The global market for bone densitometer devices is poised for remarkable growth, with an estimated value exceeding US$ 347.7 million in 2023 and a projected ascent to US$ 525.0 million by 2033. This growth trajectory is underpinned by a steady 4.2% compound annual growth rate (CAGR) from 2023 to 2033.
Bone densitometer devices play a crucial role in non-invasively assessing bone density and gauging bone strength. Their significance lies in diagnosing bone-related ailments and evaluating the risk of their development.
The International Osteoporosis Foundation highlights a concerning trend, with an anticipated over 300% increase in hip fractures among men and a 240% increase among women by 2050. This underscores the pressing need for bone assessment, driven by the high prevalence of osteoporosis and related conditions such as osteopenia, osteomalacia, and osteoporotic fractures. Consequently, the demand for bone densitometer devices is expected to soar, further propelling the market’s growth.
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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.
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 scan for multiple clinical applications will foster an atmosphere of the 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.
- High cost of the target product and limitations of the DXA technology of bone densitometer device 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.
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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.
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 (pDXA)
- Quantitative Ultrasound (QUS)
- Others
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By End-User:
- Hospitals
- Orthopedic Clinics
- Diagnostic Centers
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