Sleep Testing Services Market (2019-2027)

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2. SLEEP TESTING SERVICES MARKET ANALYSIS(2019-2027) • Sleep Testing Services Market, By Diagnostic Type (Home Sleep Testing, In-lab Sleep Testing (Electroencephalogram, Full Polysomnography, CPAP/BiPAP Titration, Multiple Sleep Latency Test (MSLT), Maintenance of Wakefulness Test (MWT))), By Application (Obstructive Sleep Apnea, Insomnia, Restless Legs Syndrome, Circadian Rhythm Sleeping Disorders, Narcolepsy, Rapid Eye Movement (REM) Sleep Disorder), By End User (Hospitals, Sleep Centers, Home Care Settings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

3. Sleep Study/Polysomnography is a type of test conducted to diagnose sleep disorders. Sleep study test records brain waves, oxygen level in blood, heart rate and breathing, eye and leg movements. Sleep study is usually conducted in laboratory/clinics and in home care settings. Sleep study is conducted to diagnose various sleep disorder conditions such as sleep apnea, periodic limb movement disorder, Narcolepsy, REM, sleep behavior disorder, unexplained chronic insomnia and others. Statistics: • The global sleep testing services market is estimated to account for US$ 13,221.1 Mn in terms of value by the end of 2027

4. Global Sleep Testing Services Market: Drivers • Mandatory imposition of home sleep testing (HST) by insurance service providers is expected to propel growth of the global sleep testing services market over the forecast period. For instance, in the U.S., several insurance companies have mandated precertification of sleep testing. Under these guidelines, insurance company must cover HST instead of the more expensive polysomnography sleep testing (PSG).

5. Obesity is associated with modification in several comorbidities, including sleep-related disorders. Therefore, high incidence of obesity is also expected to aid in growth of the market. For instance, according to the Centers of Disease Control and Prevention, Behavioral Risk Factor Surveillance System, 2018, 71424.3 thousand people in the U.S. suffer from obesity.  • North America held dominant position in the global sleep testing services market in 2019, accounting for 54.0% share in terms of value, followed by Asia Pacific and Europe, respectively

6. Figure 1. Global Sleep Testing Services Market Share (%), by Region, 2019 Source: Coherent Market Insights Analysis (2020)

7. Global Sleep Testing Services Market: Restraints • Growing concerns about reduction in physician fee during reimbursement is expected to hinder growth of the market. In the U.S., financial instability of Medicare spending has led to reduction in physician fee reimbursement, which is the prime challenge for physicians providing sleep services • Moreover, higher cost of in-lab sleep testing is also expected to limit growth of the market. The average cost of full polysomnography in the U.S. is around US$ 3,500 to US$5,000. However, the cost of home sleep testing is around US$ 500 to US$ 800. Such higher cost of in-lab testing is reducing the adoption of sleep testing services.

8. Global Sleep Testing Services Market: Opportunities • Paradigm shift of sleep study from in-lab testing to home testing is expected to offer lucrative growth opportunities for players in the market. Devices such as wellness devices used in home setting are expected to play a major role in sleep disorder diagnosis by individual users. Companies are expected to focus on offering new and enhanced portable sleep disorder diagnosis testing devices to gain competitive advantage in the market. Hence, preference for in-lab testing by patients is reducing and preference for sleep testing in home setting is increasing.

9. Increasing efficacy of HST test solutions is also expected to aid in growth of the market. HST devices currently available in the market are facing challenges with regard to limited efficacy over in-lab sleep testing. Moreover, approximately 25% to 30% of individuals suffering from sleep-related disorders do not require HST services, owing to limitation in diagnosis of OSA. Such limitation provides promising scope for HST device manufacturing and is expected to represent major opportunity for the various players in the global sleep testing services market. • The global sleep testing services market was valued at US$ 5,122.4 Mn in 2019 and is forecast to reach a value of US$ 13,221.1 Mn by 2027 at a CAGR of 12.6% between 2019 and 2027

10. Market Trends/Key Takeaways • The prevalence sleep disorders is high among adults in Latin America. For instance, according to the study, “Sleep pattern, obesity and healthcare expenditures in Brazilian adults”, published in the journal Ciência & SaúdeColetiva in November 2019, the prevalence of sleep disturbances was 64.9% in the study population. • There is a significant relationship between healthcare expenditures and sleep pattern. Several studies have shown that adults with sleep disorder usually present higher healthcare expenditures. This is expected to offer conducive environment for players in the market.

11. Regulations U.S. Reimbursement Scenario • Stringent Medicare Policies: As a cost-containment measure to Centers for Medicare & Medicaid have started scrutinizing the claims critically and therefore, providers need to do complete documentation of diagnosis and indications when submitting claims for sleep services along with the certification of physicians and technicians providing services and the authorizations of the sleep center. Additionally, patient’s compliance data for CPAP device should be tracked for 90 days to ensure compliance.

13. Global Sleep Testing Services Market: Competitive Landscape  • Major players operating in the global sleep testing services market include, Midwest Sleep Services Inc., SleepMed Inc., SOVA Sleep Services Inc., Medical Service Company, Sleep Services Australia, Genesis SleepCare, St. Luke’s Center of Sleep Medicine, Total Sleep Holdings Plc., and Carolinas Sleep Services.

14. Global Sleep Testing Services Market: Key Developments  • Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in September 2019, SleepMed Inc., acquired Novasom’s assets, a leading provider of Home Sleep Testing (HST). • Similarly, in September 2019, Medical Service Company acquired the assets of Beaumont Health’s HME business in southeast Michigan, (U.S).

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