Bone Sonometer MarketChallenges and Opportunities

Market Challenges And Opportunities

Global Bone Sonometer Market– Drivers

Increasing prevalence of Osteoarthritis (OA)The rising prevalence of osteoarthritis is expected to drive market growth over the forecast period. For instance, on May 22, 2023, according to the Centers for Disease Control and Prevention (CDC), over 32.5 million adults in the U.S. live with OA. Globally, OA affects more than 500 million people, which is around 7% of the world's population every year.

Rising Healthcare Expenditure

One of the significant factors influencing the growth rate of the bone sonometer market is the growing healthcare expenditure, which helps in improving its infrastructure. For instance, according to the International Health Care System of the U.S., in June 2020, U.S. government organizations aim to improve the healthcare infrastructure by increasing funding, setting legislation and national strategies, and cofounding and setting basic requirements and regulations for the Medicaid program.
Furthermore, in December 2022, according to a report published by the Centers for Medicare & Medicaid Services, U.S. health care spending grew 2.7% in 2021, reaching US$ 4.3 trillion, or US$ 12,914 per person, while, as a share of the nation's gross domestic product, health spending accounted for 18.3%.
Similarly, in November 2022, the Canadian Institute for Health Information reported that the total health spending in Canada was US$331 billion in 2022, or US$ 8,563 per Canadian, while health expenditure represented 12.2% of Canada's gross domestic product (GDP) in 2022, following a high of 13.8% in 2020.

Global Bone Sonometer Market - Key Trend

Rising Number of Awareness Campaigns : Increasing initiatives such as awareness campaigns and others for patients suffering from sarcopenia are expected to boost market growth over the forecast period. For instance, on August 23, 2023, the U.S. Department of Health and Human Services, Office on Women’s Health (OWH) announced the launch of a new nationwide campaign, “Stronger than Sarcopenia,” to raise awareness of sarcopenia in women, a condition characterized by loss of muscle mass, strength, and function in adults 65 and older. Sarcopenia can significantly decrease a person’s quality of life and lead to other health problems, including an increased risk of debilitating falls and fractures.

Global Bone Sonometer Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems with the transportation of things from one place to another.
The supply chain and manufacturing activities in India, China, the U.S., and other countries have been disrupted due to lockdown, while countries such as Thailand, Indonesia, and Singapore have faced problems with regards to the transportation of drugs and medical devices.
Thus, the impact of the coronavirus (COVID-19) pandemic is expected to limit the growth of the global bone sonometer market during the forecast period, owing to the decrease in production and supply of the drugs during the pandemic.

Global Bone Sonometer Market Segmentation:

The global bone sonometer market report is segmented into portability, extremity, technology, application and end user.

By portability, the market is segmented into stationary and portable. Out of which, the portable segment is expected to hold a dominant position in the global bone sonometer market during the forecast period, as portable bone sonometers are typically small and portable, making them convenient for use in various settings, including clinics, hospitals, and health fairs.
By extremity, the market is segmented into axial bone sonometry and peripheral bone sonometry. Out of which, the axial bone sonometry segment is expected to hold a dominant position in the global bone sonometer market during the forecast period, and this is attributed to various reasons, such as its provides comprehensive analysis: Axial bone sonometry, which measures bone density in the hip and spine, provides a more comprehensive analysis of overall skeletal health. These sites are most likely to be affected by osteoporosis and are more predictive of a future fracture. On the other hand, Axial bone sonometry is often considered the 'gold standard' for diagnosing osteoporosis. The World Health Organization's diagnostic criteria for osteoporosis are based on measurements of bone density in the hip and spine obtained through axial bone sonometry.
By technology, the market is segmented into Dual Energy X-Ray Absorptiometry (DEXA), Ultrasound, Quantitative Computed Tomography (QCT), Quantitative Ultrasound (QUS) and Others (Peripheral Quantitative Computed Tomography (pQCT)). Out of which, Dual Energy X-Ray Absorptiometry (DEXA) segment is expected to dominate the market over the forecast period, as Dual Energy X-Ray Absorptiometry (DEXA) is the most commonly used technology to study bone density measurement technology
By application, the market is segmented into osteoporosis (osteopenia diagnosis and fracture risk assessment, body composition measurement, RA & osteoarthritis diagnosis & prognosis, pediatric applications and others (Orthopedic & Rheumatologic Assessments). Out of which, osteoporosis segment is expected to dominate the market over the forecast period, owing to prevalence of osteoporosis (Osteoporosis is a common disease, especially among older adults, and its prevalence is increasing as the population ages)
By end user, the market is segmented into hospitals, specialty clinics, diagnostic centers, ambulatory surgical centers, research institutions, and others (physician offices). Out of which, hospitals segment is expected to dominate the market over the forecast period, and this is attributed to the rising number of hospitals globally, which will subsequently demand the need for hospital pharmacies.
Among all the segmentation, the portability segment is expected to dominate the market over the forecast period, and this is attributed to the increasing research and development activities.