The Bone Scan Market Share is expected to reach USD 45.11 Billion by 2032 at 4.1% CAGR during the forecast period 2023-2032.
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.
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.
Major Key Players:
The prolific contenders in the Key Market Players 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.).
Segment Analysis
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.
Regional Analysis
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.
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