Along with the rising popularity of wearable sleep trackers and adoption of new digital technologies a series of niche markets have started to emerge, including one for home sleep apnea testing devices.
Last Tuesday, Global Market Insights Inc. (GMI) released data from its research report on that niche market.
That data indicated that the market value for those devices would ascend to US$3.3 billion by 2030.
The home sleep apnea testing devices market is also anticipated to have a compound annual growth rate (CAGR) of 16.8 per cent between 2022-2030 primarily due to a growing patient population seeking trustworthy state-of-the-art sleep apnea devices, according to GMI.
Home sleep apnea tests are often classified as Type 3 or 4, and GMI says that the Type 4 segment of the market held 24 per cent of the industry share in 2021. That segment is also anticipated to register US$828 million in revenue value by 2030.
GMI says that its full report identifies a robust interest from leading companies in the industry to develop innovative and portable Type 4 tests designed for diagnosing sleep-disordered breathing, therefore encouraging consumers and patients to make sleep study machines a valued feature in their households.
The Type 3 segment held a 65 per cent share of market revenue in 2021 and is expected to be worth over US$2.24 billion by 2030.
The market research and consulting service provider references a testing device called ApneaLink Air developed by ResMed Inc. (NYSE: RMD, ASX: RMD) as an example of efforts made to develop innovative testing technologies for the industry.
GMI says this device is a lightweight, compact, user-friendly and reliable sleep testing gadget in the Type 3 category.
Continued efforts to develop innovative products like these will continue to propel market growth forward, according to GMI.
Asia Pacific will be the key hub for the industry, according to the organization. The company cites that the market value within that region is anticipated to be worth over US$830 million by 2030, largely attributed to a growing elderly population susceptible to sleep disorders, advancements in home healthcare technology and a growing rate of privatization and prevalence of health insurance penetration.
GMI is an American global market research and consulting service provider headquartered in the state of Delaware that serves corporations, government agencies, non-profits and universities. The company offers business intelligence reports, industry research data, growth consulting services and customized research reports.
According to GMI, key market players involved with the development of innovative products within the industry include Compumedics Limited (ASX: CMP), SOMNOmedics GmbH, Cadwell Laboratories Inc., SleepMed, Contec Medical Systems and several others.