The Sleep Testing Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Sleep Testing Services Global Market Report 2024, The sleep testing services market size has grown strongly in recent years. It will grow from $7.06 billion in 2023 to $7.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increased awareness of sleep disorders, rise in incidence of sleep apnea, obesity epidemic, increased stress and lifestyle changes, insurance coverage expansion.
The sleep testing services market size is expected to see strong growth in the next few years. It will grow to $10.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to growing emphasis on mental health, development of home sleep testing devices, increasing cases of insomnia, employer wellness programs, patient education and advocacy. Major trends in the forecast period include integration of wearable technology, telemedicine and remote sleep consultations, advanced sleep monitoring devices, collaborations with healthcare providers, research on sleep-related comorbidities.
Increase in the number of patients suffering from sleep disorders is expected to boost the growth of the sleep testing services market going forward. Sleep disorders, also known as sleep-wake disorders, refer to difficulties with the type, quantity, and timing of sleep such as obstructive sleep apnea, parasomnias, narcolepsy, and restless leg syndrome that frequently co-occur with physical ailments or other mental health issues like anxiety, depression, or cognitive disorders. Sleep testing services are used to treat people suffering from obstructive sleep apnea by sharing patient information for the improvement of disease management and recommending a number of treatment approaches for patients. For instance, in May 2023, according to SleepFoundation.org, a US-based non-profit charitable organization providing sleep health information and in-depth product testing, 50 million to 70 million people are suffering from ongoing sleep disorders, which have increased due to post-traumatic stress disorder (PTSD), while 70% of adults suffer from seasonal affective disorder (SAD). Insomnia that interferes with daily activities affects 9% to 15% of the adult US population. Therefore, the increase in the number of patients suffering from sleep disorders is driving the growth of the sleep testing services market.
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The sleep testing services market covered in this report is segmented –
1) By Diagnostic Type: Home Sleep Testing, In-Lab Sleep Testing
2) By Application: Obstructive Sleep Apnea, Insomnia, Rapid Eye Movement (REM) Sleep Disorder, Restless Legs Syndrome, Narcolepsy, Circadian Rhythm Sleeping Disorders
3) By End-User: Sleep Centers, Hospitals, Home Care Settings
New product innovation is a key trend gaining popularity in the sleep testing services market. Major companies operating in the sleep testing services market engage in developing new and improved products as well as adding new features to their products to sustain their position in the market. For instance, in May 2023, Acurable, a UK-based wearable medical device company, launched AcuPebble SA100, its AcuPebble device for the diagnosis of obstructive sleep aponea (OSA) in the US. This device aims to enhance the problematic home sleep aponea testing procedure, allowing for earlier detection, quicker treatment, and improved management of this chronic condition.
The sleep testing services market report table of contents includes:
- Executive Summary
- Sleep Testing Services Market Characteristics
- Sleep Testing Services Market Trends And Strategies
- Sleep Testing Services Market - Macro Economic Scenario
- Global Sleep Testing Services Market Size and Growth
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- Global Sleep Testing Services Market Competitive Benchmarking
- Global Sleep Testing Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The Sleep Testing Services Market
- Sleep Testing Services Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- ResMed Inc.
- Invacare Corporation
- Natus Medical Incorporated
- Marshall Medical Center
- SleepMed Incorporated
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Market HighlightsThe global sleep testing services market 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.Request For Sample Report: https://www.marketresearchfuture.com/sample_request/7275Regional AnalysisGeographically, 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.
