Medical Imaging Phantoms Market Size to Grow at a CAGR of 2.3% During the Forecast Period 2021–2026
Research Reports
Aug 31, 2021
Medical Imaging Phantoms Market size in 2020 is estimated at $113.3 Million, growing at a CAGR of 2.3% during the forecast period 2021-2026. Medical imaging phantoms are objects used as stand-in for human tissues in the biomedical research community to ensure that human body imaging systems and methods operate correctly. Medical imaging phantoms are used as an alternative to human tissue. Medical imaging phantoms help to deliver more productive, qualitative and reliable results for medical imaging systems. However, increased use of magnetic resonance imaging (MRI) in radiotherapy has led to a growing need for phantoms that provide tissue-like contrast in both computed tomography (CT) and MRI images. The growing number of radiography tests is boosting the need for X-ray devices. For instance, according to the National Health Service (NHS), in January 2017, 1.9 million plain radiography tests were recorded in England. Moreover, the increasing number of diagnostic imaging facilities and the increasing need for in-house calibration techniques are factors driving the demand for innovative Medical Imaging Phantoms Market during the aforesaid period.
Medical Imaging Phantoms Market Segment Analysis – By Product
Based on the Product, Medical Imaging Phantoms Market is segmented into X-ray/Fluoroscopy Phantoms, CT Phantoms, Ultrasound Phantoms, Nuclear Imaging Phantoms, MRI phantoms, Others. The X-ray/Fluoroscopy Phantoms segment is estimated to dominate the market during the period 2021-2026. This is attributed to rising applications. However, X-ray phantoms have a wide range of applications in medical imaging, such as radiography, mammography, and angiography. Radiography uses ionizing radiation to generate a body image to evaluate and diagnose certain medical conditions. The Nuclear Imaging Phantoms segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 3.1% during the period 2021-2026. This is mainly owing to the development of detailed anatomical phantoms for their effective use in biomedical and bioengineering research.
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Medical Imaging Phantoms Market Segment Analysis – By End User
Based on the End User, Medical Imaging Phantoms Market is segmented into Hospitals, Academic & Research Institutes, Diagnostic & Reference Laboratories Medical Device Companies. In 2020, Hospitals are estimated to hold the major share in the market. This is mainly owing to the increasing numbers of medical imaging procedures in hospitals, which are leading to the installation of effective and accurate medical devices. This, in turn, drives the need for medical imaging phantoms in hospitals. However, Medical Device Companies is projected to grow with a CAGR of 2.8% over the period 2021-2026. This is owing to the Increased medical training and research activities and t the high number of clinical and pre-clinical trials for various Medical Imaging Phantom modalities integrated with artificial intelligence.
Medical Imaging Phantoms Market Segment Analysis – By Geography
North America dominated the Medical Imaging Phantoms Market share accounting for 36.9% of the market in 2020. This is mainly owing to increasing healthcare expenditure and installation of various medical imaging devices such as Radiography, CT scanners, and MRI devices, Positron emission tomography (PET) in the region. However, the Asia-Pacific region is projected to be the fastest-growing over the period 2021-2026. This is mainly owing to the increasing prevalence of lifestyle-related disorders such as cardiac failure and increasing demand for advanced diagnostic products such as Radiography, Magnetic resonance imaging (MRI), Positron emission tomography (PET) and rising medical tourism in developing economies of the region are boosting the market in the Asia Pacific region.
Medical Imaging Phantoms Market Drivers
Increasing Cases of Chronic Disease
The increasing burden of lifestyle-associated disorders such as heart failure, chronic kidney disease, and chronic obstructive pulmonary disease (COPD) and the increasing demand for accurate calibration techniques for effective medical imaging phantom use. Moreover, these chronic diseases need to be properly monitored and diagnosed to avoid future complications. According to data from the World Health Organization, chronic disease is the leading cause of premature death worldwide. Increasing demand for accurate calibration techniques for effective diagnostic procedures for Radiography and other chronic diseases medical imaging phantoms are the key factors expected to drive the growth of the Medical Imaging Phantoms Market.
Increasing Investment in R&D activities
Rising demand for accurate calibration techniques for effective diagnostic medical imaging phantoms procedures and the Increased use and widespread use of imaging devices such as X-rays, CT scanners, by using Radiography, Magnetic resonance imaging (MRI), Positron emission tomography (PET) techniques, etc. Moreover, the need for advanced and enhanced medical imaging phantoms that deliver better and consistent results has become a priority in the healthcare industry. Besides, The Growing research & development (R&D) activities in imaging technologies globally and especially in the developing region is widening their use across numerous healthcare facilities. These are the key factors that propelling the growth of the medical imaging phantoms market.
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Medical Imaging Phantoms Market Challenges
The basic challenge in the preparation of radioactive liquid resin monomers for 3D printing is the transfer of the radionuclide species from aqueous solutions into the hydrophobic liquid resin monomers. here are the inherent challenges associated with the printing of radioactive materials for radiography, such as contamination of printer parts, tools, washing solutions, and potential leakage and spills, which are in particular problematic when utilizing radionuclides with long half-lives. However, there are currently no established methods for incorporating radionuclides into the liquid resin monomers used for 3D printing in Medical Imaging Phantoms.
Medical Imaging Phantoms Market Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Medical Imaging Phantoms Market. Medical Imaging Phantoms Market top 10 companies are Biodex Medical Systems, Inc, Carville Limited, Computerized Imaging Reference Systems Inc, Dielectric Corporation, Gold Standard Phantoms, Kyoto Kagaku Co. Ltd, Modus Medical Devices Inc, Pure Imaging Phantoms, Leeds Test Objects Ltd, PhantomX, and among others.
Medical Imaging Phantoms Market Developments:
In September 2020, Mirion Technologies, Inc has acquired Biodex Medical Systems, Inc. Biodex is a leading provider of nuclear medicine tools, medical imaging equipment, and rehabilitation systems to clients in the medical industry. Biodex’s product portfolio complements Mirion’s existing portfolio and will allow Mirion to expand its footprint in the medical field.
In August 2019, Computerized Imaging Reference Systems Inc (CIRS) has Launched Ultrasound Quality Assurance Software for medical imaging phantoms. Portal helps CIRS general-purpose ultrasound phantom users manage their ultrasound testing program with an easy-to-use, cloud-based application.
Key Takeaways
In 2020, North America dominated the Medical Imaging Phantoms Market owing to Increasing healthcare expenditure and installation of various medical imaging devices such as radiography, CT scanners and MRI devices in the region.
Increasing demand for quick and efficient diagnostic imaging processes is driving the market growth of Medical Imaging Phantoms Market.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Medical Imaging Phantoms Market report.
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