Sleep Testing Services Market Size of Projection, Sales, Regional Expected Growth Till 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 Synopsis:
Sleep testing services refers to medical tests that assess and identify sleep disorders in patients. The global sleep testing services market, as per the report circulated by Market Research Future (MRFR), is anticipated to strike a double-digit CAGR of 13.2% across the assessment period 2018 to 2023. It also states that the market is set to scale a decent valuation by 2023, up from USD 5.9 Bn in 2017.
Changing lifestyle has led to irregular sleeping patterns, especially among the working population. This, in turn, has triggered sleeping disorders among the masses at large. It is anticipated to influence the expansion of the sleep testing services market greatly in the years to come. Also, rising awareness about the availability of treatments is poised to boost the revenue generation for the market players. However, the high cost of these tests is likely to check the growth pace of the sleep testing services market in the forthcoming years.
Market Segmentation:
The segments of the global sleep testing services market, based on diagnostic services, are in-lab sleep testing and home sleep testing. The in-lab sleep testing segment has been further sub-segmented into CPAP/BiPAP titration, full polysomnography, multiple sleep latency test (MSLT), electroencephalogram, and maintenance of wakefulness test (MWT).
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On the basis of treatment monitoring services, the sleep testing services market has been segmented into insomnia, obstructive sleep apnea, restless legs syndrome, narcolepsy, circadian rhythm disorders, and rapid eye movement (REM) sleep disorder. Among these, the obstructive sleep apnea segment is anticipated to hold the most substantial share of the market as it has been observing a constant rise in the patient population. In addition, the insomnia segment is also poised to exhibit rapid developments at the highest CAGR over the next couple of years.
The end-users identified in the segmental analysis of the global sleep testing services market are hospitals, home care settings, sleep centers, and others.
Regional Assessment:
The geographical analysis of the global sleep testing services market spans across Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific. Americas is projected to dictate the expansion of the global market owing to the presence of a huge patient population. Unhealthy food pattern and sedentary lifestyle have led to the expansion of the sleep testing services market in the region. It is poised to exhibit a similar trend over the next couple of years. Meanwhile, Asia Pacific sleep testing services market is expected to mark a relatively higher CAGR across the projection period.
Competitive Dashboard:
The increasing burden of sleep disorders is encouraging an influx of new entrants into the global sleep testing services market. The rising number of healthcare technology startups has unleashed developmental opportunities to the market and a rise in mergers & acquisitions, collaborations, and partnerships are being observed. This, in turn, is anticipated to maintain healthy competition among the competitors over the next couple of years, thus, supporting the expansion of the sleep testing services market.
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, and HomeSleep, LLC. are the noted players assessed in this MRFR report for presenting an informative insight into the market foresight.
Key players are focusing on growth strategies such as product development, technological innovation, product launches, etc. for tapping on the opportunities in the market. Case to the point is, in June 2019, Israel-based Itamar Medical, Caesarea, has announced that it has received 510(k) clearance from the U.S. Food & Drug Administration (FDA) for WatchPAT One, its latest disposable Home Sleep Apnea Test (HSAT).
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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