The medical radiation detection, monitoring and safety market study by Fact.MR offers insights into key growth drivers and restraints impacting the growth trajectory through 2031. The survey offers medical radiation detection, monitoring and safety demand outlook and studies opportunities existing in key segments, including radiation and monitoring products and detectors. It also highlights key strategies adopted by market players to increase product sales.
Fact.MR – A Market Research and Competitive Intelligence Provider: In 2020, the global market for medical radiation detection, monitoring, and safety was estimated to be worth US$ 880 million. According to Fact.MR, the market is expected to grow at a CAGR of 6% over the forecast period, reaching a valuation of US$ 1.5 billion by 2031.
The medical radiation detection, monitoring and safety market is being driven by rising cancer prevalence, increased use of nuclear medicine and radiation treatment, growth of diagnostic imaging centers, and increased safety awareness among people working in radiation-prone areas.
Cancer is the second-leading cause of mortality globally, according to the World Health Organization (WHO), with an estimated 9.6 million deaths in 2018. Various measures and therapies are being implemented to combat the increased occurrence of illnesses.
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Around the world, several radiation therapies are used to treat cancer patients. Over 40 million nuclear medical treatments are performed each year, according to the World Nuclear Association.
However, both health professionals and patients are at danger of being exposed to hazardous radiations. A significant array of medical radiation detection, monitoring, and safety products are used to prevent this.
Because of the increased usage of ionizing radiation during the last decade, patients have been exposed to more radiation. As a result, several of the market’s leading companies are concentrating on producing efficient and cost-effective products to mitigate the effects of radiation exposure.
The market has seen the introduction of new gear and devices as a result of recent technological breakthroughs. In many hospitals and diagnostic institutes, X-ray diffraction equipment and X-ray machines are being installed. As a result, there is a growing demand for advanced medical radiation safety equipment.
The number of people with health insurance is increasing, which has an indirect impact on the market for medical radiation detection, monitoring, and safety.
With a market share of roughly 50% in 2020, gas-filled detectors will lead the global market. Their increasing use in Geiger-Muller counters, ionization chambers, and proportional chambers can be linked to this.
North America will continue to dominate the global medical radiation detection, monitoring, and safety market with a share of over 40% due to recent technical breakthroughs, advanced healthcare infrastructure, and the presence of prominent industry players.
“Launch of radiation safety programs and development of efficient and cost-effective products will drive the medical radiation detection, monitoring and safety market during the forecast period”, says the Fact.MR analyst.
Key Takeaways
- With a market value of over $300 million, the United States dominates the medical radiation detection, monitoring, and safety industry.
- With increasing incidence in cancer and improved healthcare infrastructure, the market in China is set to reach a valuation of US$ 105 Mn by 2031 end.
- During the projected period, Canada is expected to provide lucrative growth possibilities for medical radiation detection, monitoring, and safety product makers.
- During the projected period, Asia Pacific is expected to provide lucrative growth possibilities for medical radiation detection, monitoring, and safety product makers. This is due to an increase in the number of hospitals and diagnostic centers, as well as the increasing use of radiation treatment to treat severe diseases like cancer.
- The top five players in the medical radiation detection, monitoring, and safety equipment market control over 40% of the global market.
- Owing to the adoption of gas-filled detectors across wide applications, the segment leads the medical radiation detection, monitoring and safety market with a market share of around 50%.
Key Drivers
- The medical radiation detection, monitoring, and safety market is being driven by the rising prevalence of cancer.
- The need for medical radiation detection, monitoring, and safety equipment is increasing as people working in radiation-prone workplaces become more concerned about their safety.
- The expansion of the total market will be aided by the availability of insurance coverage and advantageous reimbursement rules.
- During the projection period, rapid expansion of diagnostic centers all over the world is expected to generate rapid growth.
Key Restraints
- Shortage of skilled professionals is hindering the market growth.
- Risks associated with exposure of harmful radiation hampers the market growth.
- The high expense of cancer treatment has a detrimental impact on the market.
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Competitive Landscape
Key Companies operating in the self-care medical devices market are focusing on expanding their customer base across several end-use industries. They are adopting various organic and inorganic growth strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market.
- In January 2021, Mirion Technologies, Inc., a global provider of innovative radiation detection and measurement solutions acquired Sun Nuclear Corporation, the global leader in radiation oncology quality assurance, delivering patient safety solutions for diagnostic imaging and radiation therapy centers around the world.
- In 2019, Radition detection specialist Arktis Radiations Detectors developed a new flat panel gamma (FPG) detector which will improve the capability for detecting radioactive sources in a variety of applications
- Similarly in May 2019 Kromek launched a high-speed spectroscopic radiation detector (SPRD) named D3S PRD that puts a very powerful and sensitive radiation detector into the hands of first-line users.
Some of the leading players operating in the medical radiation detection, monitoring and safety market profiled by Fact.MR are:
- Amray Group
- Arktis Radiation Detectors Ltd
- Mirion Technologies, Inc.
- Sun Nuclear Corporation
- Thermo Fisher Scientific, Inc.
- Fortive Corporation
- Bertin Instruments
- Polimaster, Inc.
- Biodex Medical Systems, Inc.
- PTW Freiburg GmBH
- Ludlum Measurements, Inc.
- Bar-Ray Products Inc.
- Arrow-Tech Inc.
- Infab Corporation
More Valuable Insights on the Global Medical Radiation Detection, Monitoring and Safety Sales Outlook
Fact.MR provides an unbiased analysis of medical radiation detection, monitoring and safety market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for Medical Radiation Detection, Monitoring and Safety products with a detailed segmentation on the basis of:
Radiation and Monitoring Products
- Personal Dosimeters
- Area Process Monitors
- Environmental Radiation Monitors
- Surface Contamination Monitors
- Radioactive Material Monitors
Detector
- Gas-filled Detectors
- Scintillators
- Solid State Detectors
Safety
- Full Body Protection
- Face Protection
- Hand Protection
End User
- Medical Radiation Detection, Monitoring and Safety Systems for Hospitals
- Medical Radiation Detection, Monitoring and Safety Systems for Clinics
- Medical Radiation Detection, Monitoring and Safety Systems for Ambulatory Surgical Centers
- Medical Radiation Detection, Monitoring and Safety Systems for Non-Hospitals
Key Questions Covered in the Medical Radiation Detection, Monitoring and Safety Sales Outlook Report
- The report offers insight into medical radiation detection, monitoring and safety demand outlook for 2021-2031
- The market study also highlights projected sales growth for medical radiation detection, monitoring and safety market between 2021 and 2031
- Medical radiation detection, monitoring and safety market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Medical radiation detection, monitoring and safety market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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