Medical Imaging Phantom Market Prediction
Phantoms worth 212.4 million by 2027
At DSC, we pride ourselves on being innovators in the medical imaging field and strive to be major competitors in the global medical imaging market. We are constantly thinking about ways to increase our footprint through product designs that are high-quality and state-of-the-art. Over the years, our vision has encompassed the idea of taking phantoms to a higher level and elevating the platform for medical imaging. Oddly enough, a new study done by Grand View Research INC shows our vision is not singular in nature, but rather being embraced by others across the globe.
According to the research study released in February of 2020, the global medical imaging phantoms market size is expected to increase by the end of 2027 to yield an anticipated 212.4 million dollars! Due to the latest developments in phantom research, new product launches, and expansion in the field both locally (North America) and globally, there is an increasing need for quality phantoms when it comes to medical imaging. Along with the growing need to diagnose severe diseases across the globe, the advantages offered by these medical imaging phantoms are driving the global market.
Factors driving the global forecast
There are several factors that play a significant role in driving these trends. These factors illustrate a competitive phantoms market and depict a positive growth model over the next few years. Factors such as:
- Increase in cases of chronic diseases
- Effective reimbursement scenarios for medical imaging
- Rising disposable income to accelerate the market
- Growing competition in the market
- Increased number of preclinical studies to better understand the effectiveness of phantoms
- Introduction of new materials, strategies, and production techniques
- Enhancement to the diagnostic methods
- Advantages to realistic medical imaging phantoms to enhance performance
Diving deeper into the data
The study also anticipates an increased compound annual growth rate (CAGR) of 5.2% from 2020 to 2027. This CAGR indicates a gradual, steady, and positive growth projection for medical imaging phantoms in a global market. Based on the large sample size used in the study from the years 2017-2018, hospitals are expected to dominate the global medical imaging phantoms market due to government initiatives to improve treatment and the rise in reimbursement policies. While North America has led the market since 2018, the new potential leaders are Europe, South America, and Asia-Pacific.
While market drivers for the phantoms industry are accelerating factors in the study, it is always important to discuss the potential restraints on the forecasted growth. Yes, the medical imaging phantoms will continue to show favorable advancement, but the high cost of medical imaging phantoms will always be a deciding factor on how quickly the growth will propel the market. Another potential determination of the market growth is the increased maintenance complications of medical imaging phantoms.
What does this all mean?
Good things! The data analysis, future trends, and expected key players in both the industry and globally are all indications that great things are coming for the medical imaging phantoms market. As the field embraces the idea of improving the patient’s experience and explores solutions to validate that medical imaging is done correctly and accurately, we are bringing the imaging phantoms world into a new light. While DSC has always been a leading supplier of high-quality phantoms, this data is validating everything we have hoped over the years as we further the phantoms industry. Validation to see that the world is starting to better understand the importance of phantoms and improving patient care.
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Want to learn more about phantoms?
A phantom is more than just a scientific device; it is a “stand-in” for human tissue and a way to ensure that the systems and methods for imaging a human body are operating correctly. If you want to learn more about what a phantom does and how it works, take a look at the following blog.