Sleep Service Providers Market

Market Snapshot

Persistence Market Research has released a latest industry survey on sleep testing services market, which depicts market valuation of approximately US$ 8 Bn in 2021. The study has projected the market to increase 2.5X by the end of the decade, expanding at a robust CAGR of around 9.5%. The North American region astoundingly amounts for 1/2 of the global market share, according to this industry research on sleep testing services.

Key Points Covered in Sleep Testing Services Market Survey:

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, country-wise, and region-wise analysis
• Competition mapping and benchmarking
• Brand share and market share analysis
• Key product innovations and regulatory climate
• COVID-19 impact on sleep testing services and how to navigate
• Recommendation on key winning strategies

Sleep Testing Services Market Trends

Instances of sleeping disorders and demand to diagnose and treat these disorders has increased substantially, as the quality of life decreases due to questionable sleeping habits and practices. A good sleep is a very important aspect to maintain a healthy life, and this has now started to be capitalized by many firms.

• MedCall Advisors, a telehealth firm, recently launched a sleep medicine practice that gives patients access to video appointments, at-home sleep studies, and treatments. The firm is now also partnering with Ectosense, which has designed an at-home sleep apnea test device that can be secured on a finger. As sleep apnea is one of the most undiagnosed sleep disorder around the world, this new alliance is expected to change the diagnostic and treatment landscape for sleep apnea.
• Well Necessities and Vital Sleep are two of the fastest-growing private companies in the United States. These companies were initially started as sleep testing firms, but now the President and Founder Lea Desmarteau sees them as more than that.

With increasing awareness regarding sleep testing services, the global market is expected to see a substantial boost over the coming years.

Market Overview

Sleep study/polysomnography is a type of test conducted to diagnose sleep disorders. Sleep study test records brain waves, oxygen level in blood, heart rate, and breathing, and eye and leg movements.

A sleep study is usually conducted in a laboratory/clinic and in home care settings. A sleep study is conducted to diagnose various sleep disorder conditions such as sleep apnea, periodic limb movement disorder, narcolepsy, REM, sleep behavior disorder, unexplained chronic insomnia, and others.

This study considers the revenue generated through sleep services conducted across clinics as well as in home care settings. The report also includes physician cost and out-of-pocket cost incurred by the patient. However, the report does not consider the cost of medication prescribed for the patient after diagnosis.

Fathoming the Depth of Sleep Testing Services market

A sleep study is usually conducted in clinics and home care settings. In the U.S., a high cost of sleep testing is a matter of concern for patients undergoing sleep testing. As such, the sleep testing services market represent itself as one among the premium services in the healthcare sector, especially in the U.S. Thus, the overall cost of in-lab sleep testing services is substantially high in the U.S.

The scenario is similar in the Australian market, as sleep testing services follow a similar cost pattern as the U.S. However, sleep testing services across European and Asian countries is quite affordable for patients. Hence, the sleep services market is expected to witness promising revenue growth in these regions.

Competitive Landscape

Some of the key sleep clinics profiled in the report are 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., and Carolinas Sleep Services.

Sleep Testing Services Market Segmentation:

FAQs Answered in Market Study

• What is the market valuation for sleep testing services?

  The global sleep testing services market is worth around US$ 8 Bn in 2021.

• What are the important sleep testing services market statistics for the decade?

  Global sleep testing services are estimated to be worth around US$ 20 Bn by end of 2031, increasing at a healthy CAGR of 9.5%.

• What was the market CAGR in the past 5 years?

  The sleep testing services market expanded at a stellar CAGR of 12.2% over the past 5 years.

• What the market share is held by tier-1 players in the industry?

  Tier-1 sleep testing service providers hold approximately 25% of the global market share.

• Which countries are spearheading demand for sleep testing services?

  The U.S., Canada, France, Germany, and U.K. are foremost in the demand for sleep testing services.

• What is the outlook for sleep testing services in Germany?

  Germany holds approximately 20% market share in the European region.

• What market share is held by Japan and South Korea in the APAC region?

  Japan holds a substantial share of 16% and South Korea a minimal share of 3% in the Asia Pacific region.

• What is the North American market share for sleep testing services in 2021?

  North America accounts for a whopping 52% of global sleep testing services market share in 2021.

• What aspects guide the outlook of the sleep testing services industry?

  Prevalence of sleeping disorders has led to increase in demand for sleep diagnostic services. Popularity of home sleep testing is fueling market expansion.

• What trends are prevalent in the sleep testing services industry?

  Appealing insurance policies for home sleep testing along with transition of sleep testing services from diagnostic testing to integrated care are prominent trends in this landscape.