A report published by Transparency Market Research (TMR) sheds light on the key dynamics of the global market for bone densitometers and provides a basis to understand its competitive landscape. The global Bone Densitometers Market has opened its doors to the entry of new and emerging players, and this has resulted in a highly fragmented arrangement of market vendors. It is expected that the established vendors in the global market for bone densitometers would respond to the influx of newbie vendors by making greater investments in marketing and promotions. Despite the presence of a large number of large, small, and medium-sized players, the position of the leading market players in projected to remain unmoved over the coming years.
The vendors that have existed in the market for over a decade are expected to concentrate on expanding their geographical reach in the forthcoming years. Furthermore, improvement in the quality of the densitometers is also a key strategy that is currently on the minds of the market players. Some of the key players in the global market for bone densitometers are Hitachi, Ltd., GE Healthcare, Beammed, Osteometer Meditech Inc., and Lone Oak Medical Technologies LLC.
The global market for bone densitometers 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%. Based on end-use, the global market for bone densitometers has reaped the highest revenues through hospitals. Geographically, the immaculate disposition of the healthcare industry in North America has facilitated growth of the regional market.
Bone densitometers are used to measure the density of bones by means of an X-ray, and is used in the detection of diseases such osteoporosis or osteopenia. Low boen density is a sign of weak bones, and it is extremely essential to treat such a condition to avoid fractures or bone dislodgements. In recent times, the incidence of osteoporosis has risen due to the changing lifestyles and eating habits of the masses This has given an impetus to the growth of the global market for bone densitometers.
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Furthermore, the developments in the healthcare infrastructure of all the key regions across the globe have also given an impetus to the growth of the global market for bone densitometers. The geriatric population across the globe has been rising at a healthy rate, and this has furthered the demand for bone densitometers across the globe.
Although the demand for bone densitometers has flown in from several regional longitudes, the manufacturers have failed to cater to this demand over the past decade. This has emerged as a major roadblock for the global market for bone densitometers because a major chunk of revenues that could have been generated is lost to sluggish manufacturing. Nevertheless, the gradual developments in the manufacturing standards of vendors are expected to bode well for the global bone densitometers market.