Sleep Testing Services Market Scope
As per the reports by MRFR, theSleep Testing Services Market researchreport has estimated the industry size at USD 6.9 billion in 2022. It is anticipated that the market for sleep testing services will increase from USD 7.2 billion in 2023 to USD 10.8 billion by 2032, with a compound annual growth rate (CAGR) of 5.20% over the five-year forecast period (2023-2032).
Market Drivers
The sleep testing services were carried out all across the globe in either lab services or home clinics during the nighttime. The global sleep testing services market has witnessed massive growth over recent years. The growth of the market is being driven by the factors such as the increasing prevalence of unexplained chronic insomnia, Narcolepsy, the rising awareness to acquire treatment for sleeping disorders, increasing awareness about the availability of various therapies and treatments, and the increasing government initiatives and online assessment tasks post by governmental organizations. However, the prolonged wait time for acquiring sleep services is likely to affect the growth of the sleep testing services market.
Segment Analysis
The global market for sleep testing services is divided into several segments based on diagnostic services, treatment monitoring, end-users, and region.
By diagnostic services, the global sleep testing services market is divided into Maintenance of Wakefulness Test (MWT), CPAP/BiPAP Titration, electroencephalogram, home sleep testing, Multiple Sleep Latency Test (MSLT), and full polysomnography, in-Lab testing.
Based on treatment monitoring, the sleep testing services market is bifurcated into rapid eye movement (REM) sleep disorder, circadian rhythm sleeping disorders, insomnia, obstructive sleep apnea, narcolepsy, and restless legs syndrome.
The sleep testing services market is divided into home care settings, sleep centers, and hospitals based on end-user.
Regional Analysis
The global sleep testing services market is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East Africa.
At present, the European regional sleep testing market has been experiencing noteworthy growth. The regional market's growth is primarily being driven by the affordable range of services in European countries. Furthermore, the factors such as increasing initiatives in the region, well-developed medical infrastructure, and growing awareness regarding the disorder are also anticipated to significantly impact market growth over the review timeframe.
For the regions such as Australia and the United States, the Sleep Test Services are costlier. The sleep test services are considered premium health services and are anticipated to witness a minor drop due to the rising Sleep Testing Services' costs. However, the sleep testing services market demand is likely to boost up in the Americas due to the region's rising sleep disorder cases.
Competitive Analysis
The Global market for sleep testing services has an intensely competitive landscape with many players spread worldwide. The market players focus on adopting new strategies such as partnerships, mergers, and product developments to grow their businesses.
The list of prominent players in thesleep testing services market reportincludes companies such as Carolinas Sleep Services, St. Luke's Center of Sleep Medicine, Sleep Services Australia, SOVA Sleep Services Inc., Midwest Sleep Services Inc., Total Sleep Holdings Plc., Genesis SleepCare., Medical Service Company, SleepMed Inc., and several others.
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