New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bone and Mineral Diagnostic Testing Global Market Report 2023" - https://www.reportlinker.com/p06486498/?utm_source=GNW
, 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., and Calbiotech Inc.
The global bone and mineral diagnostic testing market is expected to grow from $0.96 billion in 2022 to $1.02 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bone and mineral diagnostic testing market is expected to reach $1.24 billion in 2027 at a CAGR of 5%.
The bone and mineral diagnostic testing market includes revenues earned by entities by testing services such as bone mineral density (BMD) tests (bone densitometry) and bone scans (skeletal scintigraphy).The market value includes the value of related goods sold by the service provider or included within the service offering.
The bone and mineral diagnostic testing market also includes sales of computed tomography scans (CT scans), magnetic resonance imaging (MRI), radionuclide bone scans, and bone biopsies, which are used in providing bone and mineral diagnostic testing services.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A bone and mineral diagnostic test is a medical treatment that determines the quantity of calcium and other minerals in a section of bone. This test is used to detect bone loss and osteoporosis, monitor osteoporosis therapy, and assess the risk of fractures.
North America was the largest region in the bone and mineral diagnostic testing market in 2022. The regions covered in bone and mineral diagnostic testing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of bone and mineral diagnostic testing are assays or consumables and instruments.An assay is a laboratory process for assessing the presence, quantity, or function activity of a target element in a qualitative or quantitative manner.
It is employed in medicine, mining, pharmacy, and numerous branches of biology. Bone and mineral diagnostic testing is used for tests such as enzyme-linked immunosorbent assay (ELISA), clinical laboratory improvement amendments (CLIA), and others, applied in vitamin D testing and bone metabolism.
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.
In May 2022, Quidel Corporation, a US-based developer of diagnostic healthcare devices, combined with Ortho Clinical Diagnostics Holdings plc for $6.0 billion. The combination with Ortho will help Quidel cement its position as a diagnostics industry leader, bringing together innovative, complementary products, solutions, and services that improve the health and well-being of patients worldwide. Ortho Clinical Diagnostics is a US-based in vitro medical diagnostic firm committed to enhancing and restoring lives via innovative laboratory testing and blood-typing technologies.
The countries covered in the bone and mineral diagnostic testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The bone and mineral diagnostic testing market research report is one of a series of new reports that provides bone and mineral diagnostic testing market statistics, including bone and mineral diagnostic testing industry global market size, regional shares, competitors with an bone and mineral diagnostic testing market share, detailed bone and mineral diagnostic testing market segments, market trends and opportunities, and any further data you may need to thrive in the bone and mineral diagnostic testing industry. This bone and mineral diagnostic testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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