Market Overview:
Biofeedback measurement instruments measure physiological processes such as brain waves, heart function, breathing, muscle activity, and skin temperature. They convert these measurements into audio/visual feedback displays, which allow patients to visualize their progress and learn control over their body. These non-invasive instruments are mainly used by doctors/psychiatrists in clinical applications for treatment of various conditions such as stress, chronic pain, anxiety, depression, insomnia, muscle rehabilitation, urinary incontinence among others.
Market key trends:
Integration of virtual reality and artificial intelligence in biofeedback technology is one of the key trends gaining popularity. Companies are focusing on developing VR based biofeedback systems that provide interactive games and virtual environments for skill development during therapy sessions. For instance, in 2019, Thought Technology Ltd launched ‘DeepBio’ – an AI-powered biofeedback system that leverages therapist expertise with VR to deliver highly customized therapy sessions. Another key trend is the adoption of remote/home-based biofeedback systems for treatment of mental health conditions. This is attributed to the growing preference for telehealth and self-help tools amid pandemic. Wearables integrating biofeedback sensors are also witnessing high demand for stress monitoring and management.
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.
Porter’s Analysis
Threat of new entrants: The biofeedback measurement instrument market requires high initial investments in R&D and production facilities which limits new entrants.
Bargaining power of buyers: The presence of several manufacturers offers buyers options to choose from, enhancing their bargaining power.
Bargaining power of suppliers: Key components such as sensors and electrodes have few substitutes, allowing existing suppliers to influence pricing.
Threat of new substitutes: No close substitute currently exists for biofeedback technology, reducing threat from new substitutes.
Competitive rivalry: The market comprises several global and regional players offering innovative products, intensifying competitive rivalry.
Key Takeaways
The global biofeedback measurement instrument market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing prevalence of mental health disorders. The North America region currently dominates the market owing to significant awareness and supportive reimbursement policies for biofeedback therapy.
The global biofeedback measurement instrument market size for 2023 is US$ 185.4 Mn. The market is expected to grow steadily due to rising cases of chronic pain, stress, sleep disorders, and cardiovascular diseases that benefit from biofeedback treatment.
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. Technological advances including wireless sensors, virtual reality integration, and mobile apps are allowing these players to launch innovative products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it