Bone and Mineral Diagnostic Testing Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast

"The Business Research Company recently released a comprehensive report on the Global Bone and Mineral Diagnostic Testing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

Abbott Laboratories; bioMérieux SA; DiaSorin S.p.A.; QuidelOrtho Corporation; Siemens Healthineers AG; F. Hoffmann-La Roche AG; GE HealthCare Technologies Inc.; Hologic Inc.; Beammed Ltd.; Swissray International Inc.; Osteosys Co. Ltd.; Diagnostic Medical System SA; Medonica Co. Ltd.; Epitope Diagnostics Inc.; Alere Inc.; Beckman Coulter Inc.; Bio Rad Laboratories Inc.; Calbiotech Inc.; Roche Diagnostics India Pvt. Ltd.; Ortho-Clinical Diagnostics; Enzo Life Sciences lnc.; Medtronic plc; Thermo Fisher Scientific lnc.; Sysmex Corporation; EKF Diagnostics; Bruker Corporation; Esaote SpA; Hitachi Ltd.; Koninklijke Philips N.V.; Mindray Medical International Limited; PerkinElmer Inc.; Shimadzu Corporation; Toshiba Medical Systems Corporation; Waters Corporation; Danaher Corporation; Merck KGaA

Bone and Mineral Diagnostic Testing Market 2024 Key Insights:

• The bone and mineral diagnostic testing market will grow to $1.32 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Rising Incidence Of Bone-Related Diseases Propels Growth In The Bone And Mineral Diagnostic Testing Market
• Technological Advancements Transforming Bone And Mineral Diagnostic Testing
• North America was the largest region in the bone and mineral diagnostic testing market in 2023

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