The global test phantoms market is anticipated to grow at a considerable CAGR of 6.7% during the forecast period. The rising number of drug discovery and development activities and R&D in medical devices is resulting in an increasing number of clinical trials in the region. North America has the largest share in drug discovery and development activities across the globe, which in turn, is resulting in growth in clinical trials in the region. As per the US FDA, in 2020, the Center for Drug Evaluation and Research (CDER) approved 53 novel drugs, either as new molecular entities (NMEs) under new drug applications (NDAs) or as new therapeutic biologics under biologics license applications (BLAs). In 2019, CDER approved 48 novel drugs, either as NMEs under NDAs or as new therapeutic biologics under BLAs. The COVID-19 outbreak is further leading to an increasing number of clinical trials in the country. In addition, the emerging focus on precision medicine is also supporting the rise in clinical trials in the country.
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As per the Personalized Medicine Coalition, the number of personalized medicines on the market in the US has grown from 132 in 2016 to 286 in 2020. This, in turn, has resulted owing to the rising focus on the development of personalized medicines, which is supporting the rising number of clinical trials across the US. A wide range of imaging modalities is used in clinical trials which is leading to increasing demand for several different kinds of phantoms. Phantoms that are designed for positron emission tomography (PET) scans are normally used for staging and treatment monitoring. Several imaging modalities support the generation of primary, secondary and exploratory study endpoints. Imaging modalities including PET/CT, CT, and MRI offer evidence of drug effects and treatment efficacy with the delivery of response biomarkers. Phantom augments the accuracy and reliability of data obtained from medical imaging. Therefore, significant demand for medical imaging modalities in clinical trials is leveraging the demand for phantoms.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Test Phantoms Market Report Segment
By Product Type
- X-ray Phantoms
- Ultrasound Phantoms
- MRI Phantoms
- Nuclear Imaging
- Other
Global Test Phantoms Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global test phantoms market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where in the market.
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