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The medical imaging phantom market share is expected to increase by USD 63.11 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.7%.
This medical imaging phantom market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers medical imaging phantom market segmentation by end-user (hospitals, diagnostic laboratories, and academic and research) and geography (North America, Europe, Asia, and Rest of World (ROW)). The medical imaging phantom market report also offers information on several market vendors, including Leeds Test Objects LTD, Agfa-Gevaert NV, Bartec Technologies Ltd., Biodex Medical Systems Inc., Canon Medical Systems Corp., Carestream Health Inc., Carville Ltd., Computerized Imaging Reference Systems Inc., Dielectric Manufacturing Inc., FUJIFILM Holdings Corp., GE Healthcare Inc., Kyoto Kagaku Co. Ltd., Modus Medical Devices Inc., Philips International BV, PTW Freiburg GmbH, Pure Imaging Phantoms, Samsung Electronics Co. Ltd., SBRI Healthcare, Shimadzu Corp., and Siemens Healthineers AG among others.
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The increasing prevalence of chronic conditions such as cardiac failure, chronic kidney disease, and Chronic Obstructive Pulmonary Disease (COPD) is notably driving the medical imaging phantom market growth, although factors such as stringent regulations associated with medical imaging phantom may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical imaging phantom industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Medical Imaging Phantom Market Driver
The increasing prevalence of chronic conditions such as cardiac failure, chronic kidney disease, and Chronic Obstructive Pulmonary Disease (COPD) is one of the key drivers supporting the medical imaging phantom market growth. For instance, in 2020, the five common diagnosed types of cancers were lung cancer, breast cancer, prostate cancer, colorectal cancer, and stomach cancer. Such cancers accounted for approximately 49% of all diagnosed cases of cancer. Among such cancers, lung cancer and breast cancer accounted for the largest number of diagnosed cases. The prevalence of various types of cancers is increasing. Globally, the number of diagnosed cancer cases is expected to increase from around 16.5 million to 21.3 million between 2017 and 2025. Moreover, the high incidence of cancer is increasing the demand for cancer screening and diagnoses, which is driving the growth of the global medical imaging phantoms market. Similarly, the increasing prevalence of other chronic conditions, such as cardiovascular diseases and neurological disorders, will augment the demand for medical imaging phantoms during the forecast period.
Key Medical Imaging Phantom Market Trend
Integration of AI with medical imaging is one of the key trends contributing to the medical imaging phantom market growth. AI techniques, such as object detection and image segmentation, enable radiologists and technicians to identify and compare relevant patterns and other imaging data faster accurately. The emergence of startup companies that apply AI in medical imaging workflows and the increased funding for the development of AI solutions for medical imaging are likely to increase the adoption of AI for medical imaging. In addition, rising investments by key vendors for the integration of AI with imaging modalities, the emergence of AI medical imaging startups, and growing funding are likely to increase the adoption of AI in medical imaging. Thus, the integration of AI will improve the quality of imaging devices, which will drive the growth of the global medical imaging phantom market during the forecast period.
Key Medical Imaging Phantom Market Challenge
Stringent regulations associated with medical imaging phantom is one of the factors hindering the medical imaging phantom market growth. Medical imaging phantoms fall under the Federal Food, Drug, and Cosmetic Act (FD and C Act) as amended by the Medical Device Amendments of 1976 and the subsequent related amendments. These devices are considered non-510(k)-exempt Class I and Class II medical devices. Hence, they need to comply with stringent regulations during the approval process. Also, medical imaging phantoms need to get the required regulatory approval to be launched in the market. The manufacturers of medical imaging phantom must comply with Current Good Manufacturing Practices. Significantly, physicians and technicians should use techniques and protocols that administer the lowest radiation dose. Thus, the stringent regulations associated with medical imaging phantoms are expected to hinder the growth of the market during the forecast period.
This medical imaging phantom market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global medical imaging phantom market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical imaging phantom market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the medical imaging phantom market encompasses successful business strategies deployed by the key vendors. The medical imaging phantom market is fragmented and the vendors are deploying growth strategies such as increasing their R and D investments to develop new products and improving their existing products to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The medical imaging phantom market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the medical imaging phantom market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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40% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for the medical imaging phantom market in North America. Market growth in this region will be slower than the growth of the market in Asia and Europe.
The rising prevalence of chronic diseases will facilitate the medical imaging phantom market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 had a mixed impact on the demand for medical devices in North America. However, the uplifts of lockdown and vaccination drive have improved the scenario of the market to some extent and the market is expected to grow during the forecast period.
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The medical imaging phantom market share growth by the hospitals segment will be significant during the forecast period. Many small and mid-level hospitals with limited budgets cannot afford new and advanced medical imaging phantoms due to their high cost. The streamlined budgets and escalating number of medical procedures are increasing the demand for medical imaging phantom, as they are cost-effective and efficient alternatives for new devices. In addition, privatization in the healthcare industry is growing at a significant rate. Unlike public hospitals, private hospitals are profit-driven. The management focuses on increasing profitability while offering quality services at affordable prices. Such factors are expected to drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the medical imaging phantom market size and actionable market insights on post COVID-19 impact on each segment.
Medical Imaging Phantom Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.7% |
Market growth 2022-2026 |
$ 63.11 million |
Market structure |
Fragmented |
YoY growth (%) |
5.11 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key consumer countries |
US, Canada, Germany, China, and India |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Leeds Test Objects LTD, Agfa-Gevaert NV, Bartec Technologies Ltd., Biodex Medical Systems Inc., Canon Medical Systems Corp., Carestream Health Inc., Carville Ltd., Computerized Imaging Reference Systems Inc., Dielectric Manufacturing Inc., FUJIFILM Holdings Corp., GE Healthcare Inc., Kyoto Kagaku Co. Ltd., Modus Medical Devices Inc., Philips International BV, PTW Freiburg GmbH, Pure Imaging Phantoms, Samsung Electronics Co. Ltd., SBRI Healthcare, Shimadzu Corp., and Siemens Healthineers AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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