United States Sleep Disorder Clinics Market-34% of Industry Growth Originated from East in 2023
According to the latest report by Focus Reports by Arizton, the US Sleep Disorder Clinics Market 2024 – 2029 sheds light on the dynamic and rapidly evolving industry. The comprehensive report unveils valuable market trends, growth opportunities, and the competitive landscape of the business. With in-depth analysis and meticulous research, this report serves as a strategic guide for industry players, investors, and decision-makers, offering a comprehensive understanding of the current US sleep disorder clinic market dynamics and prospects.
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The US sleep disorder clinics market was valued at $6.11 billion in 2023 and is expected to reach $8.43 billion by 2029, growing at a CAGR of 5.51% during the forecast period. The demand for sleep disorder clinics market is rising due to the increase in number of baby boomers, and the increase in healthcare expenditure, the growing prevalence of heart diseases and nerve disorders due to the rising aging population.
A study by the American Sleep Apnea Association found substantial increases in sleep disorders over the study period, including a 41% rise in obstructive sleep apnea. Other disorders also surged: narcolepsy by 14%, hypersomnia by 32%, periodic limb movement disorder by 30%, and REM sleep behavior disorder by 64%. The data suggests a potential rise in other disorders. Approximately 50-70 million Americans have sleep disorders, and around 84 million don't get the recommended uninterrupted sleep for health protection.
Increasing Healthcare Costs Fuel the Growth of Private Health Insurance, Driving Market Expansion
The rise in healthcare expenditure is one of the main constraints people face, as they cannot afford to pay the bill. This has led the private healthcare insurance sectors to serve the market. Private health insurance dominates, with a major share in the US sleep disorder clinic market. US medical care is expensive, so most people appreciate health insurance. Private healthcare insurance helps individuals manage the financial burden of healthcare, allowing them to access necessary medical services without worrying excessively about the associated costs. Still, the costs of testing and treatments for sleep disorders will vary greatly all around the US and even from one community to the next. The doctor may prescribe sleep aid medication based on the sleep disorder the individual is suffering from. Many of these medications are covered by the health insurance plan. The cost will depend on which type of insurance the individual has and the price the insurer agreed to pay. Most private health insurance policies cover PAP equipment. However, the level of coverage and rules for coverage will depend on the specific insurance policy.
According to the data published by the US Census Bureau, In 2022, private health insurance coverage continued to be more prevalent than public coverage, at 65.6 percent and 36.1 percent, respectively.
Increasing Sleep Disorder among the Elderly Population Propels Market Growth in the East Region
The eastern region will have the largest share, representing 34% of the US sleep disorder clinics market in 2023. This region consists of states, which include Connecticut, Delaware, Maine, Maryland, Massachusetts, New York, New Jersey, New Hampshire, Pennsylvania, Rhode Island, and Vermont. The rise in sleep disorders in these regions is mainly due to New York and Pennsylvania being among the top 10 sleep-deprived states in the US. In 2020, the age-adjusted prevalence of adults not getting enough sleep was 34.8% in the US, meaning 1 in 3 adults got fewer than seven hours in an average 24-hour period. It is observed that Nationwide, 1 in 3 adults did not get enough sleep in 2020, according to a survey conducted by the Centers for Disease Control and Prevention. The east region has 309 sleep disorder treatment centers, which the AASM accredits. The states like New York (71), Pennsylvania (66), and New Jersey (48) have the greatest number of sleep centers, thus driving the market.
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