Unprecedented, constructive disruption to drive the Sleep Service Providers Market
The Sleep Service Providers Market is slated to witness exponentiation going forward. The IoMT (Internet-of-Medical-Things) is already transforming every walk of life, including healthcare. Healthcare IT has let both – patients and doctors carry/download information about each other anywhere and anytime through their smartphones/tabs. In other words, more connectivity translates to better access to data, thereby rendering better healthcare for patients. This would be the future of the healthcare vertical in the upcoming period.
The sleep testing services market is expected to be valued at US$ 20 Bn by the end of 2031, expanding at a robust CAGR of 9.5% over the next ten years. Full polysomnography sleep testing enjoys as strong penetration in in-lab sleep testing services, owing to the reliable outcome and diversified scope in terms of disease diagnosis. Moreover, ready availability of reimbursement and higher awareness level of PSG tests are positively impacting the growth of full polysomnography testing segment in 2020.
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Reimbursement policies are playing a vital role in sleep disease diagnosis, and are also responsible for the commercial success of home-based sleep testing solutions. Preference in the leading market of North America is shifting from laboratory-based sleep testing services to home sleep testing services owing to lower cost and easy availability of services.
- 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.
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An increasing number of individuals diagnosed with sleep disorders is expected to promote the use services. In-lab sleep testing services sub-segment accounted for approximately 2/3 share of the diagnostic sleep testing services segment share in 2020. However, the segment is expected to witness the reduction in terms of market growth owing to increase in adoption of cost-effective and less time-consuming home sleep testing services over the forecast period.
On the basis of service type, the sleep testing services market is segmented into diagnostic services and treatment monitoring. Diagnostic sleep testing services are segmented into in-lab sleep testing and home sleep testing. In-lab sleep testing services segment is further sub-segmented into electroencephalogram, full polysomnography, CPAP/BiPAP Titration, multiple Sleep Latency Test (MSLT), and maintenance of wakefulness test (MWT).
Full polysomnography test sub-segment is expected to witness highest growth potential during the forecast period. High revenue from this sub-segment is attributed to high cost of full PSG sleep testing. However, the in-lab sleep testing sub-segment is anticipated to witness a significant growth in terms of revenue, owing to transition to home sleep testing services.
By sleep disease treatment monitoring, the market is sub-segmented into Obstructive Sleep Apnea, Insomnia, Restless Legs Syndrome, Circadian Rhythm Sleeping Disorders, Narcolepsy, and Rapid Eye Movement (REM) sleep disorder. Obstructive Sleep Apnea the most prevalent condition and this segment held around half of the total market share in 2020, and is expected to remain dominant over the forecast period.
On the basis of an end user, the sleep testing services market is segmented into Hospitals, Sleep Centers, and Home Care Settings. Sleep center end users accounted for largest revenue share in 2020 owing to strong penetration of sleep testing services across sleep clinics. However, home care setting end user segment is projected to outperform in terms of revenue growth during the forecast period, reflecting a steady CAGR.
On the basis of geography, the sleep testing services market is segmented into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. A growth of the North America sleep services market is driven by favorable reimbursement policies and high awareness of sleep disease. However, there is significant variation in reimbursement policies for sleep testing services across European countries, which is promoting a growth of home-based sleep testing services across the region.
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Large patient population, the popularity of medical tourism services and low cost of sleep testing services are driving the growth of the Asia Pacific sleep testing services market.
The report begins with an overview of the sleep testing services market in terms of value, and a detailed analysis of key trends, drivers and restraints, and opportunities. Impact analysis of key growth drivers and restraints based on the weighted average of each of these factors in a model-based approach is included in the report. The report provides in-depth information on the potential scope of high-end confirmatory testing kits to provide clients with crystal clear decision-making insights.
The sleep service providers are mostly competing in local markets of their respective geographies. These sleep service providers are competing on the basis of high-end service, which has increased the overall prices of sleep services, especially in North America. However, ongoing research in home sleep testing and government support to HST testing over in-lab testing is expected to change the role and responsibility of sleep technicians in future.
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