Sep 25, 2020
Medical Imaging Phantoms Market to Reach US$ 200 Mn by 2030; COVID-19 Pandemic Not Expected to Affect Demand in a Big Way
by Team Fact.MR
With constant increase in the usage and wide application of imaging devices such as X-rays, CT scanners, etc., the need for advanced and upgraded medical imaging phantoms that provide better and consistent results has become a priority in the healthcare industry. This has proven to be a key driver for the growth of the medical imaging phantoms market. Moreover, factors such as increased R&D and investments by key players are also important growth factors for this market.
Fact.MR’s study shows that, medical tourism and increased awareness of radiology studies have proven to boost the market, especially in the Asia Pacific region. Other aspects of market growth are stable government support to increase healthcare activities and better reimbursement policies related to the medical sector, especially in the North American region. Overall, the value of the medical imaging phantoms market is predicted to reach a valuation of over US$ 200 million by 2030.
Key Takeaways from Medical Imaging Phantoms Market Study
- The dominant product in the medical imaging phantoms market is X-ray/fluoroscopy phantoms, accounting for 30% of the total market.
- Hospitals are the key end users of medical imaging phantoms, accounting for around 40% of the market share.
- The market in Asia is expected to witness the fastest growth at a CAGR of 3.6%, based on exponential increase in the population in the region.
- North America is the leading region holding 30% of the total market share, and is expected to maintain its supremacy over the long-term forecast period.
“The COVID-19 pandemic has caused an increase in the number of patients across the world, which has resulted in higher usage of medical imaging devices. As such, the medical imaging phantoms market will not see a decline like most other markets,” says a Fact.MR analyst.
Development of Technologically-advanced Medical Imaging Phantoms with Enhanced Accuracy
Medical imaging phantoms come at a high cost, which is a restraint for the market. Therefore, 3D printing technology is being used by key players such as Gold Standard Phantoms, Pure Imaging Phantoms, and PTW Freiburg, for the development of low-cost medical imaging phantoms. Phantoms developed via a 3D printer present a much realistic image of tissues and organs produced by various imaging modalities. Thus, these advanced phantoms have proven to be an important driver for the market.
More Valuable Insights on Medical Imaging Phantoms Market
Fact.MR, in its new offering, presents an unbiased analysis of the global medical imaging phantoms market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the medical imaging phantoms market on the basis of type (X-ray/fluoroscopy phantoms, CT phantoms, ultrasound phantoms, nuclear imaging phantoms, MRI phantoms, and others), end user (hospitals, diagnostic and reference laboratories, academic and research institutes, and medical device companies), and major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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About the Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the healthcare team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the healthcare industry lucidly in 50+ countries for over a decade. The healthcare team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.