Bone Densitometer Devices Market to Grow at a CAGR of 3.5% by 2026
Posted by Pradnya Kulkarni on February 7th, 2017
Future Market Insights predicts the US$ 277 Mn global bone densitometer devices market to witness a hike in revenues at a passive CAGR of 3.5% over the next decade. In its recent market outlook titled “Bone Densitometer Devices Market: Global Industry Analysis and Opportunity Assessment, 2016–2026,” the company forecasts that the market for bone densitometer devices will be valued at US$ 390.6 Mn by the end of 2026. Over 2016-2026, bone densitometer devices market is likely to grow passively; however, a few prominent trends will continue to drive market revenues through 2026.
Prevalence of Osteoporosis and Vitamin D deficiency Building Market – Ageing Remains Primary Catalyst
Driven primarily by rising incidences of osteoporosis and other bone-related disorders, the market will also be fuelled by the ensuing awareness about growing osteoporosis incidences. Increased emphasis on preventive healthcare, early diagnosis, and quality treatment are identified to be among the key factors spurring the demand for bone densitometer devices globally. Ageing, resulting in almost threefold risks of acquiring wrist, hip, and vertebral osteoporosis, will remain a major market growth catalyst.
Moreover, increasing prevalence of vitamin D and calcium deficiency disorders will also escalate the demand in near future. Burgeoning cancer prevalence is boosting the number of patients undergoing chemotherapy, which is further identified to affect their bone density in the long run. This will be another driver to growth of bone densitometer market. Evidently increasing integration of DXA into routine health check-ups will also escalate market growth over the forecast period.
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Developed Markets Marching Ahead, Asian Countries to Witness Robust Growth
North America will continue to represent the largest market for bone densitometer devices, followed by Western Europe and Asia Pacific. Latin America and MEA will witness relatively lower growth rates.
By product, the global consumption of axial bone densitometer will possibly account for the revenues of US$ 272.3 Mn in 2026. This segment will grow at an estimated 3.7% of CAGR, gaining over 150 BPS during 2016-2026 against peripheral bone densitometer segment. Axial bone densitometer devices will continue to gain higher traction due to superior accuracy and precision, accounting for around 70% value share by 2026. Peripheral bone densitometer segment is also likely to witness steady adoption, as it allows short scan time and lesser exposure to radiation.
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Based on technology, dual energy X-ray absorptiometry (DXA) segment is expected to remain dominant with nearly 65% share by 2026 end. This segment will possibly attain a value worth US$ 253 Mn in 2026, expanding at the highest CAGR of 3.7%. Quantitative ultrasound (QUS) segment is anticipated to register a 3.2% of CAGR, reaching over US$ 88 Mn by 2026 end.
In terms of end-user, hospitals segment will remain the largest consumer of bone densitometer devices, accounting for revenues worth US$ 252.3 Mn in 2026. Diagnostic centres, the second largest end-user segment with an estimated value of around US$ 80 Mn by 2026, is expected to witness the highest CAGR of 3.8% over the forecast period. Hospitals are likely to capture around 65% share in 2026, whereas diagnostic centres will bag over 20% share in 2026 market revenues.
Beetling Trends and Upcoming Opportunities Fostering Demand for Bone Densitometer Devices
Increasing adoption of DXA, coupled with growing prominence of ultrasound technology, will be important trends in market. Improving healthcare infrastructure and extended reimbursement for osteoporosis treatment are also highlighted as influential trends. While flourishing medical tourism initiatives will remain a growing trend, strategic M&A activities will continue to trend among key players.
Manufacturers are likely to witness several untapped opportunities in developing Asian markets, which are primarily driven by exploding population and immense healthcare burden. Governments are also increasingly supporting the market through favourable bone density measurement awareness programs.
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Product Portfolio Extension on Key Players’ Minds
According to Future Market Insights, leading manufacturers are currently focusing on strategic M&A for extended product portfolios. In addition, they are also targeting advanced product innovation and new product launches to maintain a strong market presence. Some of the key players in the global bone densitometer devices market are GE Healthcare, Hologic, Inc., Beammed, Ltd., Osteosys Co. Ltd., Diagnostic Medical System SA, Swissray International, Inc., Medonica Co. Ltd., and Osteometer Meditech, Inc.
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About the AuthorPradnya Kulkarni
Joined: December 22nd, 2016
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