Bioimpedance Devices Market Size to Grow at a CAGR of 6.3% During the Forecast Period 2021–2026
Research Reports
Sep 29, 2021
Bioimpedance Devices Market size is estimated at $1.2 billion in 2020, projected to grow at a CAGR of 6.3% during the forecast period 2021-2026. Bioimpedance devices are used to improve the rate of glomerular activity in these patients, as well as to predict muscle mass. These bioimpedance devices have become lighter, more compact, and easier to use in recent years as a result of technological advancements in Glomerular filtration rate. These elements are expected to play a significant role in Bioimpedance Devices Industry. Appendicular lean mass can also be measured using bioelectrical impedance analysis (BIA). The effects of these calculations, which include ALM BIA to predict renal inulin clearance, can be compared to demographic variables and used to make diet changes for MDRD treatment. Chronic kidney disease is a medical disorder in which kidney function gradually deteriorates over time. The major factor driving the growth of this market is the increasing prevalence of chronic kidney disease as well as technological advancements. In recent years, widespread online marketing platforms have greatly increased the selling of portable and hand-held Bioimpedance products. For example, a study found that in 2015, roughly 70% of the population in the United States relied on online shopping portals to purchase various products. To ensure better access to their devices and increase sales, vendors in the bioimpedance spectroscopy devices market are concentrating on advertising strategies and online marketing driving the Bioimpedance Devices Industry.
Bioimpedance Devices Market Segment Analysis – By Product Type:
Based on Product Type, Bioimpedance Devices Market is segmented into Single-frequency Bioimpedance Devices and Multiple-frequency Bioimpedance Devices. Multiple-frequency Bioimpedance Devices accounted for the largest revenue market share in 2020 as these devices can quantify impedances at different frequencies. Appendicular lean mass can also be measured using bioelectrical impedance analysis (BIA). It allows for a more accurate and effective calculation of fat-free mass, total body water, and intra- and extracellular water. Over the forecast period, the demand for Bioimpedance devices is expected to raise owing to rising popularity and recognition of multiple-frequency Bioimpedance devices. The popularity of these devices is growing as a result of their numerous benefits. Bioimpedance Devices, for instance, are non-invasive, reasonable, secure, and simple to use. Since these devices are small and light, they are often used in home-based healthcare settings to keep track of the entire family’s health aiding towards Bioimpedance Devices Industry expansion. Single-frequency Bioimpedance Devices segment is anticipated to grow with the fastest CAGR of 6.9% in the forecast period 2021-2026. Single frequency Bioimpedance devices can measure fat free mass and total body water and can’t estimate intracellular and extracellular body water. As a result, there is a strong demand for Single frequency Bioimpedance Devices among healthcare providers and patients, which drives the Bioimpedance Devices Industry.
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Bioimpedance Devices Market Segment Analysis – By Modality Type:
Based on Modality, Bioimpedance Devices Market is segmented into Wired Bioimpedance Devices and Wireless Bioimpedance Devices. Wireless Bioimpedance Devices accounted for the largest revenue market share in 2020. The device is a wireless bioelectrical impedance (bioimpedance) device that can be used to measure abdominal fatness. The proposed device is constructed around a 0.35-m CMOS bioimpedance spectroscopy measurement circuit and a commercially available ZigBee device that provides efficient wireless communication. Traditional bioimpedance signal measurement techniques are either time-consuming or associated with high expense, high power consumption, and broad board space, making them unsuitable for designing an unobtrusive monitoring system. People increasingly prefer hand-held Bioimpedance devices for travel purposes. For instance, demand for the ImpediMed SFB7, a hand-held Bioimpedance product, Appendicular lean mass is growing due to its portability. Over the forecast period, technological advances to improve the efficiency of Bioimpedance devices and increase patient compliance are also expected to drive market growth. Wired Bioimpedance Devices segment is anticipated to grow with the fastest CAGR of 6.6% during the forecast period 2021-2026 This is to an increase in the incidence of chronic diseases as well as a rise in demand for innovative products thereby, expanding the Bioimpedance Devices Market.
Bioimpedance Devices Market Segment Analysis – By Geography:
Based on Geography, North America Bioimpedance Devices Market accounted for the 41% revenue share in 2020 owing towards the rising road accidents, sports injuries, and the presence of several key players in the region. The high prevalence of chronic diseases, especially in the United States, will provide numerous opportunities for companies operating in this region to expand. Furthermore, the presence of appropriate insurance reimbursement programs in this region will contribute to a greater acceptance of chronic diseases Appendicular lean mass. The rising prevalence of chronic diseases, especially diabetes, and the country’s aging population are the primary drivers of segment development. According to the United States Census Bureau, the population of people aged 65 and up increased by 1.6 million from 2016 to 2017 is accelerating market expansion across the region. Furthermore, the healthcare spending, combined with manufacturer’s efforts to deliver innovative bioimpedance spectroscopy devices to meet the region’s growing demand for sophisticated solutions, is expected to propel the regional growth in the near future, thereby, aiding towards the Bioimpedance Devices Industry. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards the government initiatives in the region. Furthermore, the rapidly developing medical tourism industry in these countries is responsible for the rise in demand for Bioimpedance Devices in this region. According to the Directorate-General of Commercial Intelligence and Statistics of India’s study on Export Health Services, India had 58,300 medical tourists on medical visas in 2017-2018 driving the market growth.
Bioimpedance Devices Market Drivers
The Increasing Prevalence of Chronic Kidney Diseases and Growing Obese Rate:
The market is anticipated to develop owing Chronic Kidney Disease (CKD) is a disorder in which kidney function gradually deteriorates over time. According to the National Kidney Foundation, Inc., 30 million American adults have CKD, and millions more are at high risk of developing it, and the best overall indicator of kidney function is the Glomerular Filtration Rate (GFR). In non-diabetic patients with chronic kidney disease, bioimpedance spectroscopy, or bioimpedance, can be used to predict muscle mass and enhance the estimate of glomerular filtration rate, aiding growth towards the Bioimpedance Devices Market. More than 1.9 billion people aged 18 and up were overweight in 2016, according to a World Health Organization (WHO) survey. Over 650 million adults were obese among them. Since, bioimpedance devices can calculate the fat content of patients, among other criteria, they can be used to diagnose obesity. As a result, the demand for bioimpedance devices is projected to expand in tandem with the rise in the obese population.
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Bioimpedance Devices Market Challenges
Decline in The Number of Healthcare Employees:
The market’s development is projected to be hampered by a shortage of doctors and nurses. For instance, the World Health Organization (WHO) estimates that India is short 600,000 doctors and 2 million nurses. In India in 2019, there was only one government doctor for every 10,189 residents. Furthermore, a large portion of the population in middle-income countries lives in rural areas. People in many rural areas, there is lack access to basic healthcare restraining the market growth. Strict regulatory requirements and a shortage of standardization resources in some developed and developing countries are two major factors that are expected hinder Bioimpedance Devices market growth.
Bioimpedance Devices Market Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Bioimpedance Devices Market. Bioimpedance Devices Market top 10 companies are Omron, Tanita, SMT Medical, Cerebrotech Medical Systems, Maltron International, Fresenius Medical Care, RJL Systems, ImpediMed, Bodystat, Selvas AI and General Electric.
Acquisitions/Product Launches:
In May 2019, Fresenius Medical Care, one of the leading players in the global bioimpedance devices market has announced that the company plans to invest around 60 million euros in Unicyte AG which is an independent affiliate of Fresenius Medical Care.
Key Takeaways
The demand for Bioimpedance Devices is expected to increase as the number of chronic kidney diseases is increasing around the globe.
Geographically, North America Bioimpedance Devices Market held the largest revenue share of 41% in 2020 owing to the involvement of potential players who are developing innovative products and more government schemes and investments in healthcare. In the final report, the scope of the Bioimpedance Devices Market for various regions will be given.
The authorities and governments take more steps to strengthen healthcare services and raise awareness about the benefits of bioimpedance devices, thereby driving the Bioimpedance Devices Industry.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Bioimpedance Devices Market.
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