Ohio, Cleveland, April 26, 2023 (GLOBE NEWSWIRE) -- Market Overview
The market is segmented by type, by end-user and by region. North America is expected to contribute significantly to the market growth due to strong R&D practices and growing cases of chronic diseases. With mergers, acquisitions, and product launches, the global osteoporosis testing market is moderately competitive. Some of the key players in the market are GE Healthcare, DMS Imaging, Swissray, BeamMed, Hologic and others.
Market Drivers:
The growing number of incidents of Osteoporosis is driving the growth of the Osteoporosis testing market. Rapid turnaround time and lower cost of procedure over conventional methods also fuel the growth of the Osteoporosis testing market. Also, the varied application of Osteoporosis testing procedures in analyzing/tracking bone density and increasing adoption in a routine check of Osteoporosis is harnessing the osteoporosis testing market growth.
Market Restraints:
The high cost of bone testing becomes a barrier for the market. For instance, a bone density DXA Scan costs around $100 to $383. A month’s supply of generic alendronate can cost as much as $75. Fosamax, the brand name of the same drug, can cost twice as much.
For patients not covered by health insurance, the typical cost of a bone density test, including a doctor consultation to explain the results, is about $150 to $250. For instance, Advanced Radiology Imaging Associates in Florida charges $150 and PENRAD Imaging in Colorado charges $200.
Market Opportunities:
The high burden of such disorders as osteoporosis is expected to boost the demand for the osteoporosis testing market for accurate diagnosis, ultimately creating an opportunity for the market.
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COVID-19 Impact Analysis:
The COVID-19 pandemic impacted the osteoporosis testing market significantly. The COVID-19 illness and treatment adversely affected the bone health of surviving patients, affecting the market’s growth pace.
During the pandemic, the quality of osteoporosis care for patients who have suffered a new fragility fracture or hip fracture following surgery has deteriorated dramatically. Hence, the global osteoporosis testing market is expected to be impacted by COVID-19.
Several medical societies provided recommendations to promote patient and staff safety during the pandemic, including the International Society for Clinical Densitometry (ISCD), which recognized that bone densitometry testing with dual-energy x-ray absorptiometry (DXA) has been affected and idled by the crisis.
Russia-Ukraine Conflict Analysis:
Russian Federation’s invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. In particular, the war in Ukraine is leading to soaring prices and volatility in markets, with improvements in activity in exporters more than offset by headwinds to activity in most other economies.
Recent Developments in the Industry:
- In September 2022, A new device for diagnosing bone fragility invented by the University Hospitals of Geneva (HUG) and the University of Geneva (UNIGE) was approved for marketing in the European Economic Area and Switzerland and licensed by the Northern Irish company ProAxsis. The device is based on a new approach to assessing bone quality via blood sampling.
- In November 2022, MEDIMAPS GROUP, a Swiss/Global med-tech company specializing in image processing software for assessing bone health, announced that its novel method for enhancing osteoporotic fracture risk assessment, Trabecular Bone Score (TBS iNsight), a surrogate of bone microarchitecture boosted by AI, is available on diagnostic platforms from OsteoSys. OsteoSys is the leading Bone Mineral Densitometer brand in Korea and the third largest supplier of DXA scanning equipment worldwide.
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Market Segmentation:
As per the research analysis, the global osteoporosis testing market is segmented by Type into X-Rays Scan, FRAX Tool and Quantitative Ultrasound Scans.
- Based on Type, the DEXA scan sub-segment of X-Ray Scan contributes the highest in the market share. The increasing benefits of DEXA are expected to drive market growth. For instance, DEXA scans, or bone density scans, determine the risk of breaking a bone. They are frequently used to diagnose or assess the risk of developing bone-related health problems like osteoporosis.
Geographical Classification:
The global osteoporosis testing market is segmented into major countries, including North America, Europe, South America, Asia Pacific, and Middle East & Africa.
Asia-Pacific Osteoporosis Testing Market:
Asia-Pacific is expected to witness a perfect storm of a rise in osteoporosis among Asia-Pacific populations due to the region's rapidly aging population, mounting urbanization, and subsequent increase in sedentary lifestyles. In 2020, in Australia, an estimated 6.2 million people aged over 50 years will be living with osteoporosis or osteopenia, representing a 31 percent increase from 2012.
North America Osteoporosis Testing Market:
North America captured approximately 38.5% of the overall market in 2022. The most prevalent bone disease osteoporosis, which affects roughly 10 million people in the U.S. alone, causes bones to become weak and prone to fractures. The disease is especially common in women, with nearly 20% of women over age 50 having osteoporosis and over half exhibiting the precursor condition of low bone mass.
Each year, osteoporosis-related fractures account for 432,000 hospital admissions and 180,000 nursing home admissions. Given the aging population in the U.S., annual direct costs from osteoporosis are expected to reach approximately $25.3 billion by 2025.
Europe Osteoporosis Testing Market:
Around 8.3% of the global osteoporosis testing market is captured by Germany in 2022. In six European nations (France, Germany, Italy, Spain, Sweden, and the UK), 2.7 million osteoporotic fractures occur every year with associated healthcare expenses of US $40.7 billion; it is expected a 23% cost increase by 2030 (USD 51.7 billion).
Among Medicare beneficiaries (American Healthcare Trust Fund), there were 2.3 million osteoporotic fractures in 2015; costs of US $57 billion were estimated in 2018, with an expected increase of over US $95.2 billion in 2040. Such estimates take into account population aging and growth.
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Competitive Analysis:
There are numerous international, regional, and local suppliers in the global osteoporosis testing market industry. The competition in the local market is fierce. The vendors compete based on price, product quality, dependability and aftermarket services. As a result, to prosper and survive in a competitive market, suppliers must provide cost-efficient and effective products.
Major Companies:
The major global players include GE Healthcare, DMS Imaging, Swissray, BeamMed, Hologic, OSTEOSYS, Scanflex Healthcare, CompuMed, FUJIFIL, Trivitron Healthcare among others.
Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query with regard to the scope offered will be addressed within 24- 48 hours.
3) An Excel sheet with market numbers will be provided separately.
The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
- Visualize the composition of the global osteoporosis testing market segmentation by type, by end-user and by region.
- By Type: X-Rays Scan, FRAX Tool, Quantitative Ultrasound Scans
- By End Users: Hospital, Diagnostic Imaging Centers, Orthopedic Clinics, Ambulatory Surgery Centers
- By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
- Identify commercial opportunities in the global osteoporosis testing market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter's five forces analysis, supply chain analysis, pricing analysis, and regulatory analysis.
- Excel data sheet with thousands of data points of global osteoporosis testing market -level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players.
- The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
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