Market Synopsis of the Global Bone Scan Market
According to the WHO, about 59% of the mortality is due to chronic diseases and almost 35 million people die of chronic diseases across the globe.
The global bone scan market is expected to grow at a CAGR of 5.7% during the forecast period.
A bone scan is a test of nuclear medicine and is mostly used to diagnose various bone diseases such as arthritis and bone cancer. It includes an injection of radioactive material and then the bone scan. Radioactive material also known as the tracer is injected into a vein. After injecting this material, the radiologist performs a bone scan. The radiologist may perform the bone scan in phases depending upon the condition to be diagnosed such as the presence of bone disease or cancer.
Rising prevalence of bone disease, increasing demand for imaging devices such as MRI, CT scan, SPECT scan, and increasing health care services are accelerating the growth of the market. Furthermore, the increasing expenditure on medical devices influences the market growth. Technological advancements in radiology devices affecting the market growth. However, the efficiency of bone scan may hinder the market growth over the forecast period. Additionally, the bone scan may determine the inaccurate cause of the abnormality.
Key Players in the Global Bone Scan Market
- Siemens (U.S.)
- Hitachi, Ltd. (Japan)
- Carestream Health, Inc. (U.S.)
- Samsung Electronics Co., Ltd. (South Korea)
- Toshiba Corporation. (Japan)
- Koninklijke Philips N.V. (Netherlands)
- General Electric Company (U.S.)
Segments of the Global Bone Scan Market
The global bone scan market is segmented on the basis of product, indication, device, and end user.
On the basis of the product, the market is segmented into radiopharmaceuticals and imaging devices. The imaging devices are further segmented into Magnetic Resonance Imaging (MRI), X-ray, Computed Tomography (CT), Single-Photon Emission Computerized Tomography (SPECT), and others.
On the basis of the application, the market is segmented into fractures, arthritis, Paget's disease of bone, cancer originating in bone, and others.
On the basis of the end user, the market is segmented into hospitals, clinics, diagnostic centers, and others.
The Americas lead the global bone scan market size owing to the rising prevalence of bone disorders in the U.S. Furthermore, increasing demand for diagnostic services in various also influences the market growth. In North America, the U.S. is the largest market followed by Canada. Increasing penetration of orthopedic specialty hospitals and healthcare insurance is adding fuel to the market growth. Furthermore, the concentration of key players in the market along with the availability of various technologically advanced devices is boosting the market growth in the U.S.
Europe is the second largest bone scan market across the globe. The market is accelerated by the extensive use of diagnostic devices for diagnosis of various chronic diseases such as arthritis, diabetes, obesity and others. Furthermore, extensive research and development (R&D) activities carried out by clinical research and academic institutes stimulate the growth of the market. Germany and France contribute to the growth of the market owing to increasing expenditure on R&D and extensive demand for diagnostic devcies.
The Asia Pacific market is expected to grow at the fastest pace due to the high prevalence of chronic disease such as rheumatoid arthritis, osteoarthritis, obesity, diabetes, and other. Additionally, increasing number of bone injuries such as bone fractures boost the growth of the market. To add further, increasing number of skilled professionals along with increasing awareness about the bone diseases and importance of imaging tests in the diagnosis of bone diseases, and injuries. In Asia Pacific, India and China are holding the largest market share followed by Japan. Increasing expenditure on healthcare and improving healthcare infrastructure in various developing regions of Asia Pacific region are affecting the market growth, positively.
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