The latest analysis from Future Market Insight reveals substantial growth prospects within the global sleep studies market. Projections indicate a robust 12.8% compound annual growth rate (CAGR) over the forecast period, with estimations reaching an impressive US$ 18.9 Billion by 2032.
The study, conducted by Future Market Insight, highlights the significant dominance of in-lab testing services, which accounted for 61.9% of the market share in 2021. Factors driving this growth include the escalating prevalence of obstructive sleep apnea, a key contributor fueling the demand for advanced sleep studies.
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Sleep disorders, notably obstructive sleep apnea, have emerged as a pressing concern globally. This condition, characterized by interrupted breathing during sleep, necessitates comprehensive sleep studies for accurate diagnosis and subsequent treatment. Consequently, the market is witnessing an upsurge in demand for innovative diagnostic solutions and in-lab testing services.
The comprehensive analysis also forecasts an upward trajectory in the market’s growth, offering promising opportunities for stakeholders invested in the sleep studies sector. With the increasing awareness of the importance of adequate sleep and rising healthcare expenditure, the market is poised for significant expansion.
The report sheds light on the market’s potential, outlining key trends, and market dynamics shaping the trajectory of the sleep studies industry. As technological advancements continue to enhance diagnostic accuracy and treatment efficacy, the market is anticipated to witness sustained growth.
“Increasing adoption of sleep testing devices and rising prevalence of sleep-related disorders will drive the sleep studies market over the forecast period,” says an FMI analyst.
Key Takeaways:
- By testing services, sales in the in-lab testing segment are expected to grow at a CAGR of 11.9% during the forecast period.
- In terms of indication, obstructive sleep apnea (OSA) accounted for 41.9% of the total market share in 2021.
- Based on end user, sleep testing centers segment dominated the market by holding a 57.7% in 2021.
- The US sleep studies market will expand at a 9.7% CAGR over the assessment period.
- Demand in the Germany sleep studies market will grow at a 9.3% CAGR through 2032.
- China will account for a dominant share in the East Asia sleep studies market, with sales growing at a 15.5% CAGR over the forecast period.
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Competition Landscape:
Leading players operating in the global sleep studies market are focusing on the launch of new products and services to cater to the growing demand. Key players are also aiming to expand their global presence by opening new service centres to deliver specialized care. For instance:
- In August 2021, ResMed launched the AirSense 11 PAP series, which is a digital health device used in sleep apnea treatment.
- In January 2020, Sleep Dynamics Company expanded its service offering for narcolepsy treatment.
Key Companies Profiled:
- Circle Health Group
- Cleveland Clinic
- Competence Center of Sleep Medicine
- Imperial College Healthcare NHS Trust
- Interdisciplinary Center of Sleep Medicine
- International Institute of Sleep
- Koninklijke Philips N.V.
- Korea University Medicine
- London Sleep Centre
- MedStar Health
- Millennium Sleep Lab
- Omni Sleep Health
- PM Sleep Lab
- ResMed
Key Market Segments Covered In Sleep Studies Market Research:
By Testing Services:
- Home Sleep Testing
- In-Lab Testing
- Polysomnography (PSG) Testing
- CPAP/ BiPAP Titration
- Split Night Polysomnography
- Multiple Sleep Latency Test (MSLT)
- Maintenance of Wakefulness Test (MWT)
- Epilepsy Monitoring
By Indication:
- Obstructive Sleep Apnoea
- Insomnia
- Restless Leg Syndrome
- Circadian Rhythm Sleeping Disorders
- Narcolepsy
- Rapid eye movement (REM) Sleep Disorders
- Periodic Limb Movement Disorders
- Bruxism
By End User:
- Hospital Settings
- Sleep Testing Centres
- Home Care Settings
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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