New York, United States , July 25, 2024 (GLOBE NEWSWIRE) -- The Global Sleep Testing Services Market Size is to Grow from USD 5.8 Billion in 2023 to USD 8.7 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.14% during the projected period.
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The industry that offers diagnostic testing for sleep disorders is referred to as the worldwide sleep testing service. It entails assessing sleep problems and patterns using techniques like home sleep apnea testing and polysomnography. Both remote or home-based testing utilizing portable equipment and in-person testing at clinics are offered on the market. Accurate diagnosis and treatment of sleep problems is the focus of service providers, medical experts, and equipment makers. It is anticipated that the market for sleep testing services will grow due to several factors, including advantageous reimbursement procedures and the rising incidence of sleep disorders. The increasing prevalence of sleep disorders in the U.S. including conditions like obstructive sleep apnea and insomnia, is imposing a substantial economic burden on the healthcare system. Efforts are needed to raise awareness, improve diagnostics, and expand access to therapy options to address this growing public health challenge. The global sleep testing services market is set to experience significant growth in the forecast period, fueled by the mandatory requirement of home sleep testing (HST) imposed by insurance service providers. However, the population's lack of knowledge about methods to treat sleep-related medical disorders combined with the scarcity of treatment facilities in developing countries prevents the worldwide market for sleep testing services from growing to its full potential.
Browse key industry insights spread across 265 pages with 110 Market data tables and figures & charts from the report on the "Global Sleep Testing Services Market Size, Share, and COVID-19 Impact Analysis, By Diagnostic Services (Home Sleep Testing, In-Lab Testing, Multiple Sleep Latency Test (MSLT)), By Application (Obstructive Sleep Apnea, Insomnia, Restless Legs Syndrome, Circadian Rhythm Sleeping Disorders, Narcolepsy, and Rapid Eye Movement (REM) Sleep Disorder), By End-User (Hospitals, Sleep Centers, In-Home Care), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The home sleep testing segment is anticipated to hold the greatest share of the global sleep testing services market during the projected timeframe.
Based on the type, the global sleep testing services market is divided into home sleep testing, in-lab testing, and multiple sleep latency tests (MSLT). Among these, the home sleep testing segment is anticipated to hold the greatest share of the global sleep testing services market during the projected timeframe. Due to its technological advancements, simplicity, and efficacy. By offering a more natural sleeping environment and accurate results, HST complies with patient preferences.
The obstructive sleep apnea segment is anticipated to hold the largest share of the global sleep testing services market during the projected timeframe.
Based on the component, the global sleep testing services market is divided into obstructive sleep apnea, insomnia, restless legs syndrome, circadian rhythm sleeping disorders, narcolepsy, and rapid eye movement (REM) sleep disorder. Among these, the obstructive sleep apnea segment is anticipated to hold the largest share of the global sleep testing services market during the projected timeframe. Sleep disturbances during sleep and serious health concerns are the hallmarks of the most common type of sleep disorder, obstructive sleep apnea.
The hospital segment is predicted to hold the greatest share of the sleep testing services market during the estimated period.
Based on the application, the global sleep testing services market is divided into hospitals, sleep centers, and in-home care. Among these, the hospitals segment is predicted to hold the greatest share of the sleep testing services market during the estimated period. With so many different diagnostic and treatment options available, hospitals are well-positioned to provide accurate sleep problem diagnoses and tailored care to their patients. The dominant status of hospitals in the market for sleep testing services is further reinforced by their well-established presence and exceptional reputation.
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North America is expected to hold the largest share of the global sleep testing services market over the forecast period.
North America is expected to hold the largest share of the global sleep testing services market over the forecast period. Changing lifestyles, increasing disposable income, the presence of notable industry players, an increase in the prevalence of respiratory diseases, growing awareness of obstructive sleep apnea (OSA), and supportive government initiatives are some of the factors contributing to the region's market dominance.
Asia Pacific is predicted to grow at the fastest pace in the global sleep testing services market during the projected timeframe. Due to their increased likelihood of experiencing sleep issues, the region's aging population is driving up demand for sleep testing services. Also, the sleep testing services market in China had the most market share, while the sleep testing services market in India had the quickest rate of growth in the Asia-Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global sleep testing services market include Circle Health Group, Cleveland Clinic, Competence Center of Sleep Medicine, Imperial College Healthcare NHS Trust, ResMed, Singapore Neurology & Sleep Centre, Singular Sleep, LLC, Sleep Management Institute, Interdisciplinary Center of Sleep Medicine, International Institute of Sleep, Koninklijke Philips N.V., Korea University Medicine, London Sleep Centre, MedStar Health, Millennium Sleep Lab, Omni Sleep Health, Others.
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Recent Developments
- In February 2024, EnsoData, a business that analyzes sleep data using artificial intelligence, and the International Institute of Sleep teamed together.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global sleep testing services market based on the below-mentioned segments:
Global Sleep Testing Services Market, By Diagnostic Service
- Home Sleep Testing
- In-Lab Testing
- Multiple Sleep Latency Test (MSLT)
Global Sleep Testing Services Market, By Application
- Obstructive Sleep Apnea
- Insomnia
- Restless Legs Syndrome
- Circadian Rhythm Sleeping Disorders
- Narcolepsy
- Rapid Eye Movement (REM) sleep disorder
Global Sleep Testing Services Market, By End User
- Hospitals
- Sleep Centers
- In-Home Care
Global Sleep Testing Services Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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