Bone and Mineral Diagnostic Testing Global Market Report 2024

The bone and mineral diagnostic testing market 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 expansion observed in the historic period can be attributed to several key factors. These include the rising demands prompted by an aging population, the prevalence of osteoporosis within the demographic, increased awareness and educational efforts concerning bone health, the clinical necessity for monitoring bone health, and the imperative for assessing fracture risks. These combined factors have notably contributed to the growth observed in this field during the historic period.

The bone and mineral diagnostic testing market 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%. Anticipated growth in the forecast period can be attributed to several key drivers. These include advancements in diagnostic technologies, a notable rise in the incidence of metabolic bone diseases, a growing emphasis on preventive healthcare measures, and the integration of bone and mineral diagnostic testing with personalized medicine approaches.

The anticipated rise in bone-related diseases is set to propel the bone and mineral diagnostic testing market's growth. These diseases compromise bone strength and flexibility, leading to increased susceptibility to fractures and symptoms such as bone pain and movement limitations. Diagnostic tests, notably bone density assessments, aid in early identification of low bone density, predicting fracture risks, and monitoring osteoporosis treatment effectiveness. Amgen's statistics in May 2022 highlight osteoporosis causing around 1.5 million US fractures annually, amounting to $19 billion in associated costs. Predictions suggest a 68% surge in osteoporosis-related fractures from 1.9 million in 2018 to 3.2 million in 2040. Thus, the surge in bone-related ailments is poised to drive the bone and mineral diagnostic testing market.

The increase in healthcare expenditure is expected to fuel the growth of the bone and mineral diagnostic testing market. Elevated healthcare spending facilitates broader access to advanced diagnostic technologies, including bone density assessments and mineral tests. This financial investment also supports research, development, and technological innovation in diagnostic methods. For instance, Statistics Poland reported a healthcare expenditure of PLN 205.6 billion ($50.99 billion) in 2022, representing 6.7% of GDP and an increase of PLN 36.1 billion ($8.95 billion) from 2021. This heightened expenditure contributes significantly to the growth of bone and mineral diagnostic testing.

Technological advancements emerge as a significant trend driving the bone and mineral diagnostic testing market. Companies in this sector are leveraging new technologies to maintain their market standing. For example, GE HealthCare Technologies Inc. developed an innovative MRI technique employing novel pulse sequences such as zero echo time (ZTE) to visualize tendons, ligaments, calcium deposits, and cortical bone structures. This MRI advancement offers CT-such as image contrast in 3D isotropic resolution without exposing patients to ionizing radiation, proving especially useful for obtaining morphological information in various anatomical structures.

Leading companies in the bone and mineral diagnostic testing market prioritize innovative solutions such as Vitamin D tests to solidify their market presence. These tests gauge the level of vitamin D in the blood, a crucial nutrient for bone health and immune system regulation. Hurdle, a brand under Chronomics Inc., introduced their Vitamin D Test in February 2023. This test measures 25-hydroxyvitamin D levels, essential for calcium regulation and overall health, available through providers such as Quest Diagnostics via in-person sampling or at-home test kits.

In May 2022, Quidel Corporation, a prominent US-based developer of diagnostic healthcare devices, merged with Ortho Clinical Diagnostics Holdings plc in a deal valued at $6.0 billion. This strategic union with Ortho is poised to fortify Quidel's standing as a leader in the diagnostics industry, consolidating a diverse range of innovative and complementary products, solutions, and services aimed at enhancing the health and overall well-being of patients on a global scale. Ortho Clinical Diagnostics, also based in the US, specializes in in vitro medical diagnostics, demonstrating a commitment to improving and transforming lives through pioneering laboratory testing and cutting-edge blood-typing technologies.

Major companies operating in the bone and mineral diagnostic testing market report are 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.

North America was the largest region in the bone and mineral diagnostic testing market in 2023. The regions covered in the bone and mineral diagnostic testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. 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, Canada, Italy, Spain.

The primary components of bone and mineral diagnostic testing encompass assays or consumables and instrumentation. An assay refers to a laboratory procedure utilized to analyze the presence, quantity, or functional activity of a specific element in either a qualitative or quantitative manner. This method finds applications across diverse fields such as medicine, mining, pharmacy, and various branches of biology. Within bone and mineral diagnostic testing, assays such as enzyme-linked immunosorbent assay (ELISA), clinical laboratory improvement amendments (CLIA), among others, are utilized for assessments related to vitamin D levels and bone metabolism. These tests contribute significantly to the evaluation and understanding of bone health and mineral balance in the body.

The bone and mineral diagnostic testing market research report 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.

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.

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.


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