May 27, 2019

Medical Imaging Phantoms Market Competitive Landscape Analysis with Forecast by 2026

Global Medical Imaging Phantoms Market - Snapshot

Medical imaging phantoms are devices used as substitute of human tissue. These ensure that medical imaging systems provide reliable and quantitative information. Calibration carried out using phantoms is traceable and as per national and international standards. Advantages offered by medical imaging phantoms are improved medical imaging technique, speedy clinical trials of drugs, and consistent, accurate, and optimal results. These also play a crucial role in innovation and development of advanced diagnostic imaging techniques. These advantages are expected to propel the global medical imaging phantoms market during the forecast period.

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The global medical imaging phantoms market was valued at US$ 131.2 Mn in 2017 and is projected to reach US$ 180.0 Mn by 2026 at a CAGR of 3.6% from 2018 to 2026. Improved medical imaging due to usage of medical phantoms, reduced exposure to radiation, increase in efficiency of medical devices, and rise in adoption of advanced imaging methods are likely to drive the global market during the forecast period. Cost concerns, human resource & time constraints, and highly complicated maintenance are anticipated to restrain the global market in the near future. However, emerging economies such as India, China, Brazil, Russia, Mexico, and South Africa offer immense opportunities in the medical imaging phantoms market. This is attributed to large number of underserved patients, rise in proportion of urban population, and favorable insurance policies.

The global medical imaging phantoms market has been segmented based on device type, end-user, and region. In terms of device type, the global market has been classified into X-ray/fluoroscopy phantoms, ultrasound phantoms, CT phantoms, MRI phantoms, nuclear imaging phantoms, and others. Usage of diagnostic radiology is expanding to diagnosis of cancer, brain injury, other diseases, and medical implants. Medical imaging devices scan phantoms which serve as alternatives for living subjects or cadaver. Scanning the phantoms reduces the chances of a patient getting exposed to excessive radiation, as it induces cellular structure and DNA damage. It also helps reduce misdiagnosis of diseases, thereby increasing the overall diagnostic efficiency of medical imaging devices. Medical imaging phantoms have applications in increasing accuracy of medical imaging devices which indirectly helps medicine practitioners and experts to evaluate, interpret, analyze, and produce quality data needed for medical advice and treatment. These factors are likely to propel the market during the forecast period. In terms of end-user, the global medical imaging phantoms market has been classified into hospitals, academic & research institutes, diagnostic & reference laboratories, and medical device companies. The medical device companies segment is expected to dominate the global market during the forecast period.

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Geographically, the global medical imaging phantoms market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. It is expected to continue this trend during the forecast due to high adoption of superior technologies across all end-user segments. Moreover, investments in cutting edge research, rising emphasis on remedies for diagnosis concerns, and concentration of some of the world’s major pharmaceutical and biotechnology organizations and academic institutes in the region are expected to propel the medical imaging phantoms market in this region. Asia Pacific and Middle East & Africa are expected to gain market share during the forecast period. Asia Pacific is expected to gain market share owing to rise in prevalence of chronic disorders and surge in awareness about medical imaging phantoms among the people. Rise in disposable income of people also contributes to the growth of the market in Asia Pacific.

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