A test phantom is readily available and offers more reliable results than the use of human volunteers. Various test phantoms are available in the market such as CT test phantom, mammography test phantom, ultrasound test phantom, radiation oncology test phantom, and MRI test phantoms. Each type of the test phantom offers diverse information about the body part being examined for injury or disease treatment. Recent advances in test phantom techniques provide a better non-invasive solution for identifying various chronic diseases and treatment associated with it.

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Increasing prevalence of various chronic diseases such as HIV, tuberculosis, and cancer is expected to contribute to significant growth of the test phantom market. For instance, according to the World Health Organization key fact 2018, cancer was the second leading cause of death worldwide and was responsible for 8.8 million deaths in 2015. Moreover, medical imaging is one of the important parts of healthcare industry, as nearly all the diagnostics and treatment are based upon the analysis provided by the imaging techniques.

Increasing use of imaging techniques in the healthcare sector is expected to propel growth of the test phantom market. For instance, according to National Health Services (U.K.) diagnostic imaging dataset statistical release, around 41 million medical imaging tests were reported in England in 2017, 3.49 million imaging tests were recorded in January 2017, with radiograph being performed 1.89 million times, followed by diagnostic ultrasonography (Ultrasound, 0.77 million), computerized axial tomography (CT scan, 0.40 million), and magnetic resonance imaging (MRI, 0.28 million).

Furthermore, government funding for enhanced imaging solutions is expected to significantly boost the market growth. For instance, in 2014, the U.K Government funded US$ 27,327,000 to build an Imaging Center for Excellence (ICE) at the University of Glasgow. However, high maintenance cost related with medical test phantoms is expected to hamper the market growth.

Increasing research and development activities in imaging technologies in the region. Moreover, increasing use of diagnostic services by healthcare facilities is expected to propel growth of the market. For instance, according to National Science and Technology Council 2017 report, 79 million CT scans, 39 million MRI scans, and 1.7 million PET scans were performed in the U.S in 2015.

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Major players operating in the test phantom markets include, Fluke Corporation, IBA, Sun Nuclear Corporation, Biodex Medical Systems, Standard Imaging, Capintec, Pro-Project, The Phantom Laboratory, RaySafe, Carville, CIRS, Kyoto Kagaku Co., Ltd, Modus Medical Devices, Radiology Support Devices, and 3-Dmed.

Key players are focused on adopting market strategies such as collaboration, mergers, and new product launch in order to retain dominant position in the market. For instance, in 2014, Kyoto Kagaku Co., Ltd launched Female Pelvis Ultrasound Phantom US-14a and US-14b, it has features such as accurate cerebral anatomy just like human brain.