Sleep Testing Service Market Growing at 12.9% CAGR by 2021

(Newswire.net — July 14, 2017) New York City, New York — The global sleep testing services market is estimated to reflect 12.9% CAGR, during 2016-2021, reaching US $8,395.7 million by 2021 end. According to a report by Persistence Market Research, it is expected that full polysomnography will seek strong penetration into in-lab sleep testing services due to a diversified scope of disease diagnosis and reliable outcome. In 2015, increasing awareness of PSG tests and readily available reimbursement fuelled growth of full polysomnography. Responsible for commercial success in home-based sleep testing, reimbursement policies are also driving the market for sleep disease diagnosis. Shift of preference from laboratory-based to home-based sleep testing services is taking place in North America owing to easy service availability and lower cost.

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Increasing Patient Population and Prevalence of Medical Tourism Services Fuel the Growth of Sleep Testing Services in APAC

Region-wise, sleep testing services market is categorized into Latin America, North America, Asia Pacific (APAC), Europe and, Middle East and Africa (MEA). Higher awareness of sleep disease and reimbursement policies drive the market for sleep services in North America. Across European countries, promotion of growth of home-based sleep testing is fuelled by an impulse variation in reimbursement policies for sleep testing services. Sleep testing services market in Asia Pacific is mainly driven by affordable sleep testing services, increasing large patient population and prevalence of medical tourism services.

In-lab Sleep Testing Will Witness Growth Reduction During the Forecast Period

Based on service type, market is classified into treatment monitoring and diagnostic services. Diagnostic services are further classified into home sleep testing and in-lab sleep testing. In-lab sleep testing accounted for 69% share of diagnostic sleep testing services in 2015. However in-lab sleep testing will witness growth reduction in the market due to adoption of less time-consuming and cost-effective home sleep testing, during the forecast period. Furthermore, in-lab sleep testing segment is further segmented into full polysomnography, electroencephalogram, (MSLT) multiple sleep latency test, (MWT) maintenance of wakefulness test, and CPAP/BiPAP titration.

Home Care Setting to Exhibit a CAGR of 15.7% Over the Forecast Period

Based on end user, market is classified into home care settings, sleep centers and hospitals. Home care setting segment is expected to outperform, based on revenue growth, exhibiting a CAGR of 15.7% over the forecast period. In 2015, sleep centers segment held the largest revenue share due to healthy growth of sleep testing services in sleep clinics.

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Obstructive Sleep Apnea to Remain a Dominant Segment

Based on sleep disease treatment monitoring, market is categorised into restless legs syndrome, obstructive sleep apnea, circadian rhythm sleeping disorders, (REM) rapid eye movement sleep disorder, insomnia and narcolepsy. Obstructive sleep apnea accounted for nearly 49% market share in 2015. This segment is estimated to remain a dominant segment during the forecast period, as it is stated as the most popularly acquired condition.

Key sleep clinics contributing to the market include SleepMed Inc., Medical Service Company, SOVA Sleep Services Inc., Midwest Sleep Services Inc., Genesis SleepCare, Sleep Services Australia, Carolinas Sleep Services, St. Luke’s Center of Sleep Medicine, and Total Sleep Holdings Plc. Competition among providers of sleep service, based on high-end service, has resulted in increased cost of sleep services, specifically in North America. However in the near future, government support and ongoing research on home sleep testing is estimated to bring a change in responsibility and role of sleep technicians.