PORTLAND, Oregon and PUNE, India, February 2, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Bone Densitometers Market, by Application, Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global bone densitometers market was valued at $34,690 thousand in 2016, and is expected to reach $44,218 thousand by 2023, growing at a CAGR of 3.3% from 2017 to 2023.
A bone densitometer is used to precisely measure the density and mineral content present in the bones to diagnose clinical conditions such as osteoporosis that may cause brittle bones prone to fracture.
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High incidence of disorders that cause loss of bone density, rapid increase of geriatric population, increase in technological advancements, and benefits offered by DEXA device drive the market growth. However, high cost of bone densitometers and risks associated with them limit the market growth. Conversely, launch of several health initiatives to promote awareness about osteoporosis is expected to present opportunities for market growth during the forecast period.
On the basis of technology, DEXA is expected to maintain its dominant position during the analysis period, owing to its high precision, easy handling, and safety for both adults & children use.
Based on application, the central scan segment held the major market share (more than half) in 2016, and is expected to dominate the market throughout the forecast period, owing to its effectiveness to predict fracture risk, effective targeting of antifracture treatments, high accuracy, availability of reliable reference ranges, rapid patient setup, short scan times, and low radiation dose.
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KEY FINDINGS OF THE STUDY
- The peripheral scan segment is expected to grow with a CAGR of 3.8% from 2017 to 2023.
- Ultrasound segment is expected to grow at the highest CAGR of 4.3%.
- The hospitals segment held a major share of nearly two-thirds in the global market, and is expected to retain it throughout the forecast period.
- Asia-Pacific is expected to grow at a CAGR of 5.3% during the forecast period.
Europe accounted for a major share of nearly two-fifths of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to increase in incidence of osteoporosis, increase in geriatric population, rise in patient awareness about the availability of treatment options, and favorable reimbursement framework for bone densitometry in the region.
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SOURCE Allied Market Research