Sleep Testing Services Market Report 2024 - Market Share Analysis And Trends

"The Business Research Company recently released a comprehensive report on the Global Sleep Testing Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The sleep testing services market size has grown strongly in recent years. It will grow from $7.06 billion in 2023 to $7.67 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increased awareness of sleep disorders, rise in incidence of sleep apnea, obesity epidemic, increased stress and lifestyle changes, insurance coverage expansion.

The sleep testing services market size is expected to see strong growth in the next few years. It will grow to $10.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to growing emphasis on mental health, development of home sleep testing devices, increasing cases of insomnia, employer wellness programs, patient education and advocacy. Major trends in the forecast period include integration of wearable technology, telemedicine and remote sleep consultations, advanced sleep monitoring devices, collaborations with healthcare providers, research on sleep-related comorbidities.

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Market Drivers and Trends:

Increase in the number of patients suffering from sleep disorders is expected to boost the growth of the sleep testing services market going forward. Sleep disorders, also known as sleep-wake disorders, refer to difficulties with the type, quantity, and timing of sleep such as obstructive sleep apnea, parasomnias, narcolepsy, and restless leg syndrome that frequently co-occur with physical ailments or other mental health issues like anxiety, depression, or cognitive disorders. Sleep testing services are used to treat people suffering from obstructive sleep apnea by sharing patient information for the improvement of disease management and recommending a number of treatment approaches for patients. For instance, in May 2023, according to SleepFoundation.org, a US-based non-profit charitable organization providing sleep health information and in-depth product testing, 50 million to 70 million people are suffering from ongoing sleep disorders, which have increased due to post-traumatic stress disorder (PTSD), while 70% of adults suffer from seasonal affective disorder (SAD). Insomnia that interferes with daily activities affects 9% to 15% of the adult US population. Therefore, the increase in the number of patients suffering from sleep disorders is driving the growth of the sleep testing services market.

New product innovation is a key trend gaining popularity in the sleep testing services market. Major companies operating in the sleep testing services market engage in developing new and improved products as well as adding new features to their products to sustain their position in the market. For instance, in May 2023, Acurable, a UK-based wearable medical device company, launched AcuPebble SA100, its AcuPebble device for the diagnosis of obstructive sleep aponea (OSA) in the US. This device aims to enhance the problematic home sleep aponea testing procedure, allowing for earlier detection, quicker treatment, and improved management of this chronic condition.

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Major Key Players of the Market:

ResMed Inc., Invacare Corporation, Natus Medical Incorporated, Marshall Medical Center, SleepMed Incorporated, Medical Service Company, CareCentrix Inc, Medbridge Healthcare LLC, Sleep Services Australia, Midwest Sleep Services Inc., Koala Centers For Sleep & TMJ Disorders, Sleep Dynamics, Advara HeartCare, St. Luke's Sleep Medicine and Research Center, SOVA Sleep Services Inc., Total Sleep Solutions (Opc) Private Limited (TSSPL), Atrium Health Group LLC, HomeSleep LLC, SleepWorks LLC, Respitech HealthCare, Healthy Sleep Solutions, Sleep Data Holdings LLC, Sleep Solutions Inc, ApneaMed, BetterNight, UAB Medicine Sleep/Wake Disorders Center, Sleepwell Diagnostics, Snore Australia Pty Ltd.

Sleep Testing Services Market 2024 Key Insights:

• The sleep testing services market size is expected to see strong growth in the next few years. It will grow to $10.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Increase In The Number Of Patients Suffering From Sleep Disorders Drives The Growth Of The Sleep Testing Services Market
• Product Innovations Shaping The Sleep Testing Services Market
• North America was the largest region in the sleep testing services market in 2023

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