The Bone and Mineral Diagnostic Testing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bone and Mineral Diagnostic Testing Global Market Report 2024, The bone and mineral diagnostic testing market size has grown strongly in recent years. It will grow from $1.02 billion in 2023 to $1.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to aging population demands, prevalence of osteoporosis, awareness and education initiatives, clinical need for monitoring, fracture risk assessment.
The bone and mineral diagnostic testing market size is expected to see strong growth in the next few years. It will grow to $1.32 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to advancements in diagnostic technologies, increasing incidence of metabolic bone diseases, growing focus on preventive healthcare, integration with personalized medicine approaches. Major trends in the forecast period include integration of biochemical markers, telemedicine and remote monitoring, expansion of home-based testing kits, collaborations for research and innovation, emphasis on comprehensive diagnostic panels.
An increase in the incidence of bone-related diseases is expected to propel the growth of the bone and mineral diagnostic testing market going forward. Bone-related diseases are ailments that alter the strength or flexibility of bones, making them weaker and more prone to fractures, and can cause symptoms such as bone pain, trouble moving, and an increased risk of bone fractures. Bone and mineral diagnostic tests, such as bone density tests, can assist in preventing bone diseases by identifying low bone density before osteoporosis grows, forecasting the risk of future fractures, and tracking the efficacy of ongoing osteoporosis treatment. The increasing incidence of bone-related diseases, coupled with growing awareness and technological advancements, is expected to fuel the growth of the bone and mineral diagnostic testing market. For instance, In May 2022, according to statistics published by Amgen, a US-based biotechnology company, states that every year, osteoporosis causes roughly 1.5 million fractures in the United States, resulting in $19 billion in associated costs. Furthermore, the annual number of fractures caused by osteoporosis is expected to rise by 68% from 2018 to 2040, i.e., from 1.9 million to 3.2 million. Therefore, an increase in the incidence of bone-related diseases will drive the bone and mineral diagnostic testing market.
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The bone and mineral diagnostic testing market covered in this report is segmented –
1) By Product: Assays Or Consumables, Instruments
2) By Test Type: Enzyme-Linked Immunosorbent Assay (ELISA), Clinical Laboratory Improvement Amendments (CLIA), Other Test Types
3) By Application: Vitamin D Testing, Bone Metabolism
Technological advancements are a key trend gaining popularity in the bone and mineral diagnostic testing market. Companies operating in the bone and mineral diagnostic testing market are adopting new technologies to sustain their position in the market. In May 2022, GE HealthCare Technologies Inc., a US-based medical technology company, developed an innovative MRI technique that uses novel pulse sequences such as zero echo time (ZTE) to see tendons, ligaments, calcium deposits, and cortical bone structures. This novel advancement in MR bone imaging gives computed tomography (CT)-like image contrast in 3D isotropic resolution while exposing the patient to no ionizing radiation. It is currently used to obtain morphological information regarding cortical bone structure in anatomical structures such as the shoulder, hip, skull, foot/ankle, and spine. Its potential is especially appealing when longitudinally CTs are required, mainly if low-dose CTs are unavailable.
The bone and mineral diagnostic testing market report table of contents includes:
1. Executive Summary
2. Bone and Mineral Diagnostic Testing Market Characteristics
3. Bone and Mineral Diagnostic Testing Market Trends And Strategies
4. Bone and Mineral Diagnostic Testing Market – Macro Economic Scenario
5. Global Bone and Mineral Diagnostic Testing Market Size and Growth
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26. South America Bone and Mineral Diagnostic Testing Market
27. Brazil Bone and Mineral Diagnostic Testing Market
28. Middle East Bone and Mineral Diagnostic Testing Market
29. Africa Bone and Mineral Diagnostic Testing Market
30. Bone and Mineral Diagnostic Testing Market Competitive Landscape And Company Profiles
Top Major Players:
- Abbott Laboratories
- bioMérieux SA
- DiaSorin S.p.A
- QuidelOrtho Corporation
- Siemens Healthineers AG
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