Bioimpedance Spectroscopy Market Growth Trends, Key Players, Competitive Strategies and Forecasts to 2031
According to the latest research by Future Market Insights, Bioimpedance Spectroscopy Market is set to witness a 9.3% growth during the year 2021-2031. The market has been a highly competitive market growing at a rapid rate and is expected to witness lucrative growth with the rapid increase of the number of obese population because of the unhealthy dietary patterns and sedentary lifestyles. Also, technological advancements and rise in government initiatives to encourage physical activity are the primary factors boosting the growth of this market.
What is Driving Demand for Bioimpedance Spectroscopy?
There are several factors that are boosting the market growth, that include increasing prevalence of metabolic disorders and a large pool of obese patients, rising awareness for health and fitness, and technological advancements.
In addition, key market players have likewise developed Bio-electrical Impedance Analysis (BIA) that is a non-invasive tool utilized by physicians to calculate the percentage of body fat.
Besides this, because of the current spread of coronavirus disease (COVID-19) worldwide, governments of different nations are investing in the development of healthcare infrastructure that is additionally creating a great demand for medical devices, which in turn drives the market of Bioimpedance spectroscopy.
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Increasing Pool of Obese Patients Likely to Fuel the Bioimpedance Spectroscopy Sales
The growing number of obese population is expected to boost demand for bioimpedance spectroscopy. Obesity is a metabolic disease and is mostly related with a broad range of chronic diseases, which can lead to significant growth in comorbidity and mortality. There is a rise in the percentage of obese population in involved in regular testing of body composition.
As per the data from World Obesity Federation, in 2018, the occurrence of obesity was very high in developed and high-income countries, like the United States at 42.8%, Belgium at 21.20%, and Australia at 31.3%. Yet, nations in the Pacific islands such as American Samoa (74.6%) likewise have some of the highest obesity rates across the world. The sales of bioimpedance spectroscopy have observed a rising pattern because of the obese population’s susceptibility to lifestyle disorders.
US and Canada Bioimpedance Spectroscopy Market Outlook
North America, majorly United States and Canada held the highest market in the Bioimpedance spectroscopy market. U.S. Bioimpedance spectroscopy market will witness significant growth due to rise in the obesity rates, rise in the number of health clubs and fitness centers and rise in the investments made by different governments.
Moreover, the presence of appropriate reimbursements in these countries will add to increase in acceptance of chronic illnesses appendicular lean mass. Also, growing prevalence of chronic diseases, particularly diabetes, is the key driver for US and Canada market development.
Europe Demand Outlook for Bioimpedance Spectroscopy
Europe is second-biggest market and is anticipated to register a significant growth because of the growing in aging population and the shift towards unhealthy lifestyle which leads to chronic diseases thus increasing the demand for bioimpedance spectroscopy.
The increase of the old age population will increase the demand for the body composition analyzers and this will in turn lead to the growth of the market. As per the United Nations report, in 2019, the number of the people in the world over 65 years of age or old age people is 703 million, contributing 13 per cent of global population. Europe has the highest percentage for geriatric population or people aged over 65 years of age (almost 25 per cent).
Who are the Key Manufacturers and Suppliers of Bioimpedance Spectroscopy?
Some of the leading manufacturers and suppliers of Bioimpedance spectroscopy include
- SMT Medical
- Cerebrotech Medical Systems
- Selvas AI
- Maltron International
- Fresenius Medical Care
- General Electric and others.
The Bioimpedance spectroscopy market is highly competitive, with the existence of a major players available in global markets, and various small participants in specific regional markets. In addition, a strong focus on the strategic development of their product portfolio through acquisitions & partnerships is projected to provide a strong position to the players in the market.
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