Market Scenario
Global sleep testing services market analysis expected the market to grow significantly over the forecast period. It is anticipated that the market held a valuation of USD 5.9 billion in 2017 and is projected to grow at a CAGR of 13.2% over the forecast period. Sleep testing services are a set of medical tests that are used to recognize and diagnose sleeping disorders. They record breathing patterns, oxygen levels in blood, leg & eye movements, brainwaves and heart rate.
The factors such as increasing prevalence of sleep disorders, private insurance service providers and heavy adoption of the services by people are expected to propel the growth of the market. However, the high cost associated with sleep testing services can hamper the market growth over the forecast period.
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Regional Analysis
Geographically, 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. Asia-Pacific is expected to be the fastest growing market owing to the rising prevalence of sleep disorders like insomnia, restless leg syndrome, etc. Moreover, the Middle East and Africa region is expected to account for the least market share in the global market.
Segmentation
The global sleep testing services market has been segmented into diagnostic services, treatment monitoring services and end user.
The market, on the basis of diagnostic services, has been segmented into home sleep testing and in-lab sleep testing. In-lab sleep testing is further segmented into electroencephalogram, full polysomnography, CPAP/BiPAP Titration, multiple sleep latency test (MSLT) and maintenance of wakefulness test (MWT).
The global market, on the basis of treatment monitoring services, has been segmented into obstructive sleep apnea, insomnia, restless legs syndrome, circadian rhythm disorders, narcolepsy and rapid eye movement (REM) sleep disorder.
The global sleep testing services market, by end user, has been segmented into hospitals, sleep centers, home care settings and others. The hospitals segments is expected to hold the largest market share owing to high preference of people visiting the hospitals for treating their disorders. Whereas the sleep centers are expected to grow at the fastest market share owing to increasing awareness among patients regarding the sleep centers.
Key Players
Some of the prominent players in the global sleep testing services market are St. Luke’s, Medical Service Company, Midwest Sleep Diagnostics, Inc., Sleep Services Australia, Total Sleep Holdings, Inc., GenesisCare, Carolinas Sleep Services, SleepMed, SOVA Sleep Services, SleepWorks, LLC, HomeSleep, LLC and Others.
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