Medical Imaging Phantom Market Size

Medical Imaging Phantom Market Analysis

The Medical Imaging Phantom Market is expected to register a CAGR of 5.1% during the forecast period.

• The market was affected by the COVID-19 pandemic. The decrease in imaging volumes during the pandemic affected the growth pace of the market. For instance, the COVID-19 epidemic had a severe impact on wait times for medical imaging operations across the country, according to a report from the Canadian Association of Radiologists in 2021. For CT scans, the wait time ranged from 50 to 82 days, and for MRI imaging, it was 89 days on average. That exceeded the advised 30-day wait time by 20 to 52 days. Waitlists were even longer as a result of COVID-19, affecting the market growth. However, imaging instruments were used to identify the long-term effect of diseases on patients. Recent advancements in image-guided radiation therapy are expected to improve the quality of life for patients and their families (IGRT). For instance, in September 2022, Qure.ai partnered with the University Medical Center Rotterdam to launch a laboratory for medical imaging. The initial program is estimated to run for 3 years to conduct detailed medical imaging to understand the effects of COVID-19 with the help of Chest CTs, X-rays, and brain CTs. Thus, with such partnerships, the medical imaging phantom market is expected to increase during the forecast period.
• Factors such as the increasing burden of diseases, coupled with growing awareness and advancement in products are expected to increase the market growth. Increasing diseases such as neurological diseases which require imaging to monitor and understand the areas of the brain to check how it reacts to different stimuli are expected to increase the market growth. For instance, as per the September 2022 report of the World Health Organization (WHO), about 55 million people around the world were living with dementia, and nearly 10 million cases are reported every year. Also, as per the same source, Alzheimer's is the most common form of dementia and constitutes about 60-70% of the total cases of dementia. Similarly, according to the February 2022 update of the WHO, about 50 million people with epilepsy are living around the world, making it one of the most prevalent neurological diseases, with 80% of the population with epilepsy residing in low- and middle-income countries. Hence, the high burden of neurological disorders is expected to increase the market growth as they require medical imaging to provide specific care to patients, and the studied market is expected to grow.
• Similarly, grants are another factor in market growth as they provide infrastructural support for the utilization of phantom imaging in drug development. For instance, in March 2022, Gold Standard Phantoms was selected for the 2022 P4 Precision Medicine Accelerator Programme. The company invested in specialized phantoms for MRI human tissue and organ imaging in living subjects under this project. By granting access to unmatched expertise, significant relationships, and new connections, this six-month program, coordinated by University College London and Capital Enterprise, establishes a novel and distinctive environment to support the growth and adoption of precision medicine SMEs. Thus, such grants utilize imaging phantoms in drug developments which increases the market growth during the forecast period. Thus, with the abovementioned factors such as the increasing burden of diseases, coupled with growing awareness and advancement in products, the medical imaging phantom market is expected to grow over the forecast period. However, the high cost of procedures and the lack of trained professionals are expected to hinder market growth.