The skeletal system of bones and cartilage forms a framework that supports and protects soft tissues. It also provides surfaces to which muscles, ligaments and tendons attach and coordinate movement of bones. Since such musculoskeletal system serves as a “structural” element of the body it is easy to see that its functional capabilities are closely related to it mechanical strength. Consequently, there have been numerous attempts to characterize the properties of bones. Currently, several sophisticated diagnostic procedures and radiographic imaging techniques are available for quantitative purposes. Virtually all the available methods are based on the measurement of mineral content of the bone. It is well known that it is the combination of the organic and the inorganic components that determine the strength of the bones. Thus, in principle, the traditional methods can provide only part of the information about the bone tissues. With this shortcoming in view an effective case can be made for the development of a technique that measures both the components. Many researchers have looked at ultrasonic energy to fulfill this role. The rationale for the choice of this energy is that ultrasound is a “mechanical radiation” and its propagating properties provide a direct measure of mechanical strength or related property of the medium.