Bioimpedance Analyzers Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bioimpedance Analyzers Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The bioimpedance analyzers market is expected to register a CAGR of 10.2% during the forecast period (2022-2027).

The COVID-19 pandemic was expected to have a significant impact on market growth. For instance, according to the article published in Diabetes Obesity and Metabolism in August 2021 titled "A global country-level analysis of the relationship between obesity and COVID-19 cases and mortality" obesity prevalence is a significant and potentially modifiable risk factor for increased COVID-19 national caseload and mortality. Also, in July 2020, medRxiv published a research paper suggesting obesity can be a viable risk factor for COVID-19. Therefore, the demand for bioimpedance analyzers is expected to increase as the risk of contraction of COVID-19 remains high for obese patients. Lockdowns and mandates for working from home have further stationary people's lifestyles. Additionally, due to changing lifestyles and an increase in home delivery, a lot of individuals are consuming incredibly unhealthy prepared food. These behaviors could lead to an increase in body fat. Thus, rising obesity and related metabolic disorders among the population are expected to increase the demand for bioimpedance meters for precise assessment of muscle versus body fat and analyzing health risks associated with high fat in the body, thus expected to augment the market growth.

Certain factors that are propelling the market growth are th increasing prevalence of metabolic disorders, rising government initiatives to promte healthy lifestyles and emerging technological advancements.

The incidences and prevalence of metabolic disorders such as diabetes, Gaucher's disease, glucose-galactose malabsorption, hereditary hemochromatosis, maple syrup urine disease (MSUD), phenylketonuria (PKU), and others are increasing rapidly among the population which is the major factor driving the demand for bioimpedence analyzers, thereby boosting the market growth. For instance, according to the International Diabetes Federation (IDF), Diabetes Atlas, 10th Edition 2021, globally, there were 537 million people years affected by diabetes aged between 20-79, in 2021. In addition, the same source estimated that the prevalence of diabetes is increasing over the years and by 2045, the number of people affected by diabetes, aged 20-79 years, is expected to reach 783 million across the world. Additionally, the Gaucher’s Institute article titled ‘Epidemiology of Gaucher Disease’, updated in November 2021, reported that Gaucher's disease is equally prevalent in males and females and has a worldwide prevalence of 0.70 to 1.75 per 100,000 individuals. As per the same source, the standardized birth incidence of Gaucher’s disease within the general population varies from 0.39 to 5.80 per 100,000 individuals. This disorder causes an inability to break down a certain type of fat, causing it to build up in the liver, spleen, and bone marrow, preventing the organs to work consistently. Thus, the disease can be clinically managed by incorporating an individualized nutrition assessment plan, taking into consideration the patient's energy requirements and mode of feeding. Thus, the increasing burden of metabolic disorders is expected to rise to properly analyze the whole body and timely initiate the treatment or therapy to manage the disease, which is expected to increase the demand for bioimpedence analyzers, thereby fueling the market growth.

In addition, the rising government initiatives to promote healthy lifestyle and achieve healthy weight with improve wellbeing are also expected to boost the market growth over the forecast period. For instance, in July 2021, the United Kingdom government launched National Health Service (NHS) Digital Weight Management Programme, which is supported by EUR 12 million in government funding, will provide persons with obesity who are also diagnosed with diabetes, high blood pressure, or both free online support via referrals from general physician (GPs) and primary care teams. Additionally, a survey conducted by the British Nutrition Foundation, published in October 2021, revealed that 1 in 6 adults in the United Kingdom has low vitamin D levels in their blood. In addition, around 49% of British adults were not aware of the government’s recommendation to consider taking vitamin D supplements during autumn and winter months, which is essential for keeping bones and muscles healthy and supporting normal immunity, thus increasing the requirement of clinical nutrition.

Furthermore, the increasing health spending by the people is also attributed to increase the demand for bioimpedence analyzing products and services, which is expected to augment the market growth. For instance, the Organization for Economic Co-operation and Development (OECD) ‘Health spending’ Statistics, reported that in 2020, Switzerland had the highest voluntary healthcare spending per capita in the world, accounting for USD 2,175 in Switzerland. The same source also reported that the voluntary spending per capita on healthcare in 2020 was USD 1,807 in the United States, USD 1,604 in Australia, USD 1,503 in Canada, and USD 1,431 in Austria. Such higher spending also boosts the growth of the market studied.

Moreover, the rising technological advancements along with increasing product launches are expected to increase the demand for bioimpedence analyzers, due to their high accuarcy and analyzing overall body fat that is underneath the skin, in the market, thereby propelling the market growth. For instance, according to an article published by BMC Journal, in January 2021, titled "Wrist-wearable bioelectrical impedence analyzer with miniature electrodes for daily obesity management", it has been found that the measurement time of the wrist-wearable bioelectrical impedence analyzer was only 7 seconds which can be reduced to few seconds only. Hence, with more tiny electrodes, a wearable bioelectrical impedance analyzer with this sensor technology opens up new possibilities for everyday obesity control. Additionally, according to an article published by the American Journal of Clinical Nutrition, in July 2022, titled "Next generation smartwatches to estimate whole body composition using bioimpedence analysis: accuracy and precision in a diverse multiethnic sample", it has been observed that the smartwatches bioimpedence analyzer devices can evalaute body composition with precision. In addition, as per the same source, these devices allow for measurement in environments not accessible to laboratory systems such as the home, training centers, and geographically remote locations. Such advancements are expected to increase the adoption of these devices among population, thereby fueling the market growth.

However, inconsistency and inaccuracy in different analyzers is likely to restrain the market growth over the forecast period.

Key Market TrendsMulti-frequency Bioimpedance Analysis Segment Expected to Witness the Highest Growth During the Forecast Period

Multi-frequency bioelectrical impedance analysis (MF-BIA) is a relatively simple and quick method to measure body composition. It also enables the estimation of the percentage of muscle tissues, hydration levels, bone weight, metabolic rate, and fitness levels. In addition, MF-BIA devices are relatively cheap, portable, and do not require specialist training for use.

The factors that are propelling the growth of the multi-frequency bioimpedance analyzers are increasing the utilization of these analyzers in assessing body composition and rising product launches. For instance, according to an article published by the BMC Journal, in February 2022, titled "performance of bioelectrical impedance analysis compared to dual X-ray absorptiometry (DXA) in Veterans with Chronic obstructive pulmonary disorders (COPD)", it has been observed that when comparing the body fat mass of COPD patients, multi-frequency bioelectrical impedence devices can be a reliable substitute. Similarly, according to an article published by Frontiers in Cardiovascular Medicine, in April 2021, titled "Clinical Utility of Fluid Volume assessment in Heart Failure Patients Using Bioimpedence Spectroscopy", it has been observed that multi-frequency bioimpedence analyzers provides accuarte and distinct measurements in patients with and without heart diseases. It provide a unique additional tool to aid in clinical decision making for the patients. Thus, with increasing testing studies of bioimpedence analayzers on different patients and obtaining oositive results are likely to increase teir demand, thereby fueling the market growth.

Many companies like InBody Technology and Tanita manufacture MF-BIA devices. For instance, one of Tanita's products, MC-780U, can be used to measure a patient's bioimpedance. This can then measure muscle quality, muscle mass, visceral fat, and body fat percentage. Additionally, MF-BIA can be used in various settings. Hospitals are one of the most significant users of these devices. These meters can easily measure parameters such as fat mass, muscle mass, and body water. Devices like these are expected to see increased demand due to their convenience.

Moreover, the increasing product launches and rising company activities for developing more technologically advanced bioimpedance analyzers are expected to boost the segment growth over the forecast period. For instance, in January 2022, Withings launched Withings Body Scan with multi-frequency Bioelectrical Impedance Analysis. The product contains four weight sensors and promises body weight accuracy to within 50 grams (or, for a 200-pound person, accuracy to an impressive 0.025%). The device also has 14 ITO electrodes within the platform and four stainless steel electrodes in a retractable handle. These sensors gather data for the six-lead ECG and segmental body composition analysis.

Thus, the aforementioned factors are expected to increase the demand and utilization of multi-frequency bioimpedance analyzers to assess the body composition among the population, thereby boosting the market growth over the forecast period.

North America Dominates the Market and is Expected to Continue Dominance during the Forecast Period

North America is expected to account for the largest share of the bioimpedance analyzers market. The growth of bioimpedance analyzers in the region is attributed to various factors, such as increases in obesity rates, increasing healthcare spending, a growing number of fitness centers and health clubs as well as an increasing geriatric population.

The growing geriatric population which is more prone to develop various metabolic disorders such as diabetes, gaucher's disease, and others is expected to increase the demand for assessing body composition for further treatment, thereby boosting the market growth. For instance, According to the 2020 Profile of Older Americans published by the Administration for Community Living in May 2021, around 54.1 million people in the United States were above the age of 65 years. The numbers were projected to rise to 80.8 million in 2040 and 94.7 million by 2060. Additionally, the data updated in the e-book “Hemochromatosis” published in the National Library of Medicine in December 2021 mentioned that with an incidence of 1 in 300 to 500 people, hereditary hemochromatosis is the most prevalent autosomal recessive condition among Americans.

Furthermore, increasing healthcare spending among population, is likely to increase the adoption of technologically advanced bioimpedance analyzing products for assessing their body measurements to keep them healthy, in the region is also contributin to the growth of the market over the forecast period. For instance, the Organization for Economic Co-operation and Development (OECD) ‘Health spending’ Statistics, reported that in 2020, out-of-pocket spending per capita on healthcare accounted for USD 1,225 in the United States. In addition, as per the same source, the total health spending in Canada is expected to reach a new level in 2021, at more than USD 308 billion, or USD 8,019 per Canadian. It is anticipated that health expenditure will represent 12.7% of Canada’s gross domestic product (GDP) in 2021, following a high of 13.7% in 2020. Similarly, the data updated by the Centers for Medicare & Medicaid Services (CMS) in December 2021 reported that the United States health care spending grew 9.7% in 2020 and reached USD 4.1 trillion or USD 12,530 per person. And as a share of the nation's Gross Domestic Product, health spending accounted for 19.7% share of the country’s gross domestic product (GDP). Such equitable, responsive, and efficient health systems have greatly faciliatated the health awareness among the population. This is likely to have a positive impact on the growth of the market studied.

Thus, the aforementioned factors are expected to incresase the market growth in the region over the forecast period.

Competitive Landscape

The Bioimpedance Analyzers market is highly competitive and consists of several major players. Companies like 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, and Withings hold substantial market shares.

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