The bone densitometers market depicts the presence of highly competitive vendor landscape, says Transparency Market Research, on the basis of a recently published report. Most players are focusing on achieving product differentiation, bringing forth geographical expansions, and improving product quality and efficiency. With new players expected to enter the market on a regular basis, the competition is expected to get tougher with every passing year. In recent times, companies have been busy focusing on achieving extensive innovations and research-based developments, in order to upgrade existing densitometer equipment’s technology.
Lone Oak Medical Technologies LLC, Medonica Co. Ltd., GE Healthcare, Osteosys Co. Ltd., Swissray International, Inc., Hologics, Inc., Osteometer Meditech Inc., Beammed, Hitachi, Ltd., and Diagnostic medical System SA, are key players operating in the bone densitometers market.
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According to estimates by expert analysts, the bone densitometers market is expected to gain a revenue of about US$1.11 bn by 2024. Initially, the market had gained a revenue worth US$0.84 bn in 2015. From an overall perspective, the market is expected to grow at a slow and steady rate with a CAGR of 3.1% during the forecast period from 2016 – 2024.
High Occurrence of Bone Diseases Spurs Demands for Use of Bone Densitometer
A brisk rise in the need for accurate and efficient diagnosis of bone-related diseases, in order to provide proper treatment, is mainly driving the bone densitometer market. The number of patients suffering from several bone related diseases caused due to deficiency of Vitamin D has augured the demand of densitometer equipment for carrying out reliable diagnosis. A brisk increase in arthritis cases is one of these diseases, which is notably responsible for augmenting the bone densitometers market to gain extensive growth. Rising cases of osteoporosis mainly in women undergoing postmenopausal phases has increased the demand of bone densitometers as a part of diagnostic processes carried out by healthcare specialists. Surging geriatric population is causing the bone densitometers market to pick up a rapid pace too. This is mainly due to old-aged people being more prone to bone disorders and other associated diseases, which need prompt treatment.
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Shortage of Densitometers in Remote Regions Dampens Growth
However, this market is being restrained mainly due to shortage of availability of densitometer equipment and other accessories in remote regions. Thus, a majority of cases where people are afflicted with bone disorders, might not get treated on time, consequently reducing sales and use of bone densitometers. High cost of bone densitometers, mainly felt in economies located in developing regions of Asia Pacific and Latin America, could greatly hinder the bone densitometers market too. Nevertheless, a rising awareness about benefits associated with the use of densitometer equipment is noted to occur. This awareness can ultimately lead towards early diagnosis of bone diseases, consequently offsetting the restraints.
The information presented in this review is based on a TMR report, titled, “Bone Densitometers Market (Technology – Axial Bone Densitometry (Dual Energy X-Ray Absorptiometry and Quantitative Computed Tomography) and Peripheral Bone Densitometry (Single Energy X-Ray Absorptiometry, Peripheral Dual Energy X-Ray Absorptiometry, Radiographic Absorptiometry, Quantitative Ultrasound, and Peripheral Quantitative Computed Tomography); End User – Hospitals, Diagnostic Centers, and Specialty Clinics) – Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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