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 share 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.
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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.
Segmentation:
The global sleep testing services market, as reported by MRFR analysts, has been segmented for a detailed study on the basis of treatment monitoring services, diagnostic services, and end user. These segments and their data with statistics are expected to support market growth during the forecast period.
- By Diagnostic Services, the global market report containing details of the sleep testing services market comprises home sleep testing and in-lab sleep testing. The in-lab sleep testing can be segmented into full polysomnography, electroencephalogram, multiple sleep latency test (MSLT), CPAP/BiPAP titration, and maintenance of wakefulness test (MWT).
- By Treatment Monitoring Services, the global market report has been segmented into insomnia, restless legs syndrome, obstructive sleep apnea, narcolepsy, circadian rhythm disorders, and rapid eye movement (REM) sleep disorder. The obstructive sleep apnea segment has the largest market share as a large number of people reported that they are suffering from the disease. The insomnia segment can be defined as the fastest-growing segment during the forecast period as the number of people having trouble with this is rising.
- By End users, the report on the sleep testing services market includes home care settings, sleep centers, hospitals, and 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. 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.
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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.
In June 2020, EnsoData announced that it received funding worth USD 9 million to develop technologies based on artificial intelligence that would monitor the health standard. The company is planning to launch new AI products for sleep and neurology segments and expand their partnerships with academic medical centers, sleep clinics, home sleep testing providers, enterprise health systems, and integrated diagnostic testing facilities.
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