Sleep Service Provider Market

Sleep Service Provider Market Outlook (2024 to 2034)

According to a new research study by Fact.MR, the global sleep service provider market size is poised to reach a valuation of US$ 7.25 billion in 2024. The market has been projected to expand at 12.8% CAGR to arrive at US$ 24.25 billion by 2034-end.

Market growth is being driven by the rising number of individuals suffering from sleep problems, such as obstructive sleep apnea, insomnia, restless legs syndrome, circadian rhythm sleeping disorders, narcolepsy, rapid eye movement sleep disorders, periodic limb movement disorders, and bruxism.

There are diagnostics available for different types of sleep disorders. Sleep testing encompasses both in-lab and at-home methods, utilizing technology to enhance ease and precision. The need for these services is driven by the growing awareness of the negative effects sleep problems have on human health. Players in the market are investing in R&D to improve diagnostics and provide cutting-edge solutions.

Key Market Growth Drivers

• Sleep services are becoming more and more popular due to the rising incidence of sleep problems and the growing awareness of their detrimental health implications.
• More people are turning to sleep service providers for professional diagnosis and treatment as awareness of the significance of restful sleep for general health increases.
• Employers are including initiatives related to sleep health in corporate wellness programs to boost worker productivity, lower absenteeism, and increase general well-being. Therefore, to treat any sleep problem and enhance the quality of their sleep, employees are urged to participate in these activities.
• Rising prevalence of sleep disturbances among older persons is becoming increasingly recognized. People are becoming more vulnerable to ailments such as insomnia and sleep apnea as they become older, which raises the need for sleep services to properly identify and treat these problems.
• Research is showing that sleep disturbances and mental health diseases including sadness and anxiety are related, which further supports the growing recognition of the connection between sleep and mental health.
• Sports teams and athletes are realizing how important sleep is to their recuperation and performance on the field. Sleep services are increasingly used by professional sports organizations to improve performance and lower injury risk as part of their training and recovery regimens.
• Global sleep service provider market trends such as rising awareness of sleep health and growing adoption of home sleep testing are boosting the profit margins of companies.

Report Attributes	Details
Sleep Service Provider Market Size (2024E)	US$ 7.25 Billion
Forecasted Market Value (2034F)	US$ 24.25 Billion
Global Market Growth Rate (2024 to 2034)	12.8% CAGR
North America Market Share (2024E)	36.5%
East Asia Market Value (2034F)	US$ 5.85 Billion
In-Lab Testing Segment Value (2034F)	US$ 13.8 Billion
Sleep Testing Centers Segment Value (2034F)	US$ 13.17 Billion
Key Companies Profiled	SOVA Sleep Services Inc. Cleveland Clinic Genesis SleepCare Circle Health Group Imperial College Healthcare NHS Trust PM Sleep Lab Medical Service Company Competence Center of Sleep Medicine International Institute of Sleep Sleep Services Australia Sleep Management Institute Interdisciplinary Center of Sleep Medicine Singapore Neurology & Sleep Centre Total Sleep Ho VirtuOx, Inc. Millennium Sleep Lab London Sleep Centre Omni Sleep Health Singular Sleep, LLC MedStar Health Carolinas Sleep Services

Which Market Trends are Sleep Service Providers Exploiting?

“Growing Awareness about Importance of Sleep for Health and Well-Being”

Growing awareness of the importance of sleep among people and its impact on health is increasing the attention of people toward sleep service providers. Increasing sales of telemedicine services are allowing people to get sleep services remotely, doing away with the necessity for in-person trips to sleep clinics and facilitating better access to sleep assessment services—particularly in underprivileged areas. Nowadays, consumers who have sleep disorders prefer personalized treatments, which is also contributing to the sleep service provider market growth.

“Co-occurrence of Sleep Disorders with Other Physical and Mental Health Conditions”

The rising prevalence of sleeping disorders is giving rise to the need for sleep services. Disorders related to the type, quantity, and timing of sleep, such as parasomnias, narcolepsy, obstructive sleep apnea, and restless legs syndrome, are referred to as sleep disorders, also called sleep-wake disorders. These conditions often co-occur with physical illnesses or other mental health conditions such as anxiety, depression, or cognitive disorders. To improve the management of the condition and provide patients with many treatment options, sleep testing services are utilized to treat individuals with obstructive sleep apnea.

What are the Factors Hampering Market Expansion?

“Increasing Reliance on Wearable Devices and Phone Apps for Sleep Monitoring”

Rather than professional help, people choose more convenient and seemingly affordable options to deal with sleep problems, such as sleep aids, self-help methods, sleeping supplements, and circadian rhythm sleep treatment. Also, the growing popularity of wearable devices and phone apps that monitor sleep makes people feel they understand their sleep well enough and they do not need formal evaluation and care from sleep specialists. Consequently, people avoid visiting sleep clinics, getting sleep diagnoses, or using specialized sleep treatments. This factor is hampering market growth.

“Lack of Awareness and Difficulties in Identifying Sleep Disorders”

Another major obstacle is the general public's lack of knowledge and understanding about sleep disorders. Many people are not able to identify the signs of sleep disorders or grasp the need to obtain professional assistance for these illnesses. This shortage of awareness leads to insufficient diagnosis and under-utilization of sleep services. Also, individuals face additional problems when trying to get sleep health services. In specific regions, the limited availability of specialized sleep clinics and centers can delay diagnosis and treatment. Access to sleep services, consultations with sleep specialists, and related offerings may be financially out of reach in some areas.

Country-wise Insights

In 2024, the North American region is estimated to hold a significant sleep service provider market share of 36.5%. Presence of top companies involved in sleep services, the evolving lifestyles of people, and growing awareness of the importance of sleep is boosting sales of sleep services in the region.

What are the Steps Adopted by Companies in the United States to Boost Their Profits?

“Increasing R&D Investments to Develop Effective Sleep Management Approaches”

Attribute	United States
Market Value (2024E)	US$ 2.16 Billion
Growth Rate (2024 to 2034)	10% CAGR
Projected Value (2034F)	US$ 5.57 Billion

The United States is projected to account for 81.4% share of the North American market in 2024. The growing prevalence of sleep disorders in the United States such as insomnia, obstructive sleep apnea, and periodic limb movement disorders is increasing the need for sleep service providers. Due to rising cases of sleep disorders, companies are investing in research and development to provide the best treatment, solutions, and innovative products.

Why are Sales of Sleep Services Rising Rapidly in China?

“Increasing Work Pressure and Overtime Commitments Leading to Sleep Disorders”

Attribute	China
Market Value (2024E)	US$ 811 Million
Growth Rate (2024 to 2034)	15.6% CAGR
Projected Value (2034F)	US$ 3.46 Billion

In China, sleeping disorders are becoming a major issue. The rising prevalence of sleep disorders in the country can be attributed to factors such as work pressure, overtime commitments, personal responsibilities including parenting, and the younger generation's reliance on gadgets like mobile phones and excessive time spent on social media. Many companies are coming up with new products to treat or control this issue, leading to an increase in the adoption of sleep services in the country.

Category-wise Insights

The sleep service provider market is primarily categorized, based on service type, into home sleep testing and in-lab testing. In-lab testing is estimated to hold a 60.5% share of the market in 2024.

Which Indication Holds a Significant Market Share?

“Extensive Adoption of Sleep Services for Obstructive Sleep Apnea”

Attribute	Obstructive Sleep Apnea
Segment Value (2024E)	US$ 2.89 Billion
Growth Rate (2024 to 2034)	11.4% CAGR
Projected Value (2034F)	US$ 8.5 Billion

Primary reasons behind the increasing prevalence of obstructive sleep apnea (OSA) are the growing aging population and obesity. Doctors advise using continuous positive airway pressure (CPAP) equipment to prevent obstructive sleep apnea and decrease snoring. Even though positive airway pressure is typically a successful treatment for obstructive sleep apnea, oral devices offer an option for certain individuals with mild or severe cases. Early identification and treatment of OSA are being made possible by advancements in diagnostic techniques and growing awareness of the condition.

Why is In-Lab Testing Preferred over Home Sleep Testing?

“In-Lab Testing Offers Controlled Setting for Precise Observation”

Attribute	In-Lab Testing
Segment Value (2024E)	US$ 4.39 Billion
Growth Rate (2024 to 2034)	12.1% CAGR
Projected Value (2034F)	US$ 13.8 Billion

In-lab testing provides a regulated setting for close observation, enhancing the accuracy of diagnosing sleep issues. Utilizing advanced technology in in-lab settings allows for a deeper understanding of sleep patterns by recording various physiological data. These tests are often overseen by sleep specialists, who offer expert analysis of the gathered data to guide treatment decisions.

Competitive Landscape

Key players in the sleep service provider market include SOVA Sleep Services Inc., Genesis SleepCare, Imperial College Healthcare NHS Trust, Sleep Services Australia, Cleveland Clinic, Circle Health Group, Medical Service Company, PM Sleep Lab, International Institute of Sleep, Competence Center of Sleep Medicine, Sleep Management Institute, Singular Sleep, LLC, Carolinas Sleep Services, and MedStar Health.

These companies are focusing on collaborations, mergers, and acquisitions to improve their market position. To increase their profit margin, companies are also heavily investing in marketing activities to spread the importance of sleep service providers.

• In 2023, the International Institute of Sleep collaborated with EnsoData, an artificial intelligence-based sleep data analysis business.
• In 2021, Vivos Therapeutics, Inc. extended crucial diagnostic consulting services and medical care to individuals with obstructive sleep apnea throughout North America with the help of Empower Sleep, a digital healthcare platform offering online treatment for sleep disorders.

Segmentation of Sleep Service Provider Market Research

• By Service :

  • Home Sleep Testing
  • In-Lab Testing
    • Electroencephalogram
    • Full Polysomnography
    • CPAP/BiPAP Titration
    • Multiple Sleep Latency Test (MSLT)
    • Maintenance of Wakefulness Test (MWT)

• By Indication :

  • Obstructive Sleep Apnea
  • Insomnia
  • Restless Legs Syndrome
  • Circadian Rhythm Sleeping Disorders
  • Narcolepsy
  • Rapid Eye Movement Sleep Disorders
  • Periodic Limb Movement Disorders
  • Bruxism

• By End Use :

  • Hospital Settings
  • Sleep Testing Centers
  • Home Care Settings

• By Region :

  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa