Ambulatory Polysomnography (PSG) Systems Market to Exhibit 6.0% CAGR and Generate $570.7 Million by 2031 | Research Dive
The global ambulatory polysomnography (PSG) systems market is expected to grow primarily due to increasing technological advancements. Obstructive sleep apnea sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, July 5, 2023 /PRNewswire/ -- Global Ambulatory Polysomnography (PSG) Systems Market Forecast Analysis:
As per the report published by Research Dive, the global ambulatory polysomnography (PSG) systems market is expected to register a revenue of $570.7 million by 2031 at a CAGR of 6.0% during the forecast period 2022-2031.
Segments of the Ambulatory Polysomnography (PSG) Systems Market
The report has divided the ambulatory polysomnography (PSG) systems market into the following segments:
- Product: up to 12 channel (PSG) systems, up to 24 channel (PSG) systems, up to 32 channel (PSG) systems, and above 32 channel (PSG) systems
- Up to 24 Channel (PSG) Systems – Highest market share in 2021
The increasing demand for better (PSG) systems to provide more accurate and reliable diagnostic data for patients with sleep disorders worldwide is expected to boost the sub-segment in the 2022-2031 timeframe. - Application: obstructive sleep apnea, narcolepsy, chronic insomnia, and others
- Obstructive Sleep Apnea – Most profitable in 2021
The increased prevalence of sleep apnea and other sleep disorders is expected to propel the sub-segment forward. - End user: hospitals, sleep laboratories, and home care settings
- Sleep Laboratories – Most lucrative in 2021
The growing demand for diagnosis and treatment services owing to the rising prevalence of sleep disorders across the globe is anticipated to push the sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
The high prevalence of sleep disorders and the increasing awareness of how they impact overall health, along with the widespread acceptance of innovative medical technologies and a well-developed healthcare system, are predicted to propel the market in the forecast period.
Dynamics of the Global Ambulatory Polysomnography (PSG) Systems Market
A rise in the awareness about sleep disorders among the general population and healthcare professionals is expected to make the ambulatory polysomnography (PSG) systems market a highly profitable one in the forecast period. Additionally, increasing rates of sleep disorders like narcolepsy, sleep apnea, and insomnia, as well as increasing awareness of the importance of getting enough sleep, are predicted to propel the market forward. However, the high cost of ambulatory polysomnography (PSG) systems might become a restraint in the growth of the market.
As more people prefer to undergo diagnostic treatments in the comfort of their own homes, the need for portable (PSG) systems, which can be used outside of healthcare facilities, is growing. This is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the increasing need for accurate and efficient diagnostic technologies to help medical practitioners detect and treat sleep problems as their prevalence rises globally is expected to propel the ambulatory polysomnography (PSG) systems market forward in the coming period.
COVID-19 Impact on the Global Ambulatory Polysomnography (PSG) Systems Market
The outburst of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global ambulatory polysomnography (PSG) systems market. The pandemic had an impact on the supply chain, which hindered the manufacturing and distribution of polysomnography equipment. People, however, wish to improve their sleep quality and overall health as a result of a better understanding of the significance of sleep hygiene. These factors had a significant impact n the market growth amidst the pandemic.
Key Players of the Global Ambulatory Polysomnography (PSG) Systems Market
The major players of the market include
- Natus Medical Incorporated
- Koninklijke Philips N.V.
- Nihon Kohden Corporation
- Löwenstein Medical Technology GmbH + Co. KG.
- Nox Medical
- neurosoft
- SOMNOmedics GmbH
- Compumedics Limited
- Cadwell Industries Inc.
- Neurovirtual / Sleepvirtual
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in March 2020, Nox Medical, a pioneer in the field of sleep diagnosis technology, launched its advanced polysomnographic device, the Nox A1, in North America. The Nox A1 is a potent ambulatory (PSG) device that combines clinical accuracy with smart design, allowing sleep labs to get the most out of their investment by utilizing numerous functionalities in a single unit.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Ambulatory Polysomnography (PSG) Systems Market:
- How Ambulatory Polysomnography (PSG) Systems are Fare Better Than Laboratory Polysomnography (PSG) Systems?
- Global Ambulatory Polysomnography (PSG) Systems Market to Experience Noteworthy Growth with the Increasing Awareness About Sleep Disorders
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