtual / Sleepvirtual
- Koninklijke Philips N.V
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in June 2021, Onera Health, a leader in nanoelectronics and digital technologies, announced the launch of its new Polysomnography (PSG) device and received a CE Certificate of Conformity for developing innovative sleep (PSG) systems. This innovation would transform the outdated, and expensive process of traditional sleep testing.
Further, the report also presents other vital aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
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