Recognizing the exponential growth, the market perceives currently and gauging the potential the market holds to grow in the years to come. Recent technological advancements and bone density test market trends have boosted the Bone Density Test market size, increasing the uptake of bone density test. Besides, increasing prevalence of osteoporosis, osteopenia, hyperthyroidism, and increasing demand for portable bone testing devices foster the market growth. Moreover, the demand for diagnosis and treatment measures for osteoporosis escalates the market growth of the bone density test on the global platform.
Market Research Future (MRFR), in its recently published market forecast asserts that the global bone density test market will grow exponentially by 2023, registering approximately 7.2% CAGR during the review period (2017 – 2023).
Additional factors substantiating the market growth include the demand for technologically advanced devices and growing geriatric populace. Also, substantial technological strides being made in electronic monitoring devices and substantial investments transpired into R&D activities are in turn, paying off well, expanding the market size.
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Bone density test provides more of a high-level overview and in-depth details on more specific aspects of bone health alongside indicating current and potential health risks such as Low bone mineral density, Osteoporosis, and Hyperthyroidism. A stress fracture or other bone issue is often the initial reason that can cause impaired bone health and can affect bone density in the future. All these factors indicate that a bone is not as strong as normal bone and places that are at risk for stress fractures or other broken bones.
Furthermore, the ever-increasing population that is increasingly adopting the sedentary lifestyle and urbanization are supporting the market growth. Improving economic conditions are providing impetus to the market growth, increasing the healthcare expenditures and availing rapid access to the excellent health care.
On the other hand, limited or no awareness of the advantages of bone density test is impeding the market growth. Also, the unmet clinical needs coupled with the unavailability of external funding are acting as a headwind to the market growth, especially in the developing regions. Nevertheless, increasing demand for portable and hand-held diagnostic devices alongside the augmenting demand for the bone density test in the diagnostics to obtain fastest & accurate results is expected to fuel the market growth.
Competitive Analysis
The market for bone density test appears fragmented and fiercely competitive due to many large and small players churning the competition in the market. Through the strategic partnership, acquisition, expansion, product & technology launch, and collaboration, these players try to gain the competitive edge.
The global bone density test market is led by some of the fervent players like
- Hologic Inc. (U.S),
- General Electric Company (U.S.),
- BeamMed Ltd. (Israel),
- Osteosys Corp (South Korea),
- Swissray (U.S.),
- DMS Imaging (France),
- Osteometer Meditech Inc. (U.S),
- Medonica Co. LLTb (South Korea),
- Lone Oak Medical Technologies, LLC (U.S.).
Global Bone Density Test Market – Segments
The market can be segmented into five key dynamics for the convenience of understanding;
By Types : Central Dual-Energy X-Ray Absorptiometry (DXA), Peripheral Tests {peripheral dual-energy X-ray absorptiometry (pDXA), quantitative ultrasound (QUS), peripheral quantitative computed tomography (pQCT), others} and Radiographic Absorptiometry among others.
By Indications : Osteoporosis, and Hyperthyroidism, others.
By Devices : Central DEXA Scan Machine and others.
By End-Users : Hospitals, clinics, and diagnostic centers, among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World (RoW).
Regional Analysis
The North American region is estimated to retain its dominance over the global bone density test market with the largest market share. A well-developed healthcare sector, increasing prevalence of diseases and disorders related to bones such as osteoporosis, osteopenia, and hyperthyroidism along with the high per capita healthcare expenditures drive the market growth in the region. The region is expected to create a substantial revenue pocket registering a strong CAGR throughout the forecast period (2017-2023). Furthermore, the presence of prominent market players especially in the U.S. & Canada impacts the market growth positively.
The European region accounts for the second-largest market for bone density test, emerging as another lucrative market, globally. The U.K., backed by its sizeable vast bone density test market and Germany with its vast medical device industry is expected to drive the market growth in the region. Favorable governmental support and initiatives drive the growth in the market extensively. The proliferating healthcare sector in the region, backed by the resurging economy is fostering the market growth radiantly.
The Asia Pacific region is emerging as a promising market for bone density test owing to the rising prevalence of osteoporosis in women after menopause. Furthermore, increasing awareness towards women healthcare and nutrition influences the market growth. Changing lifestyle and overall development of medical device industry supports the growth of the market in the region. Besides, the increasing healthcare expenditures and favorable government policies of developing economies like India and China substantiate the market growth in the APAC region.
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