Global bone densitometers market has been registering a phenomenal increase in its size and valuation. The significant rise in the pool of patients suffering from arthritis and vitamin D deficiency, supported by the surge in the geriatric population across the world, have influenced this market substantially. The increasing prevalence of osteoporosis in post-menopausal women is also contributing considerably to the growth of this market.
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Moreover, the growing preference for cost containment measures, advent of portable devices, and the increasing awareness among consumers regarding early diagnosis of diseases are likely to boost the worldwide market for bone densitometers in the years to come. The technological advancements in bone densitometers and the increasing availability and recognition of these devices in emerging economies, such as China, Brazil, Japan, and India, are anticipated to create a promising growth opportunity for market players in the near future. In 2015, the global market for bone densitometers stood at US$0.84 bn. Analysts predict that this market will expand at a CAGR of 3.10% between 2016 and 2024 and touch US$1.11 bn by the end of 2024.
Bone Densitometers Draw Demand for Diagnosis of Increasing Bone Diseases
The authors of a recent TMR report have foreseen the world bone densitometers market to witness a staggering growth to take shape on the back of a rising need to accurately diagnose various types of bone disorders. The rising count of patients suffering from bone-related diseases such as deficiency of vitamin D and arthritis has been prophesied to augur well for the demand for bone densitometers. This could optimistically impact the growth of the market in the near future. A substantial degree of demand has been envisaged to be witnessed in the market as the incidence of osteoporosis in postmenopausal females sees a surge besides the growth of geriatric population.
More opportunities have been predicted to take birth in the world bone densitometers market with the emergence of portable devices and developing preference for cost containment measures. Emerging markets such as India, Japan, Brazil, and China could create prospects in future with the increasing recognition and availability of bone densitometers and their technological development. India has been expected to be a prominent Asia Pacific market, considering its increasing public and private investments in life sciences research.
Limited Availability of Diagnostic Equipment in Remote Areas Stunts Growth
During their tenure in the international bone densitometers market, players could find challenges in the form of restricted access to diagnostic tools and equipment in remote locations. However, the magnifying awareness among end users about the benefits of early diagnosis of diseases has been prognosticated to bring up favorable prospects in the market. North America could contribute at a handsome rate in the market while riding on the presence of promising reimbursement policies for diagnosing osteoporosis. One of the trends that has been anticipated to benefit the market is the emergence of hospitals as a prominent diagnostic and devices hub for bone densitometers. However, there could also be opportunities arising from the high-paced growth of diagnostic centers boasting of well-equipped infrastructure, access to various medical facilities, and an elevating preference from patients.