by Market Overview:
Biofeedback measurement instruments are used to help individuals gain greater awareness of physiological functions like brainwaves, heart function, breathing, muscles, and skin through visual or auditory feedbacks. These instruments help monitor physiological parameters like heart rate, blood pressure, skin temperature etc. and guide individuals to voluntarily adjust various bodily functions using applied relaxation techniques. Key applications of these instruments include stress management, headache treatment, hypertension management, incontinence treatment etc.
Market Dynamics:
The Growing prevalence of stress-related disorders and lifestyle diseases owing to rising work pressure and daily stresses is a key driver fueling demand for biofeedback measurement instruments. According to WHO, stress is one of the health epidemics of the 21st century with about 80% of people reporting physical symptoms caused by stress. Furthermore, rising popularity of alternative treatment methods like yoga and meditation is also propelling adoption of biofeedback measures to reduce stress levels. However, lack of reimbursement policies for stress management treatments using biofeedback measures in many countries remains a major challenge for wider adoption especially in cost-sensitive markets.
The global Biofeedback Measurement Instrument Market Share is estimated to be valued at US$ 185.4 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global biofeedback measurement instrument market can be segmented into portable and standalone instruments. Among these, the portable instruments segment dominates the market and accounts for around 65% share. This is because portable devices tend to be more affordable and convenient for both users and healthcare providers as they allow for monitoring physiological processes during daily activities outside of clinical settings. Portable devices are preferred for treatments requiring long-term and frequent monitoring such as stress, anxiety, fibromyalgia etc.
PEST Analysis
Political: Government initiatives promoting adoption of e-health technologies positively impact the market. Some countries even provide reimbursement for biofeedback therapies which further fuels demand.
Economic: Rise in disposable incomes, increased health spending, growing awareness about benefits of non-pharmacological therapies are major economic growth drivers.
Social: Growing preference for non-invasive and natural treatment methods for stress, lifestyle diseases, and mental health issues boosts adoption of biofeedback.
Technological: Integration of biofeedback devices with mobile apps and connectivity to Internet of Medical Things enables continuous remote monitoring and analysis of vital signs. This fuels their popularity.
Key Takeaways
The global biofeedback measurement instrument market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to an increasing preference for drug-free treatment methods. The market size for 2023 is US$ 185.4 Mn.
Regional analysis: North America dominates currently due to favorable reimbursement policies and higher healthcare spending. Asia Pacific exhibits the highest growth led by the expanding medical tourism industry and growing health awareness in the middle class.
Key players: Key players operating in the biofeedback measurement instrument market are Thought Technology Ltd, ELMIKO, Mind Media, Laborie, Behavioral Medicine Associates, Inc, Neurocare Group Gmbh, Allengers Medical Systems, BrainMaster Technologies, Inc, Quantum World Vision, NCC Medical, Qxsubspace. Thought Technology Ltd leads the market owing to its wider service portfolio and international presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
