According to the new report, published by Grand View Research Inc., the global Medical Imaging Phantoms Market is expected to value at USD 212.4 million by 2027. It is estimated to witness a 5.20% CAGR from 2020 to 2027. The market has witnessed a huge growth in chronic disorders driven by lifestyle changes, such as chronic disease of kidney, Chronic Obstructive Pulmonary Disease (COPD), cardiac failure. There is an increasing demand for the technique of precise calibration for the effectual diagnostic imaging procedures that serve as important factors for the market development of medical imaging phantoms. As per the data by World Health Organization (WHO), the global incidences of COPD were 251 million cases in 2016.
Boosting requirements for advanced lung imaging solutions is expected to boost the development studies for lung phantoms. A detailed study on lung deterioration in Covid-19 patients is expected to provide advanced measures for early detection of the disease. We are working to account for this change in our estimates. The updated report will account for Covid-19 as a key market contributor.
Diagnostic radiology is extensively accepted for the accurate diagnosis of cancer, damages of brain and other surgeries. Furthermore, the Magnetic Resonance Imaging (MRI) and Computer Tomography (CT) Scan are the techniques, which are extensively utilized. These phantoms assist in increasing the effectiveness of these devices used for the imaging by way of assisting medicinal experts in analyzing, detecting, evaluating and interpreting the necessary information for the treatments. Hence, the growing acceptance of these diagnostics devices for the analysis of the serious diseases is projected to power the development of the market for medical imaging phantoms.
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Effect of Covid-19:
The continuance of the pandemic of Covid-19 provides a pathway for the development of the market for medical imaging phantoms, which will undergo in the period of forecast. The eruption has pushed the doctors and researchers to carry out their duties at a fast rate. Therefore, to facilitate this, medical imaging phantoms are of immense usage. The growth in the research activities, in addition to the testing of Covid-19, to discover positive patients of corona virus, may well work as the boosters for the development of the market for medical imaging phantoms.
Further findings from the report suggest:
- Due to the enormous product demand, for the educational use, to give proficient training about the handling of these phantoms, the sector of academics and research institutes is projected to observe a stable development from 2020 to 2027.
- As a result of large number of encouraging programs by the government to enhance the class of the treatment offered to the patients and sharp growth in the policies of medicinal compensation, in 2019, the hospitals dominated the market for medical imaging phantoms.
- On account of increasing acceptance of nuclear medication, nuclear imaging phantoms are estimated to enroll the maximum CAGR in the period of forecast. Besides, ever more safe and advanced radio nuclides and greater precision of nuclear imaging modality are the few factors, contributing to the development of the sector.
- Mostly, due to the rising number of X-ray units, used in several countries, X-ray phantom detained the biggest share of the market in 2019.
- Due to the increasing number of presentations of the product within the region, growing expenditure by the government for the research actions and greater acceptance of sophisticated health check products, the North America detained the biggest share in 2019.
Advantageous status of compensation and increasing competition to offer the sophisticated technologies, are the factors, powering the acceptance of the product. Furthermore, growing number of preclinical examinations for the imaging devices with fusion technology, is projected to increase the developments in the near future. Introduction of highly developed materials and the method of production are the few most important factors, estimated to reinforce the use of these phantoms for underlying illnesses.
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Effective reimbursement scenario of medical imaging and growing competition to provide advanced technologies are a few factors driving the adoption of the product. Moreover, growing participation of key players in various radiology conferences is expected to drive the adoption of these devices and their respective phantoms. Increasing number of preclinical studies to understand the effectiveness of these phantoms for hybrid imaging devices is expected to expand the growth potential in the coming years.
Some of the important companies for Medical Imaging Phantoms Market are:
- Phantom X
- Leeds Test Objects Ltd
- Dielectric Corporation
- Carville Limited
- True Phantom Solutions
- Pure Imaging Phantoms
- Biodex Medical Systems, Inc.
- Kyoto Kagaku Co. Ltd
- Quart GmbH
- PTW Freiburg GmbH
- Computerized Imaging Reference Systems, Inc
- Modus Medical Devices Inc.
- Gold Standard Phantoms
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Introduction of advanced materials and production techniques are some of the major factors expected to strengthen the applications of these phantoms for specific diseases. Introduction of advanced simulating phantoms is anticipated to provide deep insights on actual dynamics at a cellular level, thus enhancing the precision in diagnostics.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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