Award winning market research company Fact.MR is conducting a study on the global osteoporosis testing market for the upcoming decade. As per its findings, the market is poised to witness credible gains across 2021, as the frequency of chronic bone diseases witness an escalating trend. Rising prevalence in different disorders such as rheumatoid arthritis, hyperparathyroidism, chronic kidney disease causing bone loss and osteopenia, providing an impetus to osteoporosis testing.
According to the study, lower cost of procedure and increased adoption in osteoporosis testing to provide a further boost to the demand. The U.S study of frequency of bone disease 2020 estimates, underpinned by the ageing population, the prevalence of osteoporosis and osteopenia was recorded to nearly 14 million cases of osteoporosis and over 47 million cases of low bone mass. Acknowledging the burden, the government incorporated various awareness campaign for osteoporosis testing, thus aiding the growth.
Furthermore, the study shows North America and Europe to emerge as the fastest growing and most lucrative market backed by the increasing number of patients visiting for osteoporosis testing. For instance, according to osteoporosis foundation by 2050, worldwide incidence of hip fracture in men is projected to rise by 310% and 240% in women. Hence, market players are investing in osteoporosis testing industry creating growth opportunities.
“Increasing number of chronic bone diseases and rising demand from the healthcare sector for advanced procedure, thereby widening the revenue prospects for key players operating within the market,” says the Fact.MR analyst.
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- By product type, Dual energy x-ray absorptiometry (DEXA) expected to emerge as a lucrative segment, followed by FRAX tool
- North America and Europe to collectively exhibit healthy growth
- Asia Pacific to emerge as a potential market through 2021 and beyond
- Breakthroughs in testing procedures expected to accelerate growth prospects across U.S.
- Hospitals is anticipated to emerge as highly sought after end-user, attributed to the increased number of patients visiting for osteoporosis testing
- Fast reversal time and low cost procedure to boost the demand
- Diverse application of osteoporosis testing procedures in tracking bone density to create growth prospects
- Increasing cases of osteopenia is increasing bone tissue deterioration, bolstering osteoporosis testing prospects
- Lack of awareness between joint pains and osteoporosis and limitation to DEXA to hinder the growth
- Potential side effects such as nosebleed, blood pressure fluctuations associated with the procedure to hamper the adoption rate
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GE Healthcare, Merck & Company, B.M.Tech Worldwide Co. Ltd., DMS Imaging, Swissray, Hologic Inc., Pfizer Inc., CompuMed Inc., and Eli Lilly & Company are some of the key players profiled by Fact.MR. According to the study, the market is fragmented in nature and key players are focusing on strategies like mergers and acquisition for future growth prospects.
For instance, in February 2021, Hologic acquired Biotheranostics, enabling entry into growing oncology market for approximately US$ 230 million.
In September 2020, U.S. FDA approved Pfizer’s XELJANZ® (TOFACITINIB) for the treatment of children with active polyarticular course juvenile idiopathic arthritis (pcJIA). However in January 2021, Pfizer shared the results to be negative and the criteria were not met for rheumatoid arthritis (RA).
More Insights on the Osteoporosis testing Market
In its latest report, Fact.MR offers unbiased analysis of the global osteoporosis testing market. The report divulges essential insights on osteoporosis testing market on the basis of product type (dexa-scan, FRAX tool, CT scans, X-rays, Ultrasounds), end-user (hospitals, orthopedics clinic, and ambulatory surgical centers), and regions (North America, Latin America, Europe, Japan, APEJ, and Middle East and Africa)
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