(MENAFN- America News Hour) The medical imaging phantom market is expected to register a CAGR of 5.1% during the forecast period. The growing burden of diseases such as cancer is expected to drive the medical imaging phantom market growth. Breast cancer is the commonly diagnosed cancer in women and one of the leading causes of death. According to the World Health Organization, in 2018, globally, approximately 2.1 million women were diagnosed with breast cancer. Most of it is diagnosed in the late stage of it. Hence, this is expected to boost the demand for more efficient diagnosis imaging tools involving phantoms. According to the Bioengineered study in 2016, phantom tissues were used to evaluate the in-vivo detection of breast cancer at early stages, and the measures of concentration were achieved. But, high-cost involvement of procedures for diagnostic imaging may hamper the medical imaging phantom market growth.
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Key Market Trends
X-ray Phantoms Segment is Expected to Hold a Major Market Share in the Medical Imaging Phantom Market
– X-ray phantoms have wide applications in medical imaging, such as radiography, mammography, and angiography. Radiography uses ionizing radiation to generate an image of the body to evaluate and diagnose certain medical conditions.
– The rising adoption of new X-ray machines and increasing imaging devices applications are expected to drive the demand for the X-ray phantoms segment. Also, government and non-profit organizations are creating awareness of the imaging techniques available. For instance, the American Dental Association collaborated with around eighty healthcare centers for a program, Image Gently, to promote radiography examination.
– Furthermore, according to the National Health Service, in 2019, approximately 2.01 million X-rays were recorded in the United Kingdom. Hence, with the increase in demand for radiography tests, it is expected to boost the demand for X-ray phantoms.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the medical imaging phantom market due to the increasing burden of diseases and a rising preference for diagnostic imaging. According to the National Institutes of Health, the incidence of brain tumors in 2019 was recorded to be around 23,820. MRI scans are used for detecting brain tumors in the body. According to the Organization for Economic Cooperation and Development, in 2017, the U.S. installed around 38 million MRI units per million of the population. Hence, this factor is expected to increase the demand for imaging phantoms, thereby propelling North America's medical imaging phantom market growth.
Competitive Landscape
The medical imaging phantom market consists of several major players, and some of the companies which are currently dominating the market are Carville, Computerized Imaging Reference Systems, Inc., Pure Imaging Phantoms, Biodex Medical System, Inc., Leeds Test Object Ltd., Bartec Technologies Ltd., Gold Standard Phantoms, Kyoto Kagaku Co., Ltd, Modus Medical Device Inc., and PTW Freiburg GmbH.
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1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Chronic Diseases
4.2.2 Advancement in Product
4.2.3 Growing Awareness about Diagnostic Imaging
4.3 Market Restraints
4.3.1 High Cost of Procedures
4.3.2 Lack of Trained Professionals
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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