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Rising Geriatric Population is Boosting the Bone Densitometer Market to Reach the Value of US$1.11 Billion by 2024, Says TMR
ALBANY, New York, July 3, 2019 /PRNewswire/ -- The global bone densitometer market was valued at US$0.84 bn in 2015 and is expected to escalate to a value of US$1.11 bn by the end of 2024. The CAGR of the global market for bone densitometers over the period between 2016 and 2024 is estimated to be 3.10%.
Hospital Segment to contribute more than 60% of the Total Revenue
The global bone densitometer is segmented on the basis of technology end-users. Out of these categories, hospital segment is expected to show maximum growth in terms of revenue generation for the players of global bone densitometer. Collectively, the segment is expected account for 60% of the total revenue generation of the market in the forecast of 2016 to 2024.
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Favorable Reimbursement Policies to Allow North America Lead the Market
Geographically, the global bone densitometer market has its presence in North America, Europe, South America, Asia Pacific, and Middle East and Africa. Out of these regions, North America is expected to exhibit maximum potential in bone densitometer market. The growth of the region is attributed to encouraging reimbursement policies for various bone related diagnostics. As a result, North America is projected to contribute with 44% of the total share of global bone densitometer market.
Growing Osteoporosis Cases to Fuel the Growth of the Market
- Bone Density Measurement for Osteoporosis is the Major Application
Bone densitometers are used to evaluate the bone density. The measurement can be taken with help of X-ray which can be further used to diagnose diseases like osteoporosis. However, owing to changing life style and unhealthy food habits, there is a major rise in the incidences of osteoporosis globally. This rise in the incidences of diseases is fueling the growth of global bone densitometer market.
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- Major Developments in the Healthcare Sector to Propel the Growth of the Market
Over the period of time, the healthcare industry has undergone major technological developments. There is major influx of emerging technologies into the various process of diagnostics in the sectors. These technologies are allowing the market players to deliver optimal solutions to the hospitals and various diagnostic centers. Owing to these developments, bone densitometer devices are also available with latest technologies which is further fueling the global bone densitometer market in the forecast period.
Apart from all the developments, sluggish manufacturing is dampening the growth of the global bone densitometer market. However, with various improvements in the manufacturing standards of the market players, the global bone densitometer market is expected to surpass this roadblock and achieve a sustainable growth in the forecast period.
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Transparency Market Research has recently published its latest report on the global bone densitometer market. The report provides a detailed analysis of the market and sheds light upon the competitive scenario dominated by the major players. According to the report, the market is expected to have a highly competitive and fragmented landscape in the forecast period of 2016 to 2024. Moreover, influx of various new entrants in the market is also intensifying the competition and making it tougher for the players to have a sustainable future in the global bone densitometer market.
In order to run a sustainable business, new players are adopting strategies such as mergers, collaborations, and partnerships. They are also looking forward to share their ideas with some of the established players in order to enhance their resource bank. On the other hand, the veterans of the global bone densitometer market are acquiring various small and medium-scale businesses in order to enhance their presence in the market. Moreover, this strategy is also aimed to provide a much required competitive edge to players.
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Some of the players of global bone densitometer market are GE Healthcare, Hologic Inc., Beammed, Swissray International Inc., Osteosys Co. Ltd., Diagnostic Medical System SA, Medonica Co. Ltd., and Osteometer Meditech.
The study presented here is based on a report by Transparency Market Research (TMR), 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) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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