Sleep Disorder Industry Awakens to the Dawn of a new Era
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By HospiMedica International staff writers Posted on 23 Mar 2014 |
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A large pool of undiagnosed patients and the growing population of the elderly in both Europe and North America point to a massive end-user market for sleep disorder diagnostics devices. These are the latest findings of Frost & Sullivan (Frost; London, United Kingdom), an international market research firm.
A visible tilt in preference from drugs to home care sleep tests that are more convenient and lack side effects are causing the sales of ambulatory polysomnogram devices to far outstrip the sale of clinical devices. Among the main factors transforming the sleep disorder treatment market is the advancement of information technology, leading to patient friendly, easy to operate, and safe devices. This ease of use is leading to considerable uptake among elderly patients that are interested 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. Furthermore, the market is grappling with the issue of inadequate numbers of technically sound sales personnel, which lowers the number of units sold.
“There is a growing demand for devices that offer integration and connectivity in sleep centers and home settings. In this environment, cloud-based services could very likely change the dynamics of the market,” said Frost & Sullivan healthcare research analyst Akanksha Joshi. “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.”
According to the Frost report, 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. Frost & Sullivan has found that the US and European market for sleep disorder diagnostic devices earned revenue of USD 95.6 million in 2013, and estimates this to reach USD 125.8 million in 2017.
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Frost & Sullivan
A visible tilt in preference from drugs to home care sleep tests that are more convenient and lack side effects are causing the sales of ambulatory polysomnogram devices to far outstrip the sale of clinical devices. Among the main factors transforming the sleep disorder treatment market is the advancement of information technology, leading to patient friendly, easy to operate, and safe devices. This ease of use is leading to considerable uptake among elderly patients that are interested 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. Furthermore, the market is grappling with the issue of inadequate numbers of technically sound sales personnel, which lowers the number of units sold.
“There is a growing demand for devices that offer integration and connectivity in sleep centers and home settings. In this environment, cloud-based services could very likely change the dynamics of the market,” said Frost & Sullivan healthcare research analyst Akanksha Joshi. “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.”
According to the Frost report, 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. Frost & Sullivan has found that the US and European market for sleep disorder diagnostic devices earned revenue of USD 95.6 million in 2013, and estimates this to reach USD 125.8 million in 2017.
Related Links:
Frost & Sullivan
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