Medical Imaging Phantoms Market Size & Trends, Market Research and Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Medical Imaging Phantoms Market


The global medical imaging phantoms market size was valued at USD 141.1 million in 2019 and is anticipated to register a CAGR of 5.2% over the forecast period. Increasing disease burden of lifestyle-associated disorders such as cardiac failure, chronic kidney disease, And Chronic Obstructive Pulmonary Disease (COPD), and rising demand for accurate calibration techniques for effective diagnostic imaging procedures are the key factors expected to drive the market growth. For instance, according to World Health Organization (WHO), in 2016, the global prevalence of COPD was 251.0 million cases. In addition, increasing demand or early diagnostic methods are some of the major driving factors of the market.

Increasing number of diagnostic imaging facilities and growing need for in-house calibration techniques are the factors driving the demand for innovative imaging phantoms. According to the U.S. Census Bureau, in 2015, 6,598 outpatient imaging diagnostic centers were present in U.S. Moreover, development of technologically advanced medical imaging phantoms to enhance the accuracy of these medical devices is expected to drive the market growth over the forecast period. 3D printing technology is effectively being used for developing low-cost medical imaging phantoms with appropriate complexities. Phantoms developed using 3D technology represent realistic images of tissues and organs produced by various imaging modalities such as computed tomography (CT), positron emission tomography (PET), magnetic resonance imaging (MRI), and single-photon emission computed tomography (SPECT). Increasing demand for quick and efficient diagnostic imaging procedures is eventually expected to boost the demand for advanced phantoms.

Maximum number of MRI units are present in U.S. and European countries such as Germany, which is expected to provide huge growth potential to phantom suppliers. For instance, according to the OECD, in 2017, about 37.7 MRI units are available per every million of its population in U.S., while 34.5 such units are available per every million of its population in Germany. In addition, preclinical studies conducted to examine the efficiency of 3D developed medical imaging phantoms and multimodal imaging phantoms is expected to drive the demand for innovative phantoms in the coming years.

The demand for X-ray phantoms is currently on the rise due to its widening applications. Fluoroscopy phantoms are the most widely used since fluoroscopy systems are gaining popularity as they offer high-quality images. In addition, players in the market are developing an all-in-one medical imaging phantom to provide high efficiency for various medical imaging devices and a more cost-effective solution. Therefore, adoption of these integrated phantoms to enhance the performance of various multidisciplinary medical imaging devices is expected to drive the market growth during the forecast period.

Growing prevalence of disorders such as cardiac failure, various types of cancer, and chronic disorders, is expected to play a key role in the rising demand for advanced phantoms. These phantoms can help in exploring the potential for early detection capabilities of imaging systems. Hence, usage of medical imaging phantoms to improve the efficiency of devices such as X-ray, CT scan, and MRI is expected to play a significant role in the market growth. Furthermore, increasing number of clinical trials by universities and institutes for improving the accuracy of phantoms for various disorders such as solid tumors is expected to positively affect the market growth.
Device


Type Insights of Medical Imaging Phantoms Market

Based on device type, the medical imaging phantom market has been segmented into ultrasound, X-ray, CT, nuclear imaging, MRI, and others. Other devices include radionuclide, mammography, optical tomography, and specimen imaging. X-ray phantoms held the largest share in 2019 and is expected to register a significant growth rate over the forecast period.

Increasing number of radiography tests is boosting the need for X-ray devices. For instance, according to the NHS, in January 2017, 1.9 million plain radiography tests were recorded in England. Rising adoption of X-ray devices is contributing to the growing demand for X-ray medical imaging phantoms. To meet the growing demand, several market players are increasingly focusing on the development advanced and realistic phantoms.

The nuclear imaging phantoms segment is expected to grow at the fastest rate from 2020 to 2027 owing to the development of detailed anatomical phantoms for its effective use in biomedical and bioengineering research. Therefore, these realistic anatomical changes in phantoms will help develop an advanced computational model for nuclear imaging, which would in turn drive the segment growth over the forecast period.

Material Insights of Medical Imaging Phantoms Market

Based on material, the market has been segmented into simulating devices and false organs. Simulating devices held the largest market share in 2019 and is also expected to grow at the fastest rate over the forecast period. Increasing adoption of simulating devices to measure the flow rate, temperature, and other parameters of imaging devices is expected to drive the market growth over the forecast period. Moreover, these devices are connected to imaging devices wirelessly and provide effective control, monitoring, and recording for imaging purposes. In addition, simulating devices have a wide application in multi-nuclear imaging, spectroscopy, quantitative diffusion imaging, and MRI, among others. Therefore, effective use of simulating devices for enhancing the performance of medical imaging devices is expected to contribute to the market growth.

The false organs segment is expected to witness a moderate growth rate over the forecast period. These organs are available in different anatomies to facilitate realistic user experience. Moreover, false organs are widely used in ultrasound and radiology for the diagnosis of pediatric as well as adult patients. Increasing application of these organs is expected to drive the segment growth during the forecast period.

End-use Insights

Based on end use, the medical imaging phantom market has been segmented into hospitals, diagnostic and reference laboratories, academic and research institutes, and medical device companies. Hospitals held the largest market share in 2019, and the segment is estimated to grow at a significant rate during the forecast period. Increasing number of medical imaging procedures in hospitals is leading to the installation of effective and accurate medical devices. This, is turn, is driving the need for medical imaging phantoms in hospitals.

Medical device companies is also expected to gain a significant share of the market in the near future owing to increasing medical training and research activities. High number of clinical and preclinical trials for various imaging modalities integrated with artificial intelligence is anticipated to play a pivotal role in market growth.

Large-sized hospitals are starting in-house imaging centers which help in saving a significant amount of time during diagnosis and treatment. This is expected to boost the demand for imaging systems as well as imaging phantoms in the coming years.

Academic and research institutes segment also held significant share of the market in 2019 due to growing demand for trained students in the field of medical imaging. Moreover, increasing research activities and technological innovation in the production and designing of phantoms is expected to play a pivotal role in boosting demand. Several bioengineering researchers are aiming to develop a realistic phantom head for magnetic resonance research and is an emerging trend in the market.

Regional Insights of Medical Imaging Phantoms Market

North America held the largest share in the global market in 2019 largely due to the increasing healthcare expenditure and installation of various medical imaging devices such as CT scanners and MRI devices in the region. In addition, growing awareness for medical imaging in countries such as U.S. and Canada is expected to impact the adoption of medical imaging devices.

Asia Pacific is expected to witness the fastest growth rate during the forecast period. This is mainly due to increasing prevalence of lifestyle-associated disorders such as cardiac failure. For instance, according to America Heart Association (AHA), the prevalence of heart failure in the Asia Pacific region ranges from 1.3% to 6.7%. In addition, 4.2 million people in China alone suffer from heart failure. Therefore, increasing prevalence of such diseases drives the demand for early diagnosis, which would subsequently drive the demand for medical imaging phantoms. Moreover, growing number of skilled professionals, increasing demand for advanced diagnostic products, and rising medical tourism in developing economies of the region is boosting the market in Asia Pacific.

Market Share Insights of Medical Imaging Phantoms Market

The major players present in the market are Biodex Medical Systems, Inc.; Gold Standard Phantoms; Pure Imaging Phantoms; Modus Medical Devices Inc.; True Phantom Solutions; Computerized Imaging Reference Systems, Inc.; Carville Limited; PTW Freiburg GmbH; Dielectric Corporation; Quart GmbH; Leeds Test Objects Ltd; Kyoto Kagaku Co. Ltd; and PhantomX.

These market players are focusing on forming an efficient value chain to cater to the growing demand for innovative phantoms. For instance, Gold Standard Phantoms signed a strategic partnership with National Physical Laboratory (NPL) and NEL to create Porous Modelling within a Perfusion Phantom. NPL will bring proficiency in mathematical modelling, analysis of complicated systems, and characterization and metrology, essential to success of the project.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Medical Imaging Phantoms Market Research Report
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global medical imaging phantom market report on the basis of device type, end use, material, and region:

Device Type Outlook (Volume, €™000 Units; Revenue, USD Million, 2019 - 2030)

  
X-ray
  
Ultrasound
  
CT
  
MRI
  
Nuclear imaging
  
Others

End-use Outlook (Revenue, USD Million, 2019 - 2030)

  
Hospitals
  
Academic and Research Institutes
  
Diagnostic and Reference Laboratories
  
Medical Device Companies

Material Outlook (Volume, €™000 Units; Revenue, USD Million, 2019 - 2030)

  
Simulating devices
  
X-ray
  
Ultrasound
  
CT
  
MRI
  
Nuclear imaging
  
Others
  
False organs
  
X-ray
  
Ultrasound
  
CT
  
MRI
  
Nuclear imaging
  
Others