by Medical device manufacturing involves the production of devices that are used for various diagnostic, monitoring and therapeutic purposes in healthcare. This includes equipment such as physiological monitors, medical imaging devices, electrosurgical devices, prosthetics and implants. Technological advancements have enabled the development of miniaturized, lightweight and portable devices that provide more precise measurements. Biofeedback measurement instruments utilize sensors to record physiological processes like brain waves, heart rate, breathing rate and muscle activity. The collected data is digitally processed and presented back to the patient, helping them gain greater awareness of their body and learn self-regulation of physiological functions. This aids in treating various medical conditions like chronic pain, depression, anxiety, insomnia and hypertension.
The global Biofeedback Measurement Instrument Market 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.
Market key trends:
One of the major trends in the biofeedback measurement instrument market size is the growing adoption of remote patient monitoring solutions. This involves the use of wireless biofeedback devices and mobile applications to remotely collect physiological data from patients and transmit it to healthcare providers. This allows regular monitoring of patients from the comfort of their home, thereby improving accessibility and convenience. Many players are focusing on developing technologically advanced wearable biofeedback devices integrated with Internet of Things (IoT) capabilities. For instance, in 2021 Mind Media launched Enoplex – a wireless biofeedback headset with ECG, respiration and brainwave sensors that seamlessly connects to mobile apps. Another key trend is the increasing acceptance of biofeedback therapy for non-medical purposes such as enhancing athletic performance, reducing stress and improving sleep. Products catering to this segment are available over-the-counter without requiring a prescription. Rising awareness about biofeedback among the general population coupled with its effectiveness in improving overall well-being is propelling market growth.
Porter’s Analysis
Threat of new entrants: The biofeedback measurement instrument market requires high investment and research capabilities to develop technologically advanced products. This poses barriers for new companies.
Bargaining power of buyers: Individual customers have low bargaining power due to necessity of biofeedback instruments for various medical procedures. However, large hospitals and clinics can negotiate on pricing and procurement.
Bargaining power of suppliers: A few leading companies dominate the supply of key components like sensors and integrated circuits used in biofeedback measurement devices. This gives them strong influence over pricing.
Threat of new substitutes: No close substitutes exist for biofeedback instruments that can provide accurate real-time physiological measurements for clinical evaluation and treatment.
Competitive rivalry: The market has presence of some global leaders and local small players. Competition is based on technological innovations, quality, service, and pricing.
Key Takeaways
The global biofeedback measurement instrument market is expected to witness high growth. The global Biofeedback Measurement Instrument Market 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.
North America dominates with the largest share owing to rising geriatric population, growing incidence of neurological disorders, increasing awareness about biofeedback therapy. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rising healthcare expenditure, growing medical tourism industry and densely populated countries with huge patient pools.
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. They are focusing on new product launches and enhancing their global presence through collaboration and partnerships.
