Bone Mineral Testing Market Size, Share, Industry Trends and Forecast to 2030

Bone Mineral Testing Market Size & CAGR in 2021

The global bone mineral testing market is expected to have a growth rate of 4.23% CAGR from 2021 to 2028. The market is anticipated to reach a value of USD 2.5 billion by 2028. The increasing prevalence of osteoporosis and other bone-related disorders is driving the growth of the bone mineral testing market.

COVID-19 Impact on the Bone Mineral Testing Market

The COVID-19 pandemic has had a significant impact on the bone mineral testing market. Due to the lockdowns and restrictions imposed to curb the spread of the virus, many hospitals and clinics had to suspend non-essential services, including bone mineral testing. This led to a temporary decline in the demand for bone mineral testing services.

However, as the healthcare system adapted to the new normal and implemented safety measures, the bone mineral testing market started to recover. With the growing awareness about the importance of bone health and preventive screening, the demand for bone mineral testing is expected to increase in the post-pandemic world.

Bone Mineral Testing Dynamics

The bone mineral testing market is driven by factors such as the increasing prevalence of osteoporosis and bone fractures, growing geriatric population, and rising awareness about the importance of bone health. Advances in technology, such as dual-energy X-ray absorptiometry (DEXA) scans and peripheral quantitative computed tomography (pQCT), are also contributing to the growth of the market.

On the other hand, factors such as the high cost of bone mineral testing procedures, limited availability of advanced testing facilities in rural areas, and lack of reimbursement policies for bone mineral testing are hindering the market growth.

Segments and Related Analysis

The bone mineral testing market can be segmented based on technology, end-user, and region. By technology, the market is divided into DEXA, pQCT, ultrasound, and others. By end-user, the market is categorized into hospitals, clinics, diagnostic centers, and others. Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among these segments, DEXA technology is the most widely used for bone mineral testing due to its accuracy and reliability. Hospitals are the major end-users of bone mineral testing services, accounting for the largest market share. North America dominates the global market in terms of revenue, followed by Europe and Asia Pacific.

By Region Analysis

- North America: The North American market for bone mineral testing is the largest globally, driven by the increasing prevalence of osteoporosis and the availability of advanced healthcare infrastructure.

- Europe: Europe is also a significant market for bone mineral testing, with countries like Germany and the UK leading the market in the region.

- Asia Pacific: The Asia Pacific region is witnessing rapid growth in the bone mineral testing market due to the rising geriatric population and increasing awareness about bone health.

- Latin America: Latin America is a growing market for bone mineral testing, with countries like Brazil and Mexico showing promising growth opportunities.

- Middle East & Africa: The Middle East & Africa region is also experiencing growth in the bone mineral testing market, driven by improving healthcare infrastructure and the increasing prevalence of bone disorders.

Key Market Players and Competitive Landscape

Some of the key players in the global bone mineral testing market include GE Healthcare, Hologic Inc., Siemens Healthineers, Swissray Global Healthcare Holding, and Medonica Co. Ltd. These companies are focusing on research and development activities, partnerships, and acquisitions to strengthen their market presence.

The bone mineral testing market is highly competitive, with companies striving to develop innovative technologies and expand their product portfolios. Strategic collaborations and mergers are common in the market as companies seek to gain a competitive edge.

Recent Happenings in the Bone Mineral Testing Market

- In January 2021, GE Healthcare announced the launch of a new bone mineral testing device with advanced features for improved accuracy and precision.

- In March 2021, Siemens Healthineers acquired a leading bone health technology company to enhance its bone mineral testing portfolio and expand its market reach.

- In July 2021, Hologic Inc. introduced a next-generation bone densitometer with enhanced imaging capabilities and faster scan times for improved patient experience.

These developments highlight the continuous innovation and investment in the bone mineral testing market to meet the growing demand for accurate and reliable bone health assessment.