Bone Scan Market with Potential Impact of Coronavirus (COVID19), SWOT Analysis, Risk Analysis, and Forecast
Market Highlights
The global bone scan market is expected to grow at a CAGR of 5.7% during the forecast period 2017-2023. From the last few years, the radioactive imaging market has been growing rapidly due to the extensive use of radiology imaging devices. A bone scan is used to determine the bone fractures if any as well as to diagnose various diseases related to the bone such as arthritis and bone cancer. MRI, X-ray, PET, SPECT scan are used for bone scanning. A radioactive material is injected into the body through the vein near the arm before performing the bone scan.
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Rising prevalence of chronic diseases such as rheumatoid arthritis, diabetes, and other diseases, extensive demand for the treatment of bone scan, and increasing number of orthopedic or joint replacement centers stimulate the growth of the market. Additionally, increasing demand for diagnostic devices as well as the concentration of key players in the region is boosting the growth of the market both in developing and developed regions across the world. However, the accuracy of the bone scan and its inability to correctly determine the disease condition may hamper the market growth during the review period.
Regional Analysis
The Americas is the leading global bone scan market owing to rising prevalence of bone diseases, such as rheumatoid arthritis, diabetes, and obesity. In North America, the U.S dominates the market followed by Canada. However, Canada is showing a steady but positive growth. According to the National Institute for Diabetes and Digestive and Kidney Disease, in the U.S. over 1 in 3 adults were overweight during 2013-2014. According to the Center for Disease Control and Prevention (CDC), from 2013- 2015, an estimated 54.4 million U.S. adults annually were diagnosed with rheumatoid arthritis, gout, lupus, or fibromyalgia. It also stated that the risk of arthritis increases with age and the disease is more common in women than men.
Europe is the second largest bone scan market across the globe owing to the rising prevalence of rheumatoid arthritis and obesity in European countries and availability of funds for research and development activities. According to the World Health Organization (WHO), in European Union countries, nearly 30%-70% of the population is obese.
The Asia Pacific market is expected to grow at the fastest pace owing to rising geriatric population and high prevalence of chronic diseases such as diabetes and obesity. Diabetes is one of the major problems in the Asia Pacific region, which is further creating opportunities for the market growth. According to the International Diabetes Foundation, 98.4 million and 65.1 million diabetic population live in China and India respectively.
The Middle East & Africa also shows a steady rise in the market owing to the increasing prevalence of diabetes and other chronic diseases. In the Middle East, the U.A.E is the largest market followed by Saudi Arabia.
Segmentation
The global bone scan market is segmented on the basis of product, application, and end user.
On the basis of the products, the market is segmented into radiopharmaceuticals and imaging devices. The imaging devices are further segmented into Magnetic Resonance Imaging (MRI), X-ray, Computed Tomography Scan (CT scan), 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.
Major Players in Bone Scan Market
Some of the key players in the global market are 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), and General Electric Company (U.S.).
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