The body fat measurement market in a recent report. As per the report, the market holds the potential to register a 6.6% CAGR through 2033. Sales in the market are anticipated to reach US$ 1283.85 million by 2023, from US$ 677.55 million in 2022.
Manufacturers of body fat measurement devices can benefit while holding their investments into BIA to gain lucrative revenue opportunities. However, diversification towards the development of DEXA can bring in more growth, since the adoption rate of the device is relatively high.
While numerous end users surface in the body fat measurement device market, hospitals and clinics are expected to reign through 2033. Effective partnerships with hospitals and clinics and collaborations with gymnasiums are potent tools for market sizing.
Increasing obesity among the millennial populace leading a fast-paced yet sedentary lifestyle is a key influence on the adoption of these devices. Since millennials ride the dual balance between health and technology consciousness, manufacturers find wearable an attractive passage to sweep in. Besides wearable technology, the focus on manufacturers has also been on enhancing the accuracy of these devices to promote precise patient outcomes. However, the modest growth is impeded by several restraints in the market.
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Cultural limitations and stigma around the use of body fat analyzers may not be that prominent of a restraint. However, the limited availability of these devices in developing countries may not offer cost leadership to local players. As a result, high cost, in turn, is a deal breaker for end users operating at low and mid-level budgets.
Lack of awareness pertaining to such devices further prevent players from the developed markets from penetrating developing markets. All-in-all, the market scenario looks promising with the anticipated adoption of these devices in hospitals and fitness centers.
Key Highlights of the Body Fat Measurement Market
The body fat measurement market was valued at US$ 492.22 million in 2018.
North America is the leading market with a share of 33% through 2033.
Asia Pacific holds the prominent CAGR of 8% through 2033.
BIA is likely to account for a 22% share of the market.
Dual-energy X-ray absorptiometry is one of the significant product types with high growth potential.
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Top Body Fat Measurement Market Players
The key players in the body fat measurement market deploy numerous strategies as a resort to market sizing. Key strategies followed by players include entering into partnership agreements, acquisitions, mergers, and expansions into new markets.
Product diversification is a crucial key to entering the developing markets for manufacturers of body fat measurement devices. In addition to this, collaborations with key end users can bode well for the market players during the forecast period.
In October 2022, Inbody Ltd. entered into a partnership with iLoveKickboxing for offering on-site body composition testing at the United States and Canada locations.
In January 2022, Inbody Ltd. collaborated with Orangetheory Fitness for providing reliable and accurate body composition information across its chain of studios.