Bioimpedance Analyzers Market worth $927 million | MarketsandMarkets

CHICAGO, Aug. 2, 2023 /PRNewswire/ -- In the near future, the bioimpedance analyzers industry is poised for substantial growth and innovation. Advancements in sensor technology and data processing are expected to lead to more accurate and user-friendly devices, while integration with smartphones and wearables may become increasingly common. Bioimpedance analyzers are likely to find expanded applications in healthcare, aiding in the diagnosis and management of various health conditions. Moreover, their popularity in the fitness and wellness sectors is expected to rise, empowering individuals to monitor body composition changes and set personalized health goals. As the industry expands, regulatory bodies may establish more specific guidelines, and increased market competition could drive further advancements and accessibility of these devices.

Bioimpedance Analyzers Market in terms of revenue was estimated to be worth $564 million in 2023 and is poised to reach $927 million by 2028, growing at a CAGR of 10.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by rising initiatives by government in promoting healthy lifestyle to curb obesity, growing number of gyms and wellness centers, strong presence of local players in China, and innovation in bioimpedance analyzers technology by integrating with wearable devices.

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Bioimpedance Analyzers Market Scope:

Multi-frequency bioimpedance analyzers segment is expected to account for the largest share in 2022.

The bioimpedance analyzers market, by product, has been segmented into multi-frequency, single-frequency, and dual-frequency bioimpedance analyzers. In 2022, the multi-frequency bioimpedance analyzers segment dominated the products market. This segment is also estimated to grow at the highest CAGR during the forecast period. The large share is due to the accurate and precise measurements as compared to single and dual frequency bioimpedance analyzers.

The professional grade bioimpedance analyzers segment held the largest market share in the bioimpedance analyzers market.

By usage type, the global bioimpedance analyzers market is broadly segmented into into consumer-grade and professional-grade bioimpedance analyzers. The professional grade bioimpedance analyzers segment accounted for the largest share of the market in 2022. The large share of this segment can be attributed to various factors, such as rising fitness awareness, growing number of obese population, and the growing number of hospitals which is the major end user for professional-grade bioimpedance analyzers.

North America dominates the global bioimpedance analyzers market

Based on the region, the bioimpedance analyzers market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America market is driven by rising adoption of bioimpedance analyzers by atheletes to track progress and fitness initiatives by government and local groups. The Asia Pacific segment is projected to register the highest CAGR during the forecast period. The presence of a large population base, strong presence of local players, and increasing rate of obesity are some of the major factors driving the growth of this regional market.

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Bioimpedance Analyzers Market Dynamics:

Drivers:

1.  Increasing prevalence of lifestyle diseases
2.  Initiatives by governments and private organizations to promote healthy lifestyles
3.  Growing number of fitness clubs, weight loss clinics, and sports rehabilitation centers

Restraints:

1. Presence of alternative methods
2. High cost of analyzers

Opportunities:

1. Emerging markets across Asia Pacific and Latin America
2. Integration with wearable devices

Challenges:

1. Inconsistency in accuracy of different bioimpedance analyzers

Key Market Players:

Major players in bioimpedance analyzers market include OMRON Corporation (Japan), Tanita Corporation (Japan), InBody (South Korea), RJL Systems (US), and seca GmbH & Co. KG (Germany).

Recent Developments:

• In 2023, Bodystat Ltd. (UK) launched the Multiscan 5000, which incorporates the latest state-of-the-art bioelectrical impedance spectroscopy (BIS) technology based on direct digital synthesis, digital signal processing, and active shielding technology.
• In 2023, InBody Co., Ltd. (South Korea) announced it would supply the US Marine Corps with body composition analysis devices. The US Marine Corps announced refinements in its body composition assessment methods using the InBody 770 analyzer.
• In 2022, InBody Co., Ltd. (South Korea) partnered with iLoveKickboxing (US). The partnership offered iLoveKickboxing members access to high-quality data about their body fat percentage, muscle mass, and other biometrics. It enabled them to monitor changes over time via the InBody App.

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Bioimpedance Analyzers Market Advantages:

• Non-Invasive and Safe: Bioimpedance analyzers provide a non-invasive method for assessing body composition and health parameters, eliminating the need for invasive procedures or blood tests. This makes them safe and comfortable for users of all ages.
• Rapid and Convenient Measurements: The measurement process with bioimpedance analyzers is quick and straightforward, often taking only a few minutes. This convenience allows for frequent monitoring and tracking of health changes over time.
• Versatility in Health Assessment: Bioimpedance analyzers can provide valuable insights into various health aspects, such as body fat percentage, muscle mass, hydration levels, and metabolic rate. This versatility makes them useful in clinical settings, fitness centers, research, and general health monitoring.
• Remote Monitoring Capabilities: With advancements in technology, some bioimpedance analyzers can connect to smartphones and other devices, enabling remote data monitoring and analysis. This feature is beneficial for remote patient monitoring and personalized health tracking.
• Support for Personalized Health Goals: Bioimpedance analyzers offer individuals the ability to set and track personalized health and fitness goals. Whether it's weight management, muscle building, or hydration improvement, users can tailor their routines based on accurate data.
• Research and Clinical Applications: In research and clinical settings, bioimpedance analyzers play a crucial role in assessing nutritional status, identifying malnutrition or edema, and monitoring changes in body composition in response to various treatments.
• Cost-Effectiveness: Compared to other sophisticated medical imaging techniques, bioimpedance analyzers are generally more affordable, making them accessible to a broader range of healthcare facilities and individuals.
• Early Detection of Health Issues: By continuously monitoring changes in body composition and hydration, bioimpedance analyzers may help detect early signs of health issues, enabling proactive interventions and preventing potential complications.
• Health and Wellness Awareness: As bioimpedance analyzers become more popular in the fitness and wellness sectors, they contribute to increasing health awareness and encouraging individuals to take proactive steps towards improving their well-being.
• Integration with Wearable Devices: Some bioimpedance analyzers are compatible with wearable devices, allowing users to seamlessly integrate health data with their overall fitness and lifestyle tracking systems.
• Overall, the bioimpedance analyzers market's advantages make these devices indispensable tools for healthcare professionals, fitness enthusiasts, researchers, and individuals seeking to monitor and optimize their health and well-being.

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