The global bone densitometer device industry is poised to exceed $347.7 million in 2023, with a projected expansion to $525.0 million by 2033, demonstrating a steady 4.2% compound annual growth rate (CAGR) from 2023 to 2033. These devices play a pivotal role in the non-invasive assessment of bone density and strength, facilitating the diagnosis of bone-related conditions and risk assessment.
The International Osteoporosis Foundation’s forecasts paint a concerning picture, with a predicted over 300% increase in hip fractures for men and a 240% increase for women by 2050. This impending surge in osteoporosis and related conditions such as osteopenia, osteomalacia, and osteoporotic fractures will drive the demand for bone assessment, consequently propelling the growth of the bone densitometer device market.
Bone densitometers also analyze the risk of developing bone disorders. One of the major market drivers for bone densitometer devices is the rising incidences of knee osteoarthritis. With over 203 knee osteoarthritis cases for every 10,000 persons, 20 years of age and above, bone densitometer devices are expected to be in high demand in the upcoming years.
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Moreover, a surge in favorable reimbursement policies by Medicare will likely spur the demand for bone densitometer devices, particularly in countries like India and the U.S. Medicare provides private health insurance plans for the treatment of osteoporosis, which in turn accounts for the increasing expansion of the bone densitometer devices market. Also, many manufacturers are keen on releasing innovative products with novel offerings like low dosage and patented narrow-fan beam technology.
This factor coupled with the rising need for excellent precision and accuracy, high-definition image quality, and faster scans for multiple clinical applications will foster an atmosphere of growth for the target over the projected period.
“Growing bone health awareness, more widespread knowledge about osteoporosis along with initiatives from NGOs and government organizations will likely drive the market growth for the bone densitometer devices over the forecast period,” says an FMI analyst.
Key Takeaways:
- Heightened demand for precise, speedy, and high-quality diagnosis to strengthen the market prospects.
- The high cost of the target product and limitations of the DXA technology of bone densitometer devices will impede market growth.
- The U.S. will dominate the global market space with a CAGR of 4.9%.
- The market in Germany will be driven by increasing bone disorder awareness programs.
- Axial bone densitometer segment will grow at a CAGR of 4.2%
- In terms of technology, Dual Energy X-ray absorptiometry will hold about 3/5th of total revenue.
Competitive Landscape
GE Healthcare, Hologic, Inc., OSI Systems, Inc., Diagnostic Medical Systems Group, Swissray Global Healthcare Holding, Ltd., BeamMed, Ltd., Echolight S.P.A, Scanflex Healthcare AB, Medonica Co., Ltd., XinGaoYi Co., Ltd., Anjue Medical Equipment, Trivitron Healthcare, Eurotec Systems S.r.l, AMPall Co., Ltd., L’acn L’accessorio Nucleare S.R.L, Shenzhen XRAY Electric Co., Ltd., YOZMA BMTech Co., Ltd., Nanoomtech Co., Ltd., Osteosys Corporation, FURUNO Electric Co., Ltd ., and others are some of the major players in the bone densitometer devices market profiled in the full version of the report.
Leading market players are concentrating on improving their product features to expand their business and enter new markets. Strategies like mergers, acquisitions, and distribution agreements are also employed by these enterprises to strengthen their position in the bone densitometer devices market.
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Bone Densitometer Devices Market by Category
By Product:
- Peripheral Bone Densitometer
- Axial Bone Densitometer
By Technology:
- Dual Energy X-ray absorptiometry (DXA)
- Peripheral Dual Energy X-Ray
- Absorptiometry (DXA)
- Quantitative Ultrasound (QUS)
- Others
By End-User:
- Hospitals
- Orthopedic Clinics
- Diagnostic Centers
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