Sleep Testing Services Industry: Business Opportunities, Competition & Key Companies, Current Trends and Challenges 2023

Sleep Testing Services Market Research Report: by Diagnostic Services (Home Sleep Testing, In-Lab Sleep Testing), by Treatment Monitoring Services (Obstructive Sleep Apnea, Insomnia, Narcolepsy, Others), by End User (Hospitals, Other) – Global Forecast Till 2023

Market Highlights
The global Sleep Testing Services Industry is anticipated to hold a market value of USD 5.9 billion in the year 2017 and is expected to grow at a CAGR of 13.2% during the forecast period. Sleep testing services are used to diagnose sleep disorders by recording heart rate, breathing patterns, brain waves, eye movements, leg movements, etc.
Rising prevalence of sleep disorders, increasing awareness about sleep testing services and technological advancements related to sleep testing services are expected to drive the growth in the market over the forecast period. According to an article published in the Psychiatry Research magazine by Science Direct published in July 2018, global prevalence of restless leg syndrome (a sleep disorder) is 14.8%.  However, high costs of the sleep testing services can restrain the market growth over the assessment period.

Regional Analysis
Geographically, the Americas is expected to dominate the global market owing to the high prevalence of various sleep disorders, rising awareness about the sleep testing services. According to an article published by the National Institute of Neurological Disorders and Stroke in July 2018, 135,000 to 200,000 people in the US are affected by narcolepsy, which is a disorder that affects the sleep-wake cycle of a person. Europe is expected to hold the second largest position in the global market owing to the increasing awareness about sleep testing services. Asia-Pacific is expected to be the fastest growing market owing to the rising prevalence of sleep disorders like insomnia, restless leg syndrome, etc. Moreover, the Middle East and Africa region is expected to account for the least market share in the global market.

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Segmentation
The global sleep testing services market has been segmented into diagnostic services, treatment monitoring services and end user.
The market, on the basis of diagnostic services, has been segmented into home sleep testing and in-lab sleep testing. In-lab sleep testing is further segmented into electroencephalogram, full polysomnography, CPAP/BiPAP Titration, multiple sleep latency test (MSLT) and maintenance of wakefulness test (MWT).
The global market, on the basis of treatment monitoring services, has been segmented into obstructive sleep apnea, insomnia, restless legs syndrome, circadian rhythm disorders, narcolepsy and rapid eye movement (REM) sleep disorder.
The global sleep testing services market, by end user, has been segmented into hospitals, sleep centers, home care settings and others. The hospitals segments is expected to hold the largest market share owing to high preference of people visiting the hospitals for treating their disorders. Whereas the sleep centers are expected to grow at the fastest market share owing to increasing awareness among patients regarding the sleep centers.
Key Players
Some of the prominent players in the global sleep testing services market are St. Luke’s, Medical Service Company, Midwest Sleep Diagnostics, Inc., Sleep Services Australia, Total Sleep Holdings, Inc., GenesisCare, Carolinas Sleep Services, SleepMed, SOVA Sleep Services, SleepWorks, LLC, HomeSleep, LLC and Others.

 

 

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