The global sleep testing services market was valued at US$4.1 bn in 2015 and is projected to value US$8.4 Bn by 2021, expanding at a healthy CAGR of 12.9% therein. The major factors for growth are the higher awareness levels among consumers and the updated reimbursement policies offered by insurance companies. Overall, North America and Europe are the leading regions with the best care available in terms of expertise and infrastructure. However, the high cost of treatment in North America is allowing Asia Pacific to catch up quickly.
Medical Tourism Boosting Asia Pacific Sleep Testing Services Market
The global sleep testing services market is still battling with high service costs, especially in the U.S. and Australia. On the other hand, Europe and Asia Pacific provide affordable services in the global sleep testing services market.
Medical tourism is already flourishing in Asia Pacific with several developing countries providing top-notch medical care at reasonable costs. Today, expensive procedures such as plastic surgeries and organ replacements offered by APAC-based players are finding an increasing number of customers from the Europe and North America region owing to cheaper rates and positive currency exchange rates.
Global Sleep Testing Services Market: Consumers Shifting Preference to Home Care Setting
The global sleep testing services market is currently witnessing a massive shift by end users from in-lab testing to home care setting. The main reason for this is the cost-effectiveness of home care settings. The sub-segment is hence forecast to grow at a 15.7% CAGR up to 2021. The increased competition has also resulted in the declining prices of treatment in home care settings. North America, especially the U.S., has been witnessing this shift in preference.
The government also has a huge role to play in the growth of the global sleep testing services market. Government support toward home sleep testing and treatment has led to the rise in end-user preference for it, which is resulting in the declining demand for in-lab testing services. In 2015, the in-lab testing sub-segment comprised 69% of the diagnostic services segment of the global sleep testing services market. However, this share is slowly declining.
Home Sleep Treatment as Efficient as In-lab Treatment: Study
A study presented at the 2010 American Thoracic Society stated that home sleep treatment is just as beneficial as in-lab treatment. The study observed a random set of patients for a period of three months in both home care settings and in-lab settings. The result showed that the patients followed their treatment routine with the same efficiency as they would in the case of in-lab treatment.
This has given users a new incentive to make the switch to a home care setting and home sleep testing – an option that is cost efficient, quick, and comfortable. This has also benefitted the global sleep testing services market.
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Top market players in the global sleep testing services market are Genesis SleepCare, Total Sleep Holdings Plc., Midwest Sleep Services Inc., Medical Service Company, Carolinas Sleep Services., St. Luke’s Center of Sleep Medicine, SOVA Sleep Services Inc., Sleep Services Australia, and SleepMed Inc.