The global bone densitometers market is prognosticated to grow at a decent pace in forthcoming years. The market seems to be quite fragmented owing the presence of various players all over the world. Medonica Co. Ltd., Lone Oak Medical Technologies LLC, GE Healthcare, Swissray International, Inc., Osteosys Co. Ltd., Diagnostic medical System SA, Hologics, Inc., Beammed, Osteometer Meditech Inc., and Hitachi, Ltd., are the leading organizations in the global bone densitometers market.
These players are concentrating on expanding their geographical reach, better quality of the product, gaining product differentiation, and more efficiency. The competitive landscape is foreseen to be tougher year by year, due to several new players. Since past few years, the firms are focusing on advanced research and development activities and innovations to improve their position in the bone densitometers market.
According to Transparency Market research (TMR), the global bone densitometers market is anticipated to expand at a CAGR of 3.1% within the forecast period from 2016 to 2024. In 2015, the market was valued around worth of US$0.84 bn, which is expected to reach near worth of US$1.11 bn by the end of forecast period. On the basis of end-users, the global bone densitometers market is segmented into diagnostic centers, specialty clinics, and hospitals.
Among these, hospital segment dominated the market with 60% of overall market revenue, in 2015. The segment is expected to lead the market in coming years as well. Regionally, North America region lead the global bone densitometers market in 2015. The region accounted for 44% of the entire market share, owing to supportive reimbursement policies regarding osteoporosis diagnosis.
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Rising Cases of Osteoporosis to Boost Market Demand
A rapidly growing demand for efficient and accurate diagnosis of bone-related diseases to give an appropriate treatment, is driving the global bone densitometer market to a large extent. Moreover, increase in number of cases suffering from lack of vitamin D and other bone related ailments are also surging the demand for bone densitometers market. A brisk increase in arthritis cases is one of these diseases, which is notably responsible for augmenting the global bone densitometers market to gain extensive growth.
Increase in number of people suffering from osteoporosis who are experiencing postmenopausal phases has accelerating the demand of bone densitometers with respect to diagnostic processes. Surging rise in geriatric people to contribute in the market growth as well.
Shortage of Bone Densitometers Devices to Hinder Market Growth
Nevertheless, the global bone densitometers market is being hampered by the less availability of densitometer gadgets and some other needed accessories in rural regions. This market is being restrained mainly due to shortage of availability of densitometer equipment and other accessories in remote regions.
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As a result, various people who get infected by bone ailments do not get treatment on time that reduce the usage of densitometers with reduced sales. Besides, increased expenses of bone densitometers, especially in economies located in developing regions is another factor causing hindrance to bone densitometers market.