The latest market research reveals an impressive trajectory of growth for the global bioimpedance spectroscopy market. Valued at USD 469.8 million in 2022, this burgeoning market is poised to soar to an astounding USD 1.4 billion by 2033. The forecast for 2023 predicts sales to surge to USD 512.5 million, marking a significant milestone in the industry’s expansion.
A key catalyst propelling this growth is the dominance of the single-frequency bioimpedance spectroscopy segment, which commanded a substantial market share of approximately 73.0% in 2022. This segment is anticipated to continue its expansion at an impressive Compound Annual Growth Rate (CAGR) of nearly 10.4% from 2023 to 2033.
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Bioimpedance spectroscopy, with its diverse applications spanning healthcare, fitness, and research sectors, is experiencing heightened demand owing to its non-invasive nature and accurate measurement capabilities. From monitoring body composition to assessing tissue health, bioimpedance spectroscopy is revolutionizing how clinicians and researchers gather crucial data for informed decision-making.
With evolving consumer preferences towards preventive healthcare and personalized treatment regimens, bioimpedance spectroscopy is expected to play a pivotal role in shaping the future of healthcare delivery. Market players are ramping up investments in research and development to introduce innovative solutions that cater to the evolving needs of end-users.
The forecasted growth of the global bioimpedance spectroscopy market reaffirms its status as a transformative technology with wide-ranging applications. As the industry continues to evolve, stakeholders are encouraged to embrace innovation and collaboration to unlock the full potential of bioimpedance spectroscopy in improving patient outcomes and advancing scientific research.
Key Takeaways from Market Study:
- By product, single-frequency bioimpedance spectroscopy accounted for 0% of the total market share in 2022. Since this product is quite accurate in providing insights at the tissue level so, it is the dominant one.
- By modality, hand-held BIA accounted for 7% market share in 2022. In a comparative study published in the Journal Of Strength and Conditioning Research 2021, it was observed hand-held BIA showed higher accuracy than hand-to-foot BIA hence it is preferred.
- Considering end users, hospitals accounted for 8% of the global market share in 2022. The primary point of contact for any chronically ill, cancer patients and individuals with obesity is the hospital, making it a profitable end user.
- By region, North America contributed significantly to the market with 3% market share globally in 2022. This could be attributed to the significant prevalence of obesity (41.9% of individuals in the United States are obese) as statistics published by the Centers for Disease Control and Prevention in 2022.
“The need for non-invasive and personalized diagnostic tools, advancements in technology, increasing prevalence of chronic diseases, and a growing focus on improving patient outcomes and healthcare efficiency is driving the market growth.” says an analyst of Future Market Insights.
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Market Competition:
The bioimpedance spectroscopy market is highly innovative, with key players including Tanita Corporation and PalmSens. These companies are constantly innovating their products and marketing strategies to gain a larger market share, with a focus on compatibility, convenience, and effectiveness.
- In April 2020, The PalmSens4 potentiostat by PalmSens, a highly durable and accurate BIA was chosen for NASA Expedition 63. It was launched into orbit, as an aspect of a research investigation carried out by the International Orbit Station. This supplied it with a large market and branding in the form of advertising.
- In September 2022, CTIBiotech and Gattefossé created Bioimpedance 3D bioprinted skin chips that connect cosmetics testing in laboratories to human trials. This innovation has added to the applicability of BIA, opening a new field for its usage in the healthcare sector.
Key Companies Profiled:
- Tanita Corporation
- Akern
- Biodynamics Corporation
- Bioparhom
- Biotekna
- Bodystat Ltd
- Charder Electronic Co. Ltd
- Evolt 360
- Fook Tin Group Holding Ltd
- InBody Co. Ltd
- Lumsail Industrial Inc.
- Maltron International
- Omron Corporation
- RJL Systems
- Seca GmbH & Co. KG
- SELVAS Healthcare Inc.
- Sino-Hero
- Withings
- ImpediMed Ltd.
- Samsung
Key Market Segments Covered in the Bioimpedance Spectroscopy Industry Research:
By Product:
- Single Frequency Bioimpedance Spectroscopy
- Multiple Frequency Bioimpedance spectroscopy
By Modality:
- Hand-held BIA
- Hand-to-Foot BIA
- Leg-to-Leg BIA
By End User:
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
- Rehabilitation Center
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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