Bone And Mineral Diagnostic Testing Market Size, Trends, And Forecast 2024-2033
Bone And Mineral Diagnostic Testing Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 27, 2024 /EINPresswire.com/ — The global bone and mineral diagnostic testing market has shown robust growth, expanding from $1.02 billion in 2023 to $1.08 billion in 2024, with a compound annual growth rate (CAGR) of 5.9%. Despite challenges, the market is forecasted to reach $1.32 billion by 2028at a compound annual growth rate (CAGR) of 5.0%, driven by advancements in diagnostic technologies and increasing focus on preventive healthcare.
Increase in Healthcare Expenditure Boosts Market GrowthThe increase in healthcare expenditure is a key driver of the bone and mineral diagnostic testing market. Rising investments in healthcare facilitate greater access to advanced diagnostic technologies, such as bone density tests and mineral diagnostic procedures. For example, in 2022, Poland’s healthcare expenditure rose to PLN 205.6 billion ($50.99 billion), representing 6.7% of GDP and marking a significant increase from the previous year. This upward trend in healthcare spending is expected to support continued market growth by fostering innovation and accessibility in diagnostic testing.
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Major Companies and Strategic MovesProminent players in the bone and mineral diagnostic testing market include Abbott Laboratories, bioMérieux SA, DiaSorin S.p.A., QuidelOrtho Corporation, and Siemens Healthineers AG. A notable development is Quidel Corporation’s strategic merger with Ortho Clinical Diagnostics Holdings plc in May 2022 for $6.0 billion. This merger aims to enhance Quidel’s position as a leader in the diagnostics industry, integrating innovative products and solutions to improve patient health globally.
Trends Shaping the MarketKey trends influencing the market include:• Integration of Biochemical Markers: Incorporating biochemical markers into diagnostic tests for more accurate assessments.• Telemedicine and Remote Monitoring: Expansion of remote monitoring solutions and telemedicine for convenient patient management.• Home-Based Testing Kits: Growth in home-based diagnostic testing kits for increased accessibility.• Collaborations for Research and Innovation: Partnerships among companies and research institutions to drive innovation.• Comprehensive Diagnostic Panels: Emphasis on developing integrated diagnostic panels for more holistic assessments.
Market SegmentationThe bone and mineral diagnostic testing market is segmented as follows:• By Product: Assays or Consumables, Instruments• By Test Type: Enzyme-Linked Immunosorbent Assay (ELISA), Clinical Laboratory Improvement Amendments (CLIA), Other Test Types• By Application: Vitamin D Testing, Bone MetabolismA bone and mineral diagnostic test assesses the quantity of calcium and other minerals in bone to detect bone loss, monitor osteoporosis therapy, and evaluate fracture risk.
Geographical Insights: North America Leading the MarketIn 2023, North America was the largest region in the bone and mineral diagnostic testing market and is expected to maintain its leading position due to advanced healthcare infrastructure and high awareness levels.
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Bone and Mineral Diagnostic Testing Global Market Report 2024 from The Business Research Company covers the following information:•Market size data for the forecast period: Historical and Future•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Bone and Mineral Diagnostic Testing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on bone and mineral diagnostic testing market size, bone and mineral diagnostic testing market drivers and trends, bone and mineral diagnostic testing market major players, bone and mineral diagnostic testing competitors’ revenues, bone and mineral diagnostic testing market positioning, and bone and mineral diagnostic testing market growth across geographies. The bone and mineral diagnostic testing market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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