Bone Densitometer Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bone Densitometer Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Bone Densitometer Systems Market is expected to register a CAGR of 3.5% during the forecast period (2022-2027).

The COVID-19 pandemic has significantly impacted the bone densitometer systems market. The decrease in imaging volumes during the pandemic has affected the growth pace of the market. For instance, the Journal of the American College of Radiology article titled "Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic on Imaging Case Volumes" published in May 2020 reported that the total imaging volume in 2020 (weeks 1-16) declined by 12.29% compared with 2019. It also reported that post-COVID-19 (weeks 10-16) revealed a greater decrease (28.10%) in imaging volumes across all patient service locations. The same source also reported that an 88% decline was seen at week 16 in outpatient imaging, and x-rays contributed to a nearly 22% decline. Such a decline in volumes due to pandemic affected the bone densitometer systems market’s growth.

Furthermore, the reduction in the number of orthopedic surgeries due to the pandemic has also impacted the market’s growth, as orthopedic surgeries are one of the most common applications for x-ray diagnosis. For instance, the International Journal of Environment Research and Health article titled "Effect of COVID-19 Pandemic on Orthopedic Surgery in Three Centers from Romania", published in February 2021, reported that arthroscopy procedures dropped by 34.5% in March 2020, and in June 2020, there was only one-third of the volume of 2019. It also reported that in March and April 2020, upper limb trauma admissions decreased to 64.3 and 45.5% of 2019, respectively, and admissions for combined extremity trauma decreased by half in March and April 2020 compared to 2019. Such a decrease in volume for orthopedic surgery has also impacted the market's growth.

Additionally, due to the rising prevalence of osteoarthritis and vitamin deficiencies, increased adoption of bone densitometers and technological advancements are key factors fueling the bone densitometer systems market growth. For instance, according to a report titled, "The Burden of Osteoarthritis in Canada (2021)" commissioned by the Arthritis Community Research and Evaluation Unit (ACREU), around 15% of Canadians aged 20 years and above had osteoarthritis. The report further stated that more than 4 million Canadians, or about one in every seven adults, have osteoarthritis. The high burden of such disorders is expected to boost the demand for bone densitometer systems for accurate diagnosis, ultimately driving the market growth.

Additionally, the adoption of bone densitometers by various healthcare providers also contributes to the growth of the market. For instance, in June 2021, the Riverside Clinic in London, part of the Healthshare Group, chose Fujifilm’s DXA Solution for the community trial to diagnose osteoporosis.

Thus, the abovementioned factors are impacting the market growth for the bone densitometer systems market. However, the market's expansion is hampered by the debate over the efficacy of bone densitometers for individual clinical decision-making over the forecast period.

Key Market TrendsAxial Bone Densitometry Segment is Expected to Dominate the Market Over the Forecast Period

Axial bone densitometry has accounted for a large share of the market owing to the high adoption of densitometers based on this technology. The increasing adoption rate can be attributed to the fulfillment of different requirements of clinicians by axial bone densitometers as there is a high prevalence of osteoporosis in population.

In axial bone densitometry, dual-energy X-ray absorptiometry (DEXA) is the most widely used technique for assessing bone density in the body. This device is used for both central and peripheral bone mineral density (BMD) scans and is widely used due to its high precision, easy handling, and safety of usage for adults and children. Furthermore, consistent technological developments over time, such as the introduction of integrated digital detectors and computer-assisted and ultrasonic densitometers, have been proven to have high comfort, ease of operation, and reduced measuring time. For instance, in February 2022, Echolight Medical and Aurora Spine Corporation engaged in a cooperative co-marketing agreement. Aurora is engaged in developing and manufacturing DEXA Technology-based Spinal Implants, while Echolight is in the business of non-ionizing radiation bone health assessment. The two companies agreed to market one another's products to their respective consumers and prospects as part of the Aurora DEXA Platform. Aurora can combine Echolight's bone health assessment capabilities with its proprietary DEXA Technology-based patient-matched implants. Echolight can market and publicize Echolight's devices to assess which of Aurora's DEXA Technology implants is best for each patient's bone quality, whether normal, osteopenia, or osteoporotic. Hence, all these technological advancements and partnership strategies are expected to lead to the target market's growth.

Thus, owing to the abovementioned factors, the market segment is expected to show growth over the forecast period.

North America Region is Dominating the Bone Densitometer Systems Market Over the Forecast Period

North America has accounted for a large market share due to the various collaborative efforts undertaken by various regional companies to improve their R&D capabilities and maintain high medical standards, which are expected to propel the demand across this region. The market for bone densitometer systems in the United States is being driven by the increasing use of advanced technology in healthcare systems and the rising burden of chronic diseases in the country. For instance, according to the American Cancer Society's 2022 statistics, it is estimated that in the United States, there are a total of 3,910 new cases of bone and joint cancer, out of which 1,750 are females and 2,160 are males. Cancer is a significant contributor to bone loss and fractures since cancer cells directly impact the body's skeleton and cancer-specific medicines have adverse effects on bone cells.

Additionally, the Burden of Osteoarthritis in Canada, 2021 report, stated that the prevalence of osteoarthritis rises with age. It also reported that more than half (52%) of Canadians who have osteoarthritis are younger than 65. The same source also reported that more than 4 million Canadians, or about 1 in every 7 adults, have osteoarthritis. Therefore, the increased prevalence of chronic diseases increases the demand for accurate diagnosis and a treatment plan that is both efficient and timely from healthcare providers. As a result, the studied market in the region is expected to grow over the coming years.

Furthermore, the market is predicted to grow due to the growing elderly population in the region. For instance, as per Statistics Canada's 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males and 3,796,750 were females. As the aged population is most vulnerable to various age-related bone diseases, the demand for bone densitometer systems at healthcare facilities is anticipated to increase, propelling the market growth.

Thus, owing to the abovementioned factors, the studied market in the North American region is expected to project growth over the forecast period.

Competitive Landscape

There have been a few companies that have made a substantial contribution to the market's growth. Product innovation and ongoing R&D activities have aided the market's growth in developing advanced technologies. Due to the market's concentrated nature, competition is severe, with the top three firms reporting having most of the market share. To keep up with the fierce rivalry, the market's major participants are making a variety of strategic maneuvers. The key players operating in the target market include GE Healthcare, Hologic Inc., Beammed Ltd., DMS Imaging, Swissray International, Inc., Xingaoyi Medical Equipment Co. Ltd., Eurotec Medical Systems Srl, Trivitron Healthcare, Scanflex Healthcare AB, Medonica Co. Ltd., OsteoSys Corp, CyberLogic, Inc., MEDILINK, Osteometer MediTech, CompuMed, Inc., Echolight S.p.a, and Eurotec Medical Systems SRL.

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