Bone densitometers are medical devices that measure bone mineral density (BMD) to diagnose osteoporosis and assess fracture risk. These devices provide quantitative information about bone density and quality, and are widely used for monitoring osteoporosis treatment and management. Rising prevalence of osteoporosis due to growing geriatric population and increasing awareness about osteoporosis are major factors driving the growth of the bone densitometers market.
The global Bone Densitometers Market is estimated to be valued at US$ 313.05 Mn 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 Opportunity:
Aging population is one of the key opportunities for bone densitometers market growth. With the increase in life expectancy across the globe, the population aged 65 years and above is projected to double from 7% to 16% between 2015 and 2050. Osteoporosis is highly prevalent among the elderly population. Around 75% of all osteoporotic fractures occur in women aged 50 years and over. Growing geriatric population increases the risk of osteoporosis and orthopedic disorders. This creates high demand for bone mineral density testing using densitometers. Bone densitometers aid early diagnosis and timely treatment of osteoporosis in older people. Therefore, aging demographics worldwide provide major growth prospects to bone densitometers manufacturers over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market has established players. However, the need for high R&D investments and patent protection acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as bone densitometers have few alternatives for diagnosis. However, price sensitivity is less as they are widely adopted in hospitals and diagnostic centers.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component suppliers for parts like sensors, detectors, etc. This allows companies to negotiate for better prices.
Threat of new substitutes: There is low threat from substitutes as bone densitometers are the gold standard for bone mineral density tests with no close substitutes available currently.
Competitive rivalry: The competitive rivalry is high among key players to gain market share through product launches, partnerships and geographic expansion.
SWOT Analysis
Strength: Bone densitometers provide accurate, non-invasive and cost-effective diagnosis of osteoporosis. They are easy to operate and report results quickly.
Weakness: Larger systems require more space and are expensive. Portable systems have limitations in terms of accuracy.
Opportunity: Growing geriatric population and cases of osteoporosis present lucrative opportunities. Emerging economies offer vast untapped market potential.
Threats: Stringent regulations for new product approvals can delay market entry. Economic slowdowns may lead to budget constraints for healthcare providers.
Key Takeaways
The global bone densitometers market is expected to witness high growth over the forecast period supported by increasing prevalence of osteoporosis. The global Bone Densitometers Market is estimated to be valued at US$ 313.05 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market backed by advanced healthcare infrastructure and widespread medical insurance. Asia Pacific is poised to witness fastest growth owing to large patient pool, rising healthcare expenditure and growing medical tourism.
Key players: Key players operating in the bone densitometers market are GE Healthcare, Hologic, Inc., Swissray Global Healthcare Holding, and BeamMed Ltd. GE Healthcare dominates the market with wide product portfolio for central and peripheral bone density assessment.
