The Global Sleep Testing Services Market is estimated to be valued at US$ 9.95 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Sleep Testing Services market are Midwest Sleep Services Inc., SleepMed Inc., SOVA Sleep Services Inc., Medical Service Company, Sleep Services Australia, Genesis SleepCare, St. Lukersquo;s Center of Sleep Medicine, Total Sleep Holdings Plc., Carolinas Sleep Services. The increasing prevalence of lifestyle diseases such as diabetes and cardiovascular diseases coupled with rising awareness about sleep disorders have been boosting the demand for sleep testing services. Major players are expanding their service offerings and presence across countries to cater to the growing unmet needs.

Growing demand in market: The growing geriatric population worldwide prone to chronic health conditions like sleep apnea has been driving the need for sleep testing services. As per estimates, around 50-70 million Americans suffer from sleep disorders resulting in increased adoption of diagnostic sleep testing. Moreover, increasing awareness about importance of sleep and availability of reimbursement for diagnostic tests are facilitating the Sleep Testing Services Market Growth.

Global expansion of market: Key players have been expanding globally to tap the potential opportunities. For instance, Sleep Services Australia has established itself as a leading provider with over 30 sleep clinics across the country. Meanwhile, players like Midwest Sleep Services and SleepMed have a network of over 200 centers across the U.S. Total Sleep has expanded into regions of Australia, New Zealand, and Italy. This global expansion aims to meet the huge unmet demand for sleep disorder diagnosis.

Market drivers: One of the key drivers has been the increasing prevalence of lifestyle related diseases and conditions inducing sleep disorders. As per estimates, around 25 million Americans suffer from obstructive sleep apnea resulting from obesity and lack of physical activity. Moreover, sleep deprivation has been linked to serious health issues like diabetes, cardiovascular diseases, and mental health conditions. This has majorly propelled the need for diagnostic sleep testing and driven the market growth.

Geopolitical Impact on Sleep Testing Services Market Growth

The current geopolitical instability across several regions is negatively impacting the sleep testing services market growth. Political conflicts and economic uncertainties in countries like Ukraine, Russia have worsened medical infrastructure and availability of resources for sleep disorders. This has limited market expansion opportunities in Eastern Europe. Additionally, international trade restrictions and sanctions have disrupted supply chains, driving up costs for key players. However, governments are now prioritizing improving accessibility of sleep care. Subsidies and investments are being channeled to build new diagnostic centers and labs. This will help recoup losses from global market volatility. Going forward, companies must diversify their manufacturing and focus on less risky growth regions like Southeast Asia and Latin America. Partnering with local startups will aid last-mile reach while mitigating political risks.

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