Global bone densitometer Market Is Thriving Amid the Pandemic: Projected to Reach USD 356.2 Million By 2027
Published | July 2021
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global bone densitometer market was worth USD 259.3 million in the year 2020. The market is estimated to grow at a CAGR of 4.8%, earning revenue of around USD 356.2 million by the end of 2027. The growth of the global bone densitometer market can be attributed to factors such as the increasing geriatric and obese population, as well as the increasing population of post-menopausal women. Menopause, defined as the natural termination of menstrual cycles in women between the ages of 45 and 55, can raise the risk of osteoporosis, a condition in which bones become fragile and susceptible to fractures. The rising need for bone densitometers is due to this demographic's increased risk of bone-related ailments.
Moreover, emerging economies are also promoting the adoption of advanced medical technologies, which is also influencing the growth of the global bone densitometer market. However, the high cost of bone densitometer equipment and limited awareness surrounding such medical technology may restrict the market growth.
Surging Use of Bone Densitometer in Team Sport Athletes
Bone densitometers are used for determining bone mineral density and estimating the chances of fractures. Therefore, it is increasingly used for assessing the bone density and body composition of sports athletes. Using fan and pencil DXA scans, several sorts of research are undertaken to examine the fat mass, bone mineral content, and fat-free soft tissues of athletes. For such body composition analyses of sports players, the bone densitometer has proven to be quite useful. Such tests are used to determine which players are fit for the game during the fitness test. This is a key factor propelling the demand for bone densitometers across the globe.
Increasing Demand for Axial Bone Densitometry Estimated to Propel Global Bone Densitometer Market
Axial bone densitometry has high demand in the market. Its high prominence in healthcare facilities can be associated with its high adoption rate as this equipment can cater to various clinical needs. This equipment is primarily used for obtaining accurate results of certain diagnoses. Furthermore, the cost-effectiveness of axial bone densitometry has an impact on the global bone densitometer market. Axial bone densitometry is gaining popularity due to its excellent precision and low-performance variance.
The Hospital Segment Will Lead the Global Bone Densitometer Market In The Forecast Period
Based on end-users, the global bone densitometer market is categorized into hospitals & specialty clinics, diagnostic & imaging centers, and other end users. Among these, hospitals acquire the largest market share and are also estimated to grow at a high CAGR during the forecast period. This is because a large percentage of the patient population prefers approaching hospitals to seek diagnosis or treatment. Also, due to the expansion and accessibility of medical services, the demand for bone densitometers is growing rapidly as well.
Global Bone Densitometer Market - Regional Insights
Geographically, the global bone densitometer market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America dominates the global densitometer market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The increasing prevalence of osteoporosis, along with the high population density in countries like India, China, Japan, etc., is influencing the surging demand for bone densitometers in this region. Furthermore, the increasing healthcare expenditure and rising awareness regarding various bone-related ailments are also contributing to the flourishing bone densitometer market.
Impact of COVID-19 on Global Bone Densitometer Market
The COVID-19-induced pandemic has had disruptive effects on the global bone densitometer market. The number of outpatient activities like health checkups declined significantly after the implementation of nationwide lockdowns imposed by the governments of different countries. This has negatively affected the demand for bone densitometer equipment. Moreover, the entire healthcare facility was focused on the treatment of the surging COVID-19 cases as a result of which the diagnosis or monitoring of other non-emergency health issues was paused for the time being. Densitometer research and development also slowed as vaccine research for Covid-19 took priority.
However, because of the global lockdown, the need for equipment to monitor bone density on a frequent basis while indoors had also skyrocketed. Furthermore, it has been estimated that the revival of the bone densitometer market in the post-COVID-19 period is going to be a slow process.
Global Bone Densitometer Market - Competitive Landscape
The leading market players in the global bone densitometer market are Quest Diagnostics, GE Healthcare, CompuMed, Inc., Hologic Inc., Osteometer MediTech, BeamMed Ltd., MEDILINK, DMS Imaging, Swissray International, Inc., Lone Oak Medical Technologies LLC, Xingaoyi Co., Ltd., Swissray Global Healthcare Holding, Ltd., Eurotec Medical Systems S.R.L., Yozma Bmtech Co., Ltd., L’acn L’accessorio Nucleare S.R.L, Nanoomtech Co., Ltd., Xianyang Kanrota Digital Ultrasound System, Co., Ltd., Diagnostic Medical Systems Group, OSI Systems, Inc., and other prominent players.
The global bone densitometer market is crowded with multiple industry participants; thus, it is difficult for new entrants to penetrate. To keep up with the competition, the companies focus on product innovation and advancement through R&D programs as well as launching new products. Also prevalent in the market are strategies such as joint ventures, mergers and acquisitions, and partnerships.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global bone densitometer market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global bone densitometer market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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