Bone Densitometer Market is Expected To Reach USD 338.8 Million By 2027 at a CAGR of 4.1%
According to the current analysis of Reports and Data, the Bone Densitometer Market was valued at USD 244.6 million in 2019 and is expected to reach USD 338.8 million by the year 2027, at a CAGR of 4.1%. Bone densitometer is a simple, rapid, and noninvasive device that is used to measure density of bone to diagnose osteoporosis. The rising prevalence of osteoporosis across the globe is the vital factor for anticipated market growth. Lowered quality of lifestyle and reduced intake of essential nutrients has also increased conditions such as low bone density due to which high chances of fractures may occur. According to the International Osteoporosis Foundation, more than 320,000 hip fractures are registered annually in North America and are associated with an average mortality rate of 21% in a year. It is estimated to cause 3 million fractures costing USD around 25 billion by 2025 worldwide.
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The increasing geriatric population which faces issues of low bone density due to aging could be a major market driver. This population is immensely vulnerable to osteoporosis and fractures associated due to bone related diseases. Moreover, increasing technological advancements in various regions are projected to fuel market growth in the future. One of the major cause of the osteoporosis is low level of estrogen. Reduced level of estrogen is more profound in postmenopausal women. The prevalence of osteoporosis in the case of menopausal women could be a major driver contributing to the growth of the market. According to the estimates provided by the International Osteoporosis Foundation, approximately 200 million women are affected by osteoporosis worldwide. Moreover, about 1 in 3 women over the age of 50 were found to be suffering from osteoporotic fractures. However, some factors, including the high cost of densitometers and less awareness about the bone densitometers, are expected to be some restraints for the market.
Further key findings from the report suggest
- Lifestyle diseases such as osteoporosis and obesity are prominently increasing worldwide costing around USD 167 billion annual expenses worldwide, thus, early diagnosis of such diseases are majorly in demand. To capture the client needs companies are developing products. For instance, Norland at Swissray in July 2020, launched ELITE Bone Densitometer (DXA) for osteoporosis and obesity.
- Many companies and institutions are spreading awareness about osteoporosis and its prevention methods in different regions. For instance, every year on 20th October World Osteoporosis Day is organized by the International Osteoporosis Foundation (IOF), wherein, various participants explain the importance of bone health and to manage bone density for better health.
- Various regions are being introduced with services including bone testing to improve medical services. For instance, in September 2019, Northwest Specialty Hospital opened Northwest Bone Health in North Idaho.
- Furthermore, the center provides services like Dual-energy X-ray absorptiometry (DXA) scanner which is capable of assessing trabecular bone score (TBS) and vertebral fracture assessment (VFA). Also, the other novel therapies including bisphosphonates, IV infusions, Prolia, Forteo, and Tymlos are also provided at the center
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Hologic, Inc., GE Healthcare, Diagnostic Medical Systems Group, Echolight S.P.A, Scanflex Healthcare AB, Swissray Global Healthcare Holding, Ltd., Medonica Co., Ltd., Oscare Medical Oy, Osteosys Corporation and OSI Systems, Inc.
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Bone Densitometer Market Segmentation:
Technology Outlook (Revenue in Million USD; 2017–2027)
- Axial Bone Densitometry
- Peripheral Bone Densitometry
Application Outlook (Revenue in Million USD; 2017–2027)
- Osteoporosis and Osteopenia
- Cystic Fibrosis
- Rheumatoid Arthritis
- Body Composition Measurement
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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