Sleep Testing Services Market Overview
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. 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.
There are plentiful factors that is boosting the growth of the sleep testing services market. These factors as per the Market Research Future (MRFR) report include increasing incidence of sleep disorders, technological advancements associated to sleep testing services, increasing awareness regarding sleep testing services and private insurance providers covering up the expenditure and cost of sleep testing services. On the contrary, the soaring price related to sleep testing services may hinder the growth of the sleep testing services market during the forecast period.
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Sleep Testing Services 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).
· 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.
Sleep Testing Services Market 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. Of these, 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.
Sleep Testing Services Market Players
· Midwest Sleep Services Inc.
· SleepMed Inc.
· SOVA Sleep Services Inc.
· Medical Service Company.
· Sleep Services Australia.
· Genesis SleepCare.
· St. Luke’s Center of Sleep Medicine.
· Total Sleep Holdings Plc.
· Carolinas Sleep Services
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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.
