Sleep Disorder Diagnostics Market Rising Rapidly
The market for sleep disorder diagnostic devices earned revenue of $95.6 million in 2013 and estimates this to reach $125.8 million in 2017, according to a report from research firm Frost & Sullivan.
The diagnostic devices covered in the research included clinical polysymnogram (PSG) and ambulatory PSG systems. PSG is a type of sleep study, a multi-parametric test used in the study of sleep and as a diagnostic tool in sleep medicine.
The PSG monitors many body functions including brain (EEG), eye movements (EOG), muscle activity or skeletal muscle activation (EMG) and heart rhythm (ECG) during sleep.
"There is a growing demand for devices that offer integration and connectivity in sleep centers and home settings," Frost & Sullivan health care research analyst Akanksha Joshi said in a statement. "In this environment, cloud-based services could very likely change the dynamics of the market."
The report noted a large pool of undiagnosed patients and the growing population of the elderly in both Europe and North America point to a rapidly growing end-user market for sleep disorder diagnostics devices.
In addition, the market is drawing investors due to the visible tilt in preference from drugs to home care sleep tests that are more convenient and lack side effects.
"Vendors that offer self-help devices have the potential to erode the share of sleep centers that offer sleep tests, as self-help technology can decrease the number of visits to physicians and overnight stays in clinics," Joshi continued. "Overall, a manufacturer that offers accurate data through real-time device connectivity involving the insurer and physicians as well as a precise predictive model for better patient outcomes will elicit greater interest in its product line."
Information technology is playing an increasingly important role in the transformation of the sleep disorder treatment market, the report said.
For instance, user-friendly disruptive technologies that are easy to operate and safe are finding considerable uptake among elderly patients considering their interest in alternatives to medications and traditional sleep disorder tests.
Another factor that could tip the balance in favor of home care devices is the limited availability of technicians, which leads to long waiting hours.
The lower rate of specialized physicians also reduces the total number of tests being conducted, thus reducing the number of sleep centers present.
Furthermore, the market is grappling with the issue of inadequate numbers of technically sound sales personnel, which lowers the number of units sold.
"Despite these considerable challenges, participants can shore up their sales by addressing the specific needs of the elderly," the report concluded. "Manufacturers are already collaborating with sleep centers, primary care physicians, and third-party companies that facilitate the renting of devices to satisfy market needs and build robust relations with customers."