Medical Imaging Phantoms Market Size was valued at USD 0.21 Billion in 2023. The Medical Imaging Phantoms Market industry is projected to grow from USD 0.22 Billion in 2024 to USD 0.29 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.00% during the forecast period (2024 - 2032). The increasing geriatric population, rising incidence and prevalence of various chronic disorders, rising healthcare sectors, and presence of skilled professionals are expected to be significant market drivers for the Medical Imaging Phantoms Market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Increasing prevalence of chronic illnesses and the rising geriatric population are driving the market growth
Market CAGR for Medical Imaging Phantoms is driven by the increasing prevalence of chronic illnesses and the rising geriatric population. The growing trend of chronic ailments such as cancer, cardiovascular diseases, neurodegenerative disorders, and chronic respiratory disorders, among others, has become a critical driver that is sustaining the expansion of the market for medical imaging phantoms. Such an environment promotes consistent and accurate diagnostics, treatment, and periodic imaging monitoring. The World Health Organization (WHO), as stated, considers NCDs, being chronic non-communicable diseases, to be the leading cause of death and morbidity ly. The death rate of chronic illnesses is staggering; 41 million humans from all corners of the globe succumb to chronic health problems each year, which accounts for 71% of all occurrences worldwide. In 2022, there were about 20 million cancer as new cases and 9.7 million deaths from cancer. The current number of people who lived within 5 years of receiving a cancer diagnosis is 53.5 million. There is around a 20% chance an individual will develop cancer during their lifetime. The rates of men and women who die from the disease are about 1 in 9 and 1 in 15, respectively. The aforementioned disorders only trigger the ever-rising demand for imaging devices and phantoms, which play a definitive role in accurate and definitive diagnoses and treatment outcomes.
The growing number of geriatric people has a link to the skyrocketing of age-related diseases needing immediate health screening of standard imaging tests. As per the figures of the United Nations Report, 771 million elderly people out of the world's 7.7 billion population have reached the age of 65 years, which is nearly 15% of the world population. These projections state that the emissions rate of this source will grow at an average of 16% by 2050. Besides, it will continue to rise to the level of 24 % by the end of the century. This aging population trend influences the growth of the Medical Imaging Phantoms Market. As a result, it is anticipated that throughout the projection period, demand for the Medical Imaging Phantoms Market will increase due to the increasing prevalence of chronic illnesses and the rising geriatric population. Thus, driving the Medical Imaging Phantoms Market revenue.
The Medical Imaging Phantoms Market segmentation, based on Device Type, includes X-ray/Fluoroscopy Phantoms, Ultrasound Phantoms, CT Phantoms, MRI Phantoms, Nuclear Imaging Phantoms, and Others. The nuclear imaging phantoms segment dominated the market, accounting for 58% of market revenue. The nuclear imaging phantoms sector is anticipated to expand because the nuclear imaging phantoms are constructed with extremely specific anatomical structures to enhance their applications in biomedical studies as well as bioengineering research. As a result, these anatomically realistic modifications in phantoms will promote the creation of a superior computational model for the nuclear imaging field, which, in return, will drive market growth during the given period.
The Medical Imaging Phantoms Market segmentation, based on the End User, includes Hospitals, Academic & Research Institutes, Diagnostic & Reference Laboratories, and Medical Device Companies. The hospitals segment dominated the market, accounting for 58% of market revenue. The majority of hospitals have ongoing activities in research and development concerning medical imaging or diagnostics. They run phantoms through their imaging devices to establish the viability of image interpretation and the development of new methods, like in academic medical centers. One of the hospital practices is to have the same imaging procedures, methods, and equipment used throughout departments to ensure that reliable and efficient outcomes are achieved. Phantoms are designated to create and remain the benchmarks that are applied in healthcare facilities aiming at achieving standardization in imaging. This is done to ensure uniformity in practices. Hence, the need for medical imaging phantoms is cyclical since hospitals continuously do imaging studies every day. Continual demands, for example, from hospitals are guaranteed, and this puts a foundation for a stable environment for phantom suppliers, therefore increasing the market size.
Figure 1: Medical Imaging Phantoms Market, by End User, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the Medical Imaging Phantoms market in North America can be attributed to several key factors. A rise in healthcare spending and the addition of new CT Scanners and MRI devices in the region brought about the highest growth in the North American market. Health expenditure in the United States increased by 4.1% to $4.4 trillion or $13,493 per capita in the year 2022. Such a growth figure is close to the pre-pandemic one (4.4% in 2019). Health spending amounted to 17.3% of GDP in 2022, which is similar to the 2019 level (17.5%) after an increase in 2020 (19.5%) and 2021 (18.2%). The United States spent as much as $4,464.4 billion on healthcare expenditures in 2022. Among those categories, a yearly average rise was 4.2% for physician services, 4.4% for hospital care and 4.7% for prescription drugs scored from 2012-2022. Also, the disease control and the treatment of various diseases in the US and Canada are likely to influence the adoption of medical imaging devices.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MEDICAL IMAGING PHANTOMS MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Medical Imaging Phantoms Market accounts for the second-largest market share in Western Europe. In many countries, there is a high incidence of chronic illnesses such as cancer, cardiovascular diseases, and nervous disorders. The number of new cases of cancer increased by 2.3%, adding up to 2.74 million in 2022 compared to 2020. Furthermore, the cancer mortality index suffered an advance of 2.4 % in contrast to 2020, as observed by the European Commission. Cancer affects men slightly more than women: 53% share of new cases and 55% of deaths from cancer per both men. The accurate diagnosis and efficient treatment of diseases like these can be achieved by extensive reliance on radiology imaging. This has consequently created a significant need for medical imaging phantoms in the area. Further, the German Medical Imaging Phantoms Market held the largest market share, and the UK Medical Imaging Phantoms Market was the fastest-growing market in the European region
The Asia-Pacific Medical Imaging Phantoms Market is expected to grow at the fastest CAGR from 2024 to 2032. The growing number of diseases, such as cancer and cardiovascular diseases, has led to the necessity for speedier and more precise diagnosis and treatment. The WHO in 2020 reported approximately 2.2 million new cancer incidences and 1.4 million deaths from cancer caused in the South-East Asia Region. Nevertheless, these deaths were higher than 10 % of overall deaths, which contributed to high fatality counts in the region. Accordingly, in 2022, there was a conjectured count of 1,461,427 new cases of cancer and a rough incidence rate of 100.4 per 100,000 persons in India. Exactly one Indian among ten people is likely to have a cancer diagnosis during the rest of his life. This helps to respond to the imminent need for medical imaging devices and phantoms, which consequently improve the quality and expand the range of healthcare services. Moreover, China’s Medical Imaging Phantoms Market held the largest market share, and the Indian Medical Imaging Phantoms Market was the fastest-growing market in the Asia-Pacific region.
Medical Imaging Phantoms Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Medical Imaging Phantoms market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Medical Imaging Phantoms industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Medical Imaging Phantoms industry to benefit clients and increase the market sector. In recent years, the Medical Imaging Phantoms industry has offered some of the most significant advantages to the field of medical diagnostics and treatment optimization. Major players in the Medical Imaging Phantoms Market, including PTW Freiburg GmbH, Gold Standard Phantoms, Kyoto Kagaku Co., Ltd., Pure Imaging Phantoms, Dielectric Corporation, Modus Medical Devices, Carville Limited, Mirion Technologies, Inc., Leeds Test Objects are attempting to increase market demand by investing in research and development operations.
Mirion Technologies, Inc. develops, smarts, and supplies the radiation discovery devices, detectors, analyzers, and monitors used by security agencies, the government, and the medical industry. The company provides medical and technological tools. Its medical equipment assortment includes imaging tables and accessories, medical scintigraphy instruments, occupational dosimetry means, and others; its technological line comprises spectroscopy and analysis systems, health physics and radiation protection devices, defense and security, radiation quality control means, reactor instrumentation and more. The company also serves the civil and military industries like nuclear power, laboratories, defense and security, decontamination, decommissioning, and waste management. The business runs its local branches - in Canada, the USA, Europe and Asia. As for Mirion, the headquarters are located in Atlanta, Georgia, the US In September 2020, Mirion Technologies, a provider of commercial solutions to medical nuclear energy, defense, and other cutting-edge technologies, made a strategic acquisition of Biodex Medical Systems, a medical industry leader in supplying medical imaging equipment, rehabilitation systems, and nuclear medicine instruments. The deal will extend the company's footprint in the medical sector.
PTW, a dose-measuring company, is a worldwide market position leader specializing in four areas: radiation therapy, diagnostic radiology, metrology, and radiation monitoring. Recently, PTW’s inventions and technologies have been substantively used in general and subspecialty radiation medicine for almost a century. Within this dosimetry market, PTW is, at the core, acting as the primary player. They have emerged as a powerful player in several countries and across several product categories. With the biggest customer network ly, PTW is recognized as the market leader in the areas of dosimetry technology, which includes more than –50 unique products - detectors, water phantoms, dosemeters, electrometers, and cutting-edge solutions for the quality assurance of clinical radiation equipment. In 2020, PTW acquired a share in phantom manufacturer QRM: Such collaboration combines the deficiency approaches to quality assurance in radiation therapy and diagnostic radiology.
Key companies in the Medical Imaging Phantoms Market include
Medical Imaging Phantoms Industry Developments
October 2022: GSP entered into a partnership with Quibim, aiming to leverage medical imaging for transforming drug development and enhancing patient care pathways.
May 2022: IBA completed the acquisition of Modus Medical Devices Inc., a company renowned for its expertise in producing phantoms designed to ensure quality assurance in radiation therapy.
Medical Imaging Phantoms Market Report Scope
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.21 Billion |
| Market Size 2024 | USD 0.22 Billion |
| Market Size 2032 | USD 0.29 Billion |
| Compound Annual Growth Rate (CAGR) | 4.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Device Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | PTW Freiburg GmbH, Gold Standard Phantoms, Kyoto Kagaku Co., Ltd., Pure Imaging Phantoms, Dielectric Corporation, Modus Medical Devices, Carville Limited, Mirion Technologies, Inc., Leeds Test Objects |
| Key Market Opportunities | · Technological advancements, including 3D printing, multimodal imaging, and image-guided radiation therapy (IGRT) |
| Key Market Dynamics | · Increased medical spending and rising demand for minimum invasive diagnostic treatments |
Frequently Asked Questions (FAQ) :
The Medical Imaging Phantoms Market size was valued at USD 0.21 Billion in 2023.
The Medical Imaging Phantoms Market is projected to grow at a CAGR of 4.00% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are PTW Freiburg GmbH, Gold Standard Phantoms, Kyoto Kagaku Co., Ltd., Pure Imaging Phantoms, Dielectric Corporation, Modus Medical Devices, Carville Limited, Mirion Technologies, Inc., Leeds Test Objects.
The Nuclear Imaging Phantoms segment dominated the market in 2023.
The Hospitals segment had the largest share in the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
