The global sleep studies industry is on the cusp of unprecedented growth, with projections indicating a robust 12.8% compound annual growth rate (CAGR) over the forecast period. According to a comprehensive analysis conducted by Future Market Insight, the market is anticipated to reach US$ 5.7 Billion in 2022, with a staggering estimated valuation of US$ 18.9 Billion by 2032.
Key findings from the analysis reveal the dominance of in-lab testing services, accounting for an impressive 61.9% of the total market share in 2021. This underscores the pivotal role played by in-lab diagnostics in shaping the landscape of sleep studies worldwide. The market’s trajectory is indicative of a paradigm shift towards advanced sleep studies and diagnostic services.
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A primary driver contributing to this remarkable market surge is the escalating prevalence of obstructive sleep apnea, a condition necessitating comprehensive sleep evaluations. The growing awareness and understanding of sleep disorders have significantly bolstered the demand for advanced sleep studies and diagnostic services on a global scale.
“We are witnessing an unprecedented demand for sleep studies and diagnostic services, driven by a growing awareness of sleep disorders and an increasing prevalence of conditions such as obstructive sleep apnea,” said Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.). “Our commitment to providing cutting-edge solutions aligns with the industry’s evolving landscape, positioning us to meet the rising demand for advanced sleep diagnostics.”
The projections for the global sleep studies industry present substantial opportunities for innovation and growth. As technology continues to play a pivotal role in healthcare, there is a heightened focus on developing advanced diagnostics and treatment solutions to address the diverse needs of individuals grappling with sleep-related issues.
Future Market Insights remains at the forefront of this transformative period, leveraging its expertise and commitment to advancing sleep diagnostics. The company is dedicated to pioneering innovative solutions that enhance the quality of sleep studies, ultimately contributing to improved patient outcomes and overall well-being.
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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Website: https://www.futuremarketinsights.com
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