Rising Incidence of Osteoporosis and Osteopenia Patients Is Expected to Boost the Growth of the Global Bone Density Test Market
Bone Density Test Market Information: By Type (Central Dual-Energy X-Ray Absorptiometry (DXA), Radiographic Absorptiometry), Indication (Osteoporosis, Hyperthyroidism,), Device (Central DEXA Scan Machine), End User (Hospitals) - Global Forecast Till 2027
Overview:
Bone density test is a quick way to measure the bone density of the spine, hip, and wrist. Market Research Future (MRFR) reports, rising number of cases of osteoporosis, and osteopenia and a growing concern for a healthier future are indicators expected to steer the growth of the bone density market. It can expand at a CAGR of 7.2% during the forecast period (2017-2023).
Drivers and Restraints:
With better medical facilities, there is now a rise in geriatric population and so are the cases of diseases, such as osteoporosis, and osteopenia. Osteoporosis often called the ‘silent disease’ as it shows no many symptoms. In this case, bones start to get weak with aging. According to the International Osteoporosis Foundation (IOF), osteoporosis can affect nearly 8.9 million annually. A sedentary lifestyle is also a major concern. But people are becoming more health-conscious, and this is expected to drive the global bone density test market forward.
As an add-on, governments and non-profit organizations are also showing interest in spreading awareness regarding diseases, such as osteoporosis, and osteopenia. This can also play a driving factor in the advancement of the global bone density test market.
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However, expensive nature of these tests and limited reimbursement policy options can deter the global growth rate of bone density test market.
Segmentation:
The global bone density test market is segmented based on type, indication, devices, and end-user.
Type-based global bone density test market has segments, such as central dual-energy x-ray absorptiometry (DXA), peripheral tests, radiographic absorptiometry, and others. Central dual-energy x-ray absorptiometry is simple, quick and non-invasive offering the most accurate diagnosis of the disease. The peripheral test segment has sub-segments, such as peripheral dual-energy X-ray absorptiometry (pDXA), quantitative ultrasound (QUS), and peripheral quantitative computed tomography (pQCT).
By indication, the market is segmented into osteoporosis, osteopenia, hyperthyroidism, hyperparathyroidism, and others. Osteoporosis or the ‘porous bone’ is most common in women and causes approx. 8.9 million fractures annually. Hyperparathyroidism is quite common in people aged over 50. Hyperthyroidism threatens mostly neo-natal or newborn babies.
Based on test-devices the market is segmented into central DEXA scan machine and handheld devices. The central DEXA scan machine is the popular choice owing to its accuracy.
Major end-users include hospitals, clinics, diagnostic centers, and others.
Regional Analysis:
Regions covered in the bone density market report include the Americas, Europe, Asia Pacific, and the Middle East & Africa (MEA).
A rise in bone disease-related patients and increasing demand for hand-held bone test machines have helped the U.S. to secure the top position in the global bone density test market. People with bone density problems are much higher in this regions as compared to others. The market has grown owing to a change in lifestyle, focus on fitness and exercise, and burgeoning medical industry.
Europe is not lagging as far as the last few years have witnessed a rise in osteoporosis patients. However, the changing demographics could affect the prevalence of the disease.
Asia Pacific is expected to grow at a rapid rate during the forecast period as awareness regarding bone-related diseases is increasing with the passing years. Japan holds the most significant share in the bone density test market. The region is now spending more on healthcare and has boosted the demand for medical devices. Asia Pacific region is also becoming a hub for global patients. For instance, in 2015, Indian hospitals alone had 460,000 international patients for various treatments. Rise in medical tourism and demand for affordable surgeries can propel market demand in the coming years.
However, the Middle East & Africa are expecting a steady rise due to low awareness regarding bone density and the demand for such tests is low compared to other regions.
Market Analysis:
The global bone density test market is highly competitive with the presence of reputed names along with local players in many countries. The factors driving the global market are product precision, product cost, measurement speed, radiation dose, and product dependability and versatility.
Key players influencing the global bone density test market are General Electric Company (U.S.), Hologic Inc. (U.S), BeamMed Ltd. (Israel), Swissray (U.S.), Osteosys Corp (South Korea), DMS Imaging (France), Medonica Co. LLTb (South Korea), Osteometer Meditech Inc. (U.S), and Lone Oak Medical Technologies, LLC (U.S.).
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