Albany, NY -- (SBWIRE) -- 08/10/2016 -- The global bone densitometers market is highly consolidated with only a few local players supplying in certain geographic locations, says Transparency Market Research in a new study. There is a limited scopeor new entrants to establish their presence in the market dominated by large manufacturers. GE Healthcare Ltd. and Hologic Inc. are the top two players and held nearly 78% of the global bone densitometers in 2012.

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"Although the scope for new entrants is limited, companies entering with innovative product ideas can stiffen the competition for existing players in the next few years," says the author of the report. The competition in the global bone densitometers market is further expected to increase with the growing intensity of research and development.

Augmented Screening Initiatives and Growing Awareness to Encourage Demand for Bone Densitometers

The rising geriatric population has emerged as a high-impact driver for global bone densitometers market. A surge in a number of people suffering from bone related disorders such as osteoarthritis and osteoporosis due to a rapidly aging population necessitates the need to check bone density, thereby spurring the demand for bone densitometers.

Another trend that plays a pivotal role in the growth of the global bone densitometers market is the increased number of screening initiatives by healthcare departments worldwide. "The increased screening volume is catered by accurate result producing low-cost and portable medical devices, which has successfully reduced the cost of treatment," says a TMR analyst. Moreover, the growing awareness of people towards bone related disorders has fueled the demand for bone densitometers, thereby driving the global bone densitometers market.

Decrement in Insurance Coverage to Challenge Adoption of Bone Densitometers

Narrowed coverage for bone density tests as a result of re-alignment in the healthcare insurance coverage in several countries has adversely impacted the sales of bone densitometers, especially for clinical purpose. Also, insurance covers selective medical conditions leading to osteoporosis or fractures. These factors have adversely impacted the bone densitometers market.

The higher adoption rate of refurbished devices than the new medical devices has created a setback for the growth of the bone densitometers market. This is due to the growing preference of cost effective refurbished bone densitometers, which are approximately 40% – 60% lower in price than the new medical devices.

High Demand for Crucial Diagnosis to Boost Sales of Bone Densitometers in Asia Pacific

The global bone densitometers market was valued at US$777.9 mn in 2012 and is forecast to reach US$980.5 mn in 2019.

High incidence rates of osteoporosis, rapid technological advancements, and growing awareness of osteoporosis have made Asia Pacific the fastest growing geographical market by revenue for bone densitometers. The region is estimated to hold a share of nearly 17% in the overall market by 2019. Moreover, the emerging economies such as China and India in the APAC region are offering immense opportunities to the vendors to invest in these markets. North America is the leading segment by revenue. The regional market for bone densitometer was valued at US$523.6 mn in 2015 and is anticipated to reach US$570.7 mn in 2019.

In terms of end users, the global bone densitometer market is segmented into clinics and hospital. The increasing incidence of fractures requiring hospitalization has helped hospitals in becoming the leading as well as the fastest growing segment by revenue.

By technology, axial or central bone densitometry is the leading segment in terms of revenue. However, the peripheral bone densitometer segment is estimated to register a higher growth rate due to the growing preference for small, portable, and inexpensive devices.