Medical Radiation Detection, Monitoring & Safety Market to Reach US$ 2.0 bn by 2031, driven by the increasing prevalence of cancer necessitates the use of medical radiation detectors: Global Insight Services
New York, September 2022: According to a new research study by Global Insight Services (GIS), the global medical radiation detection, monitoring & safety market is expected to grow rapidly over the next 10 years to reach a value of more than the US$ 2.0 billion by 2031.
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Medical Radiation Detection, Monitoring & Safety Market: Key Trends and Drivers
Extensive research is being conducted in premier institutes, focusing on developing new techniques for detecting and measuring radiation exposure during medical procedures will propel the market growth. For instance, according to an article published at Eureka Alert in April 2020, researchers at the Los Alamos National Laboratory and Argonne National Laboratory developed a new X-ray detector prototype which will revolutionize medical imaging, with a considerable reduction in radiation exposure and related health risks while also improving resolution in security scanners and research applications.
Moreover, increased use of nuclear medicine and radiation therapy for the diagnosis and treatment of acute radiation illness will contribute to the medical radiation detection market growth in the coming years. Furthermore, the number of diagnostic imaging facilities that require medical radiation detectors to avoid excessive radiation exposure has increased significantly, fueling the market growth during the forecast period. Rising awareness regarding safety from prolonged exposure to radiation especially in radiation-prone settings as well as an increase in the number of individuals having medical insurance would propel the growth of the medical radiation market during the forecast period.
Medical Radiation Detection, Monitoring & Safety Market: Restraints & Challenges
The rising cost of medical radiation detection, on the other hand, will stifle market growth. The medical radiation detection, monitoring, & safety market is moderately consolidated. The key players such as Fortive (US), Mirion Technologies, Inc. (US), Thermo Fisher Scientific Inc. (US), Ludlum Measurements, Inc. (US), IBA Worldwide (Belgium)-in the medical radiation detection, monitoring, & safety market accounted for a combined majority market share in 2020. There is a high degree of competition among the market players. Only major companies can afford high-capital investments as well as the high cost of R&D and manufacturing. This will prevent new entrants from entering this market.
Moreover, the scarcity and shortage of trained specialists stifle market expansion and the strict laws and compliances hamper the market’s growth for radiation safety. The market’s expansion is being stifled by the delays in product approvals caused by the government’s strict rules.
Medical Radiation Detection, Monitoring & Safety Market Report Findings
The area process dosimeters segment is likely to hold a dominant medical radiation detection, monitoring & safety market share and grow at a substantial CAGR during the forecast period.
Based on product, it is segmented into personal dosimeters, area process dosimeters, surface contamination monitors, and others. In 2021, area process dosimeters segment dominated the market and accounted for the largest revenue share in 2021. During the forecast period, area process dosimeters are expected to gain significant market share. This is attributed to the rising demand for such dosimeters for early detection of harmful radiation. The personal dosimeters segment is anticipated to gain the highest revenue during the forecast period, owing to the advantages offered by personal dosimeters such as an alarm system for radiation exposure throughout the day and the availability of indicators to detect increased susceptibility to harmful radiation.
The scintilators segment is anticipated to hold a majority of the medical radiation detection, monitoring & safety market size throughout the study period.
Based on detection type, it is segmented into gas-filled detectors, scintilators and solid-state. Among them, drug discovery segment accounted for significant share in 2021. Scintillators are materials that are able to convert high energy radiation such as X or gamma-rays to a near visible or visible light. They are widely used as detectors in medical diagnostics, high energy physics and geophysical exploration
The hospital segment is anticipated to hold a majority of the medical radiation detection, monitoring & safety market size throughout the study period.
Based end–user, it is segmented into hospitals, ambulatory surgery centers, clinics, and others. Hospital segment is expected to grow with the highest CAGR during the forecast period. n 2021, the hospitals category accounted for the largest share of the medical radiation detection, monitoring, & safety market, of around 70%. This is owing to the constantly expanding need for medical conventional and nuclear radiation for therapy and diagnosis (including in emergency care and dentistry). Because of the ease in the access to essential equipment and skilled labor, radiation-based procedures can be conducted conveniently at hospitals. Moreover, there is a steady rise in the number of inpatients and outpatients in hospitals, which will only become faster in the coming years. Moreover, the rapid increase in the number of hospitals is bolstering the medical radiation detection, monitoring, and safety solution demand.
The Asia-Pacific region is estimated to exhibit the highest growth rate during the medical radiation detection, monitoring & safety market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific accounted for the significant market share and expected to register the fastest CAGR from 2022 to 2031. The Asia-Pacific market is growing at a fast pace. China and Japan are presently reigning this market. The Chinese market is expanding due to the presence of independent government departments related to Nuclear medicine such as the China Society of Nuclear Medicine, and the supportive norms and regulations that directly impact the market growth. The Japanese market, on the other hand, is driven by the rising number of individuals opting for radiotherapy resulting in increasing number of radiotherapy facilities. Although the prospects look good, factors like stringent government regulations and the high cost of lead (a major component of monitoring device) are restraining the market growth.
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The global medical radiation detection, monitoring & safety market report includes players such as Fortive (US), Mirion Technologies, Inc. (US), Thermo Fisher Scientific Inc. (US), Ludlum Measurements, Inc. (US), IBA Worldwide (Belgium), AliMed, Inc. (US), Polimaster Ltd. (Republic of Belarus), AmRay Group (Ireland), Infab, LLC (US), Burlington Medical (US), and Bertin Instruments (France), among others. In addition, major vendors are focused on developing smarter technologies for surface disinfections. For instance, in February 2019, Thermo Fisher Scientific launched new dosimetry monitoring service.
Recent Developments in the Medical Radiation Detection, Monitoring & Safety Market:
- In March 2021, Infab LLC launched the 903 Reverse Vest & Skirt, which offers effective scatter radiation protection.
- In January 2021, Mirion Technologies Inc., a provider of radiation detection and measurement solutions, acquired Sun Nuclear Corporation. This acquisition is aimed at enhancing the former’s position in the cancer therapy industry by using the latter’s technological competence, brand equity, and relationship capital.
- In August 2020, ECOTEST Group introduced the RKS-01 STORA-ABG, a small search radiometer–dosimeter with a telescopic tube, for the rapid detection and localization of alpha, beta, gamma, and X-ray sources.
Medical Radiation Detection, Monitoring & Safety Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global medical radiation detection, monitoring & safety market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future medical radiation detection, monitoring & safety market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the medical radiation detection, monitoring & safety market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.
Global Medical Radiation Detection, Monitoring & Safety Market Segments
- Personal Dosimeters
- Area Process Dosimeters
- Surface Contamination Monitors
By Detection Type
- Gas-Filled Detectors
- Ambulatory Surgical Centers
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
Key Players Profiled in the Report
- Fortive (US)
- Mirion Technologies, Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Ludlum Measurements, Inc. (US)
- IBA Worldwide (Belgium)
- AliMed, Inc. (US)
- Polimaster Ltd. (Republic of Belarus)
- AmRay Group (Ireland)
- Infab, LLC (US)
- Burlington Medical (US)
- Bertin Instruments (France)