by Sleep testing services play a vital role in diagnosing and treating various sleep disorders such as obstructive sleep apnea, insomnia, restless leg syndrome, narcolepsy, and circadian rhythm disorders. Key technologies involved include Polysomnography (PSG), Actigraphy tests, and home sleep testing devices. These provide comprehensive evaluation of sleep structure and breathing disorders during sleep.The growing awareness about ill-effects of untreated sleep disorders and advantages of early diagnosis are driving more people to opt for sleep testing annually.
The Global Sleep Testing Services Market is estimated to be valued at US$ 9.95 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Sleep Testing Services 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., Carolinas Sleep Services. The rising geriatric population suffering from chronic sleep disorders and growing awareness about ill effects of untreated sleep are expected to offer lucrative growth opportunities. Moreover, increasing penetration across developing regions will further aid global expansion of the market.
Market drivers
One of the key drivers boosting Sleep Testing Services Market Demand is the increasing prevalence of sleep disorders worldwide. As per estimates, over 40 million Americans are reported to suffer from sleep disorders every year. Obstructive sleep apnea (OSA) is one of the commonly occurring disorders affecting over 25 million Americans. Untreated sleep disorders have been linked to serious health issues like heart diseases, diabetes, mental health conditions, and road accidents. Therefore, growth in awareness levels about importance of diagnostic testing and treatment is driving higher adoption of sleep testing services.
PEST Analysis
Political: The sleep testing services market is impacted by regulation and legislation related to reimbursement policies for sleep testing and disorders. Regulations determine coverage and reimbursement for diagnostic sleep testing like polysomnography (PSG).
Economic: Economic factors influencing the sleep testing services market include disposable income levels, rising healthcare costs, availability of health insurance, and demand for cost-effective testing options.
Social: Growing awareness about sleep health and disorders, unhealthy lifestyle habits like increased screen time before bed, and rising stress levels are driving greater social acceptance of sleep treatments and testing.
Technological: Advancements in portable home sleep testing devices and software are allowing for more convenient remote testing options. New AI and digital technologies are helping to improve the accuracy and efficiency of sleep data analysis.
The North America region holds the largest share of the global sleep testing services market currently, driven by factors like growing obesity rates, an aging demographic, and established healthcare infrastructure in countries like the US and Canada.
The Asia Pacific region is projected to experience the fastest growth over the forecast period due to a growing middle class, increasing lifestyle diseases, expanding medical tourism industry, and rising investments toward modernizing healthcare systems in developing nations across Asia.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
