ALBANY, New York, April 16, 2019 /PRNewswire/ -- According to TMR, the global medical imaging phantoms market is assessed to expand at a CAGR of 3.6% over the forecast period from 2017 to 2025. With this robust CAGR, the market is expected to attain a value of US$180.0 mn by 2026-end from a value of US$131.2 mn in 2017.
Based on device type, the segment of X-ray/fluoroscopy phantoms accounted for the leading share in the market based on the revenue and demand followed by the ultrasound phantoms. This is attributable to the high usage of X-ray equipment mainly in the numerous health care facilities. Based on the region, North America dominated the global medical imaging phantoms market by accounting for the leading share in 2017 and is expected to remain dominant over the forecast period. However, Asia Pacific is estimated to expand with the most lucrative CAGR over the forecast period owing to growing investment in the healthcare sector.
Need for Effective Screening to Aid Market's Growth
The medical imaging phantoms market is expected to gain traction due to the growing incidences of chronic diseases such as HIV and cancer. These incidences of the diseases are creating a need for advanced and efficient screening methods for the early detection of these diseases. Owing to this factor, the adoption of medical imaging phantoms is rising substantially.
The imaging phantoms or the test phantoms are intentionally developed for use in the field of medical testing, valuation, and calibration of imaging devices. The phantom is the artificial tissue-alike material that is generally used for replacing the human tissues. These test phantoms are available easily and efficient in the estimation of the proper working of the body.
Additionally, in the current market, the medical imaging phantoms are available in the form of the mammography test phantom, CT test phantom, ultrasound test phantom, MRI test phantoms, and radiation oncology test phantom. These tests have wide applications for examining the internal injuries or presence of diseases. Growing incidences of the accidents and mishaps along with the need for advanced screening is boosting adoption of the medical imaging phantoms and in turn, driving growth of the medical imaging phantoms market. Furthermore, growing advancements in the technologies offer convenience of suggesting line of treatment. This is encouraging applications of the global medical imaging phantoms and likely to drive growth of the market.
Continuous Product Advancement to Offer Opportunities for Growth
Growing research & development (R&D) activities in imaging technologies globally and especially in the developing region is widening its use across numerous healthcare facilities. This is one of the key factors propelling growth of the global medical imaging phantoms market.
However, cost concerns coupled with complicated maintenance and human resource & time constraints are restraining growth of the global medical imaging phantoms market to some extent. Nonetheless, the factors such as a large pool of underserved patients, presence of favorable insurance policies, and rise in the proportion of the urban population are offering support to the growth of the global medical imaging phantoms market. Additionally, factors such as speedy clinical trials, accurate results, and faster results are expected to play a key role in the growth of the medical imaging phantoms market in the coming years.
The global medical imaging phantoms market has a consolidative vendor landscape, the analysts of Transparency Market Research (TMR) estimates based on a detailed investigation. Some of the prominent players including PTW Freiburg GmbH, Kyoto Kagaku Co. Ltd., Gold Standard Phantoms, Dielectric Corporation, and Pure Imaging Phantoms are accounting for the leading share in the global medical imaging phantoms market.
This information is encompassed in the report by TMR, titled, "Medical Imaging Phantoms Market (Device Type - X-ray and Fluoroscopy Phantoms, Ultrasound Phantoms, CT Phantoms, MRI Phantoms, Nuclear Imaging Phantoms; End user - Hospitals, Academic and Research Institutes, Diagnostic and Reference Laboratories, Medical Device Companies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026."
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