Sleep Testing Services Market Overview
Sleep testing services market held a valuation of USD 5.9 billion in 2017 and is projected to grow at a CAGR of 13.2% over the forecast period.
Sleep testing services market expansion is being fueled by rising prevalence of sleep problems caused by bad diets, habits, irregular work hours, and entertainment. The rising prevalence of sleep disorders worldwide, as well as the growing acceptability of sleep disorder services, are providing attractive potential for the overall growth of the Sleep Testing Services Market.
In recent years, the overall growth of the Sleep Testing Services Market has been boosted by growing awareness about the availability of various therapies and treatments for insomnia and other sleep disorders. The public has been encouraged to seek treatment for sleep disorders as a result of rising government programmes and online assessment tasks posted by government agencies.
Furthermore, the Sleep Testing Services Market is predicted to rise due to new techniques and tactics developed in recent years to treat sleep problems.
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The introduction of health care schemes such as Medicare and Medicaid in the United States, as well as increased reimbursement rules in numerous countries, have projected the general expansion of the sleeping test services market to a healthier condition. The availability of services at a low price and easy accessibility, on the other hand, has propelled the general expansion of the Sleeping Testing Services sector.
The overall expansion of the Sleep Testing Services Market has been hampered by the protracted wait time for obtaining sleep services, which has been recorded as being over 175 percent longer in countries such as Canada. When treating individuals with insomnia and other sleep disorders, the burden associated with these conditions had to be taken into account. The effectiveness of treating patients with insomnia has been harmed as a result of these variables.
Lack of awareness in emerging and undeveloped countries is also a major growth stumbling block in the Sleep Testing Services Market.
Diagnostic services, treatment monitoring services, and end user are the three segments of the worldwide sleep testing services market.
The market has been divided into two categories based on diagnostic services: home sleep testing and in-lab sleep testing. The electroencephalogram, complete polysomnography, CPAP/BiPAP titration, multiple sleep latency test (MSLT), and maintenance of wakefulness test are all types of in-lab sleep testing (MWT).
The global market has been classified into obstructive sleep apnea, insomnia, restless legs syndrome, circadian rhythm disorders, narcolepsy, and rapid eye movement (REM) sleep disorder based on therapy monitoring services.
Hospitals, sleep centres, home care settings, and other end users make up the global sleep testing services industry. Due to the growing preference of individuals visiting hospitals for treatment of their ailments, the hospitals segment is likely to hold the biggest market share. Sleep centres, on the other hand, are predicted to grow at the quickest rate due to increased patient knowledge of the sleep centres.
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Owing to the high prevalence of various sleep disorders and increased knowledge about sleep diagnostic services, the Americas are likely to dominate the global market.
Europe is predicted to hold the second largest position in the global market due to rising awareness of sleep testing services.
Asia-Pacific is predicted to be the fastest-growing market because of the expanding frequency of sleep disorders such as insomnia and restless leg syndrome.
Furthermore, the Middle East and Africa is predicted to have the smallest market share in the global market.
Some of the prominent players in the global sleep testing services market are St. Luke’s, Medical Service Company, Midwest Sleep Diagnostics, Inc., Sleep Services Australia, Total Sleep Holdings, Inc., GenesisCare, Carolinas Sleep Services, SleepMed, SOVA Sleep Services, SleepWorks, LLC, HomeSleep, LLC and Others.
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