July 21, 2024

The Global Bone Densitometers Market is driven by increasing prevalence of osteoporosis

The global bone densitometers market is mainly driven by the rising prevalence of osteoporosis across the world. Bone densitometers are medical devices used to measure bone loss due to a number of factors such as ageing, menopause in women, weight loss or gain, and long-term corticosteroid therapy. These devices help in early diagnosis of osteoporosis, a condition characterized by low bone mass and structural deterioration of bone tissue, leading to bone fragility and increased risk of fractures. According to the International Osteoporosis Foundation, every second elderly person suffers a fracture due to osteoporosis. With rapid growth in geriatric population globally, the prevalence of osteoporosis is expected to rise significantly in the coming years. As bone densitometers are crucial for diagnosis and treatment management of osteoporosis, their demand is witnessing a spike.

The global bone densitometers market is estimated to be valued at US$ 313.05 million in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The bone densitometers market is witnessing growing adoption of digital x-ray radiogrammetry (DXR) technology. DXR utilizes digital images of hands or feet obtained via regular X-rays to predict bone density and fracture risk. Compared to dual-energy X-ray absorptiometry (DXA), the gold standard for bone density assessment, DXR does not expose patients to ionizing radiation and is more cost-effective. It can also be used at the point-of-care for faster results. Another key trend is the emergence of low-cost portable and handheld bone densitometers that offer convenience of use outside hospitals and diagnostic centres. These devices are gaining popularity in home healthcare settings and for mass screening programmes in underprivileged regions. Their compact designs and affordable price points are boosting accessibility to bone health assessment.

Porter’s Analysis
Threat of new entrants: Low- Moderate capital requirements for manufacturing and FDA approvals limit new entrants.
Bargaining power of buyers: High- Buyers have wide variety of product options from established brands. Price is also not a major differentiator.
Bargaining power of suppliers: Low- Suppliers of key components are large MNCs with global presence. Buyers can source from multiple suppliers.
Threat of new substitutes: Low- Though alternatives exist likeDEXA, CT and MRI scans, they are not direct substitutes for bone density scans.
Competitive rivalry: High- Global market has few large players like GE Healthcare and Hologic. Product differentiation is low. Intense competition on pricing.

Key Takeaways
The global Bone Densitometers market is expected to witness high growth. Bone densitometers find widespread adoption in diagnosing and monitoring osteoporosis and fracture risk. The global bone densitometers market is estimated to be valued at US$ 313.05 million in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.

North America dominates the market currently due to high healthcare expenditure and awareness levels. However, Asia Pacific is expected to grow at the fastest pace owing to rising geriatric population, improving access to healthcare facilities and growth in medical tourism. Europe accounts for over 25% share currently led by Germany, UK and Italy. Asia Pacific market is projected to expand at 7% CAGR during the forecast period with China and India emerging as high potential countries.

Key players operating in the bone densitometers market are GE Healthcare, Hologic, Inc., Swissray Global Healthcare Holding, and BeamMed Ltd. GE Healthcare leads the market with its broad portfolio of DXA and pQCT devices. Hologic is a significant player with strong foothold in US market. Swissray and BeamMed have established presence in select European and Asian countries. Players are focusing on new product launches, geographical expansion and acquisitions to gain market share.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it