Heightened Awareness, Coupled with Expanding Patient Pool, Stimulates Sleep Apnea Diagnostics and Sleep Services Market, Says Frost & Sullivan
Innovative R&D Approaches are the Need of the Hour
LONDON, May 16, 2012 /PRNewswire/ -- The sleep apnea diagnostics devices market has witnessed a gradual increase in revenue due to heightened demand caused by improved awareness. The market is currently in the development phase of its life cycle, with growth largely dependent on the degree of awareness of sleep apnea and reimbursement policies.
New analysis from Frost & Sullivan (http://www.patientmonitoring.frost.com), Strategic Analysis of Sleep Apnea Diagnostic and Sleep Services Market in Europe, finds that the market earned revenues of $84.5 million in 2010 and estimates this to reach $151.3 million in 2017. The research covers clinical PSG, ambulatory PSG and screening devices as well as services in hospital and non-hospital based sleep labs.
"The increasing number of patients reporting sleep disorders, coupled with improved awareness about sleep-related chronic illnesses, has resulted in greater demand for sleep diagnostics and therapeutic services in Europe," notes Frost & Sullivan Research Analyst Somsainathan. "Independent sleep research organisations are aiming to create awareness and motivate investments into R&D in order to support technological advances in treating sleep disorders."
The market for sleep apnea diagnostics and sleep services in Europe is gaining momentum mainly due to the drive to improve public awareness about the ill effects of sleep disorders and their relation to other chronic health issues. Various organisations, including the World Sleep Foundation and the European Sleep Research Society, have contributed significantly to these awareness campaigns.
"Interdisciplinary studies are highlighting the need for non-independent data management software, wherein results from PSG can be integrated into one system, to provide the most effective data," remarks Somsainathan. "This demand for comprehensive solutions and systems will promote mutual alliances and partnerships with equipment manufacturers."
Sleep labs in clinics and sleep centers have been facing financial constraints, as healthcare budgets across Europe shrink. Similarly, the distribution network in Europe for diagnostic devices is unorganised and not well streamlined. There is a shortage of specialised distribution personnel in various parts of Europe, as regulations and policies differ from country to country.
"Currently, less than 3% of GDP is allocated towards healthcare, making it difficult to allocate funds for preventive treatments in cases like sleep disorders," explains Somsainathan. "This adversely affects investments and has the potential to negatively influence market growth."
It is imperative to design strategies that increase and simplify diagnosis and provide cost-effective solutions that justify the investment. It is important to boost resources, enabling companies to capitalise on the market's potential and the current requirements of the population.
"The market needs quality R&D that yields innovative products supporting cost-effective, out-of-lab diagnoses," concludes Somsainathan. "This will help meet screening demands, cut short waiting lists at sleep clinics and increase market penetration."
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Strategic Analysis of Sleep Apnea Diagnostic and Sleep Services Market in Europe is part of the Patient Monitoring Growth Partnership Services programme, which also includes research in the following markets: Strategic Analysis of the European Telemedicine Market, European Market for Interventional Oncology Technology, Western and Eastern European Multiparameter Patient Monitors Market and European Cardiac Patient Monitoring Solutions Outlook. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Strategic Analysis of Sleep Apnea Diagnostic and Sleep Services Market in Europe
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