Rising Incidence of Osteoporosis is Driving the Global Bone Densitometry Market at 3.95% of Cagr by 2027
“According to a new market research report published by Inkwood Research, the Global Bone Densitometer Market is projected to evolve at a CAGR of 3.95% during the forecasting years of 2019-2027.”
“Browse 53 market Data Tables and 33 Figures spread over 150 Pages, along with an in-depth TOC on Global Bone Densitometer Market Forecast 2019-2027.”
Bone densitometry is the technique used to precisely measure the body’s bone density and the mineral content in bones, so as to determine the presence of clinical conditions like osteoporosis that may lead to brittle bones prone to fracture. X-rays or a specialized CT scan are used to perform a bone densitometry test; however, it is primarily done using dual-energy X-ray absorptiometry (DEXA or DXA). It is a non-invasive procedure, which usually determines the bone density of the hip or spine, and is considered the “gold-standard” for diagnosing osteoporosis. These procedures are generally done in a clinic, hospital, or free-standing radiology facility. The test is performed to assess a person’s risk of developing osteoporotic fractures.
Increase in Pervasiveness of Osteoporosis is Driving the Global Bone Densitometer Market
The increasing cases of osteoporosis are primarily driving the global bone densitometer market. Vitamin D deficiency is one of the leading causes of osteoporosis. Lack of vitamin D affects the body’s calcium absorption ability. Calcium is essential in maintaining bone health, and thus, poor absorption of calcium leads to conditions like osteoporosis. The increasing cases of osteoporosis would lead to a rise in demand for the treatment of this condition, thereby aiding the growth of the bone densitometer market. Statistics from the International Osteoporosis Foundation (IOF) suggest that there are an annual 8.9 million cases of osteoporotic fractures across the globe, with one fracture every three seconds at some place in the world. Moreover, in women, the incidence of osteoporotic fractures is higher than that of heart attack, breast cancer and stroke, combined. The alarming fracture rates thereby lead to the rise in the demand for bone densitometers, which, in turn, drives the overall market growth.
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Hospitals are the Fastest-growing End-users in the Global Bone Densitometer Market
Bone densitometry testing is generally done in clinics, hospitals or free-standing radiology facilities. In 2018, the majority of the share in the global bone densitometry market by end-user was captured by hospitals. Hospitals accounted for roughly 69% of the market share in 2018 and are estimated to acquire the majority of the share by the year 2027. Hospitals are well-equipped with bone densitometry devices to cater to the various needs of bone mineral density testing procedures. These facilities have central devices that can either perform only the central scan or both, the central as well as peripheral scan. The global bone densitometer market by hospitals is predicted to depict an increase in revenue with a CAGR of 3.57% during the forecasting years of 2019-2027, generating around $916.7 million by 2027.
Asia-Pacific is the Fastest-Growing Region in the Global Bone Densitometer Market
The Asia-Pacific region offers lucrative opportunities for the growth of the global bone densitometers market and is estimated to grow at the fastest rate, with a CAGR of 4.43% during the forecast period of 2019-2027. Major drivers for this growth are the rising demand for sophisticated bone densitometry devices, major healthcare reforms, the rising pervasiveness of osteoporosis & other bone disorders, and the increasing focus of key players towards the development of cost-effective hi-tech devices.
The Asia-Pacific region holds high potential for market growth, owing to the high population base, unmet medical needs, and the increase in people’s disposable income in emerging economies like India and China. China is the highest populated country in the world, followed by India. Therefore, these countries have an escalating geriatric population, which calls for advanced healthcare services. This would help in further fueling the APAC market.
Aarna Systems and Wellness Pvt. Ltd., CompuMed, Inc., BeamMed Ltd., CooperSurgical, Inc., DMS Imaging, Echolight S.p.a., Demetech AB, General Electric Company, Medilink, Hologic, Inc., Medonica Co., Ltd., Swissray International, Inc., and Osteometer MediTech Inc. are some of the leading players in the global bone densitometer market.
There is less scope for players to enter this market as the industry is strengthened by the presence of two major players, General Electric (GE) Company and Hologic, Inc., in particular. In 2018, both these companies collectively accounted for a share of 82.2% in the global bone densitometer market. GE dominated the market with 54.1% of the share, which can be attributed to the wide product portfolio and high-quality product offerings.
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