Sleep Testing Services Market Size is Projected to Reach USD 7717 Million by 2028, Growing at a CAGR of 7.5%: Zion Market Research
NEW YORK, United States, June 08, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Sleep Testing Services Market Report 2022 – 2028” in its research database. According to the latest research study, the demand of global sleep testing services market size was worth at around USD 4124 million in 2021. The market is expected to grow above a CAGR of 7.5% and is anticipated to reach over USD 7717 million by 2028.
Sleep Testing Services Market Overview:
Sleep disorders or sleep apnea can lead to multiple and extremely critical health issues like stroke, hypertension, cardiomyopathy which is the enlargement of heart muscle tissue, diabetes, or heart failure making sleep testing a critical aspect of a healthy lifestyle. These medical conditions can be fatal in many cases. Some of the major repercussions of sleep disorders are regular breathing stoppage during the sleep cycle, loud snoring, and fatigue during the day.
Although sleep apnea can affect any person, it is generally observed amongst older men who may be overweight. It occurs in around 25% of the male population and 10% of the female population and can include even children or infants. Some of the traits of sleep-related disorders are large neck, overweight, and enlarged tonsils, especially in the case of obstructive sleep apnea. The global sleep testing services market is run by diagnostic methods like home sleep tests or polysomnograms.
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Key Insights from Primary Research
- As per the analysis, the sleep testing services market share is likely to grow above a CAGR of around 7.5% between 2022 and 2028.
- The sleep testing services market size was worth around US$ 4124 million in 2021 and is estimated to hit approximately US$ 7717 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- One of the major reasons for the recent growth witnessed in the global sleep testing services market is the post effects of Covid-19 and the rise in the anxiety-related stress observed amongst the population.
- Based on diagnostic type, the home sleep testing segments can be used for restricted conditions whereas in-lab sleep tests provide comprehensive results, thus leading the segment.
- On the basis of region, the North America to dominate the global market during the projection period.
Competitive Players:
The report contains qualitative and quantitative research on the global Sleep Testing Services market, as well as detailed insights and development strategies employed by the leading competitors. Some of the main players in the global Sleep Testing Services market include;
St. Luke’s Center of Sleep Medicine, SleepMed Inc., Total Sleep Holdings Plc., Natus Medical Incorporated, Sleep Services Australia, Midwest Sleep Services Inc., Genesis SleepCare, Carolinas Sleep Services, SOVA Sleep Services IncMedical Service Company, and ResMed Inc.
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Market Dynamics:
In the last 2 years, because of the rise in remote work culture or general comfort of staying and operating many aspects of one’s life from home has resulted in an increased prevalence of sedentary lifestyle. There is a lack of physical activity amongst many age groups because they have grown accustomed to a stationary way of living which has ultimately led to a large population suffering from medical conditions like insomnia, diabetes, and heart-related conditions which affect sleeping patterns. The rising number of medical cases reported for anxiety and panic attack-related problems is also a growing concern along with poor eating habits.
All of these reasons are expected to propel the global sleep testing services market growth during the projection period. With technological advancements, the methods, techniques, or equipment used to treat sleep disorders have also seen significant growth thus being able to treat even the most complex sleep-related conditions. This has helped healthcare professionals to widen their patient database which is also encouraged by growing R&D related to medical treatments along with the opening of multiple small and large-scale treatment facilities, aiding the global market expansion.
The high cost associated with sleep testing services and lack of proper awareness amongst the population about the treatment of sleep-related medical conditions is expected to restrict the global market growth. The untapped market is expected to provide lucrative global market growth opportunities under conditions like easy accessibility of medical treatment along with patient-friendly medical reimbursement policies.
The prevailing ignorance amongst patients towards the proper treatment of sleep disorders may pose challenges to global market growth.
Sleep Testing Services Market: Segmentation Analysis
The global sleep testing services market is segmented based on application, diagnostic type, end-user, and region
The global market based on application is segmented into obstructive sleep apnea, insomnia, REM sleep disorder, restless leg syndrome, narcolepsy, and circadian rhythm sleeping disorders. The segment is expected to be dominated by insomnia and restless leg syndrome in the coming years.
Based on diagnostic type the global market segments are home sleep testing and in-lab sleep testing. The in-lab sleep testing is segmented into CPAP/BiPAP titration, multiple sleep latency test, electroencephalogram, full polysomnography, and maintenance of wakefulness test. The home sleep testing segments can be used for restricted conditions whereas in-lab sleep tests provide comprehensive results thus leading the segment. Based on end-users, the segments are sleep centers, hospitals, and home care settings where hospitals lead the segment because of their presence across regions in higher numbers.
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Sleep Testing Services Market By Application, By Diagnostic Type, By End User, And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028
Regional Analysis:
North America is expected to dominate the global sleep testing services market because of the high acceptance and awareness rate of the general population about sleep-related disorders and their treatment. The technologically advanced health facilities are able to cater to the needs of a larger section of the population owing to their greater efficiency in treating complex sleep-related issues as well while also offering medical reimbursements and patient-friendly healthcare-related rules.
Europe and Asia-Pacific are projected to generate significant revenue because of the rising investments in healthcare and the presence of many well-equipped sleep testing facilities along with increasing population and medical cases. The regions may grow because of the growing interest of foreign investors to tap markets like China and India which have huge potential in the healthcare field.
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2021 | USD 4,124 Million |
| Market Forecast in 2028 | USD 7,717 Million |
| Growth Rate | CAGR of 7.5% |
| Base Year | 2021 |
| Forecast Years | 2022- 2028 |
| Key Companies Covered | St. Luke’s Center of Sleep Medicine, SleepMed Inc., Total Sleep Holdings Plc., Natus Medical Incorporated, Sleep Services Australia, Midwest Sleep Services Inc., Genesis SleepCare, Carolinas Sleep Services, SOVA Sleep Services IncMedical Service Company, and ResMed Inc. |
| Segments Covered | By Application, Diagnostic Type, End-User, and Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Recent Industry Developments:
- In September 2021, the US Food and Drugs Administration allowed Phillips to rework the previous malfunctioning first-generation DreamStation devices. The rework will include replacing PE-PUR sound abatement foam with new material to enhance the working of the device along with getting rid of previous issues.
- In October 2021, the acquisition of Ectosense by Resmed Inc. which was initially a minor investor in Ectosense will now allow Resmed Inc. to expand its consumer database in countries like New Zealand, Australia, and the USA, EU territories, and India. Ectosense will be operating in the Sleep and Respiratory Care business of ResMed Inc.
The global sleep testing services market is segmented as follows:
By Application
- Sleep apnea
- Insomnia
- REM sleep disorder
- Restless leg syndrome
- Narcolepsy
- Circadian rhythm sleeping disorders.
By Diagnostic Type
- Home sleep testing
- In-lab sleep testing
- CPAP/BiPAP titration
- Multiple sleep latency test
- Electroencephalogram
- Full polysomnography
- Maintenance of wakefulness test
By End-User
- Sleep centers
- Hospitals
- Home care settings
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Sleep Testing Services industry?
- What are the main driving factors propelling the Sleep Testing Services Market forward?
- What are the leading companies in the Sleep Testing Services Industry?
- What segments does the Sleep Testing Services Market cover?
- How can I receive a free copy of the Sleep Testing Services Market sample report and company profiles?
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Application, Diagnostic Type, End-User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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