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 trends 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.
Sleep testing services market size 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.
Competitive Landscape:
The global market is getting ample traction from several companies like SOVA Sleep Services, HomeSleep, LLC, SleepWorks, LLC, GenesisCare, Total Sleep Holdings, Inc., SleepMed, Medical Service Company, Carolinas Sleep Services, Midwest Sleep Diagnostics, Inc., Sleep Services Australia, and St. Luke's. The global market is also getting boosted by the rising inclusion of new entrants who are impacting the market with their innovative strategies. This makes the competition strong and helps the market in growing further.
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Segmentation:
The global sleep testing services market, as reported by MRFR analysts, has been segmented for a detailed study based on treatment monitoring services, diagnostic services, and end user.
By Diagnostic Services
- Home Sleep Testing
- In-Lab Sleep Testing
By Treatment Monitoring Services
- Insomnia
- Restless Legs Syndrome
- Obstructive Sleep Apnea
- Narcolepsy
- Circadian Rhythm Disorders
- Rapid Eye Movement (REM) sleep disorder
By End users
- Home Care Settings
- Sleep Centers
- Hospitals
- Others
Regional Analysis
By region, the sleep testing services market covers growth opportunities and latest trends across Americas, Europe, Asia Pacific and Middle East and Africa.
The Americas will remain at the helm during the forecast period owing to growing incidence of sleep disorders here coupled with growing popularity of sleep testing services by the American people. The sleep testing services market in Europe is predicted to have the second major share owing to growing awareness about sleep testing services.
In the APAC region, the sleep testing services market is predicted to grow at the fastest pace during the forecast period on account of the increasing occurrence of sleep disorders. On the other hand, the sleep testing services market in the Middle East and Africa will have minimal share and is predicted to grow through a developing healthcare infrastructure.
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Industry News:
In June 2020, Onera Health announced that they received around USD 2.8 million from the European Innovation Council Accelerator to develop its medical-grade remote care to help chronic patients and patients have trouble with sleep. This initiative is especially to bolster the review of how people are reacting to post-COVID conditions. Experts are expecting some spike in PTSD cases in healthcare support providers, which may also get help from such a developmental process.
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