According to Fact.MR, the global medical radiation detection, monitoring and safety market was valued at around US$ 880 Mn in 2020, and is projected to expand 1.7X to top US$ 1.5 Bn by 2031. Increasing use of nuclear medicine and radiation therapy for diagnosis and treatment, growing number of diagnostic imaging centers, rising prevalence of cancer, and increasing number of people covered by insurance are some of the major factors expected to drive market expansion at a CAGR above 6% across the 2021-2031 forecast period.
Key Points Covered in Medical Radiation Detection, Monitoring and Safety Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on the Medical Radiation Detection, Monitoring and Safety Device Sales and How to Navigate
- Recommendation on Key Winning Strategies
Medical Radiation Detection, Monitoring and Safety Equipment Demand Analysis from 2016-2020 Vs Future Market Outlook for 2021 to 2031
As per Fact.MR – a market research and competitive intelligence provider, over the last 5 years, the global market for medical radiation detection, monitoring and safety expanded at close to 3% CAGR. In 2020, the market was valued at around US$ 880 Mn.
There are various areas where radiation power has been applied for the benefit of humans, one of them being the medical sector. Numerous benefits availed by patients due to appropriate usage of radiation for improved diagnosis and treatment are evident.
It has become a key part of modern medical treatment, especially in treating cancer. Protection from radiation for doctors, other healthcare professionals, and patients is constantly evolving in the ever-developing modern medical environment.
Radiation-producing technology such as X-ray diffraction equipment and X-ray machines are employed in various hospitals and diagnostic centers. Many handle intensive treatment procedures where risk of high levels of radiation exposure exists.
Therefore, for the optimal safety from radiation, the medical radiation detection, monitoring and safety market offers radiation detection and monitoring products for real-time dosimetry monitoring.
All these factors create an ideal environment for medical radiation detection, monitoring, and safety across the world, and the market is expected to top a valuation of US$ 1.5 Bn by 2031.
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Will Rise in Cancer Treatment Fuel Demand for Medical Radiation Detection, Monitoring and Safety?
According to the IARC (International Agency for Research on Cancer), cancer is the second-leading cause of deaths globally, and was responsible for 10 Mn deaths in 2020. Globally, around 1 in 6 deaths is due to cancer.
The market is witnessing rapid growth due to rise in the prevalence and incidence of cancer; growing use of nuclear medicine and radiation therapy for the diagnosis and treatment of cancer; widespread usage of radioactive isotopes, feed material for nuclear medicine; and increasing awareness regarding adverse effects of radioactive materials used in radiation therapy are driving demand.
Radiation therapy remains one of the main approaches to fight cancer. To reduce the negative impacts of radiation on personnel at healthcare facilities, market vendors are offering personal dosimeters and automated systems for personal dosimetry control.
Increasing number of cancer patients all over the world and use of radiation therapy to kill cancer cells are significant factors set to drive the market over the forecast period of 2021 to 2031.
How is Increasing Safety Awareness among People Working in Radiation-prone Environments Stimulating Demand for Medical Radiation Detection, Monitoring and Safety?
Increasing use of radioactive materials in various sectors such as medical research, medical imaging, power production, industrial processes, and defense has raised an alarm regarding the health issues to those who are exposed to them by one or the other way.
Radiations can't be seen by our naked eyes, and thus, people working in a radioactive environment should properly be dressed accordingly to the code and install detectors at proper places so as to detect, monitor and prevent direct exposure of harmful radioactive elements.
Medical radiation detection, monitoring and safety devices provide the required safeguards for healthcare professionals as well as patients against exposure to radiation, thus enabling a safe environment or treatment with minimal risks. It has become a part of modern medical treatment.
Medical radiation detection, monitoring and safety systems should be used within their functional limits and design specifications. As people are more aware of the harmful effects of a radiation-prone environment, demand for safety devices is also growing.
Which Region Offers the Largest Opportunity for Medical Radiation Detection, Monitoring and Safety Equipment Manufacturers?
North America accounted for around 40% of the market share in 2020, owing to technological developments, improved industrial infrastructure, better healthcare infrastructure, presence of major players, and a higher rate of adoption of new technologies in the region.
In fact, diagnostic X-ray or radiation therapy has been administered to around 7 out of every 10 Americans. As a result, medical procedures using radiation have saved thousands of lives through the detection and treatment of conditions ranging from hyperthyroidism to bone cancer, thereby contributing to market growth.
Furthermore, increasing use of personal dosimeters, radionuclides, and environmental monitoring is also contributing to market growth. Strict regulations for workers’ safety in the nuclear industry will give momentum to demand for radiation detection, monitoring and safety devices in the region.
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What is the Medical Radiation Detection, Monitoring, and Safety Device Demand Outlook for the U.S.?
The market in the U.S was valued at over US$ 300 Mn in 2020. According to the National Oncology PET Registry, as more 85% of more than 1,600 PET facilities in the United States have PET/CT systems, emergence of molecular imaging with new radiopharmaceuticals and new technologies is likely to result in continued growth in the coming decades, which will give momentum to the demand for radiation detection, monitoring and safety devices.
As per the United States Nuclear Regulatory Commission, 10 Mn nuclear medicine procedures are performed in hospitals and radiology centers in the U.S. each year. Radiation is commonly employed to detect injuries, generate 3D images, and in teletherapy, brachytherapy, and afterloading to treat tumors.
Thus, major factors that are anticipated to act as drivers for market growth are increased usage of nuclear medicine and radiation therapy for diagnosis and treatment, and increase in the number of people with insurance.
What are the Growth Opportunities for Medical Radiation Detection, Monitoring and Safety Device Providers across China?
By 2031, China is expected to have a market value of roughly US$ 105 Mn. China spends 6% of its GDP on healthcare, according to estimates, and its medical equipment market has grown by double digits over the previous three decades.
Improving healthcare infrastructure, increasing focus of emerging and leading market players on developing markets, rise in number of hospitals, increase in incidence of cancer, and growing adoption of radiation therapy as part of the treatment of diseases are some of key factors that have driven demand for medical radiation detection, monitoring and safety in China.
Why are Gas-filled Detectors Gaining Immense Popularity?
Gas-filled detectors accounted for the largest market share of around 50% in 2020, owing to their growing application in Geiger-Muller counters, ionization chambers, and proportional chambers. Favorable performance-to-cost ratio of gas-filled detectors coupled with their wide application in the medical imaging field is the major factor supporting the growth of this segment.
The segment is further sub-segmented into GM counters, ionization chambers, and proportional counters. Advantages of ionization chambers are good uniform response to gamma radiation and accurate overall dose reading, which is capable of very high radiation rates and sustained high radiations. These ionization chambers are used to ensure that the proper dose is delivered from a therapy unit.
Furthermore, these detectors are cheap with a large variety of applications and sizes. In addition, these detectors are portable, durable, user-friendly, and economical.
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How are Personal Dosimeters Stimulating Market Growth?
Personal dosimeters are used for various applications such as electronic radiation measuring instruments, automated reader instruments, thermoluminescent dosimeters (TLD), alarm badges, and handheld and portable devices, which is fueling growth.
Increasing number of diagnostic and interventional radiological procedures performed are major factors supporting the growth of this segment.
How Has COVID-19 Impacted Demand for Medical Radiation Detection, Monitoring and Safety Systems?
COVID-19 has disrupted healthcare services across most countries worldwide. A number of countries have seen non-urgent diagnostic imaging surgeries being postponed due to the pandemic. Medical and healthcare departments are operating at full capacity to treat COVID-19 patients as the pandemic spreads. This has led to advancements in technologies and products being used in healthcare.
Countries have effectively shut down their production units, putting a strain on medical equipment manufacturers. Major countries such as the U.S. and India procure raw materials and electronic components from China, and the supply chain of many equipment and product manufacturers has been affected. 2021 is projected to be better, with the market regaining its original traction by 2022.
Major players with a prominent share in the market are focusing on expanding their customer base across several end-use industries.
- In 2019, Arktis Radiation Detectors Ltd had developed new flat panel gamma (FPG) detector. This detector will significantly improve the capability of detecting the radioactive materials in various applications.
- In 2020, ECOTEST Group launched new compact search radiometer-dosimeter RKS-01 STORA-ABG with a telescopic tube for quick detection and localization of alpha, beta, gamma and X-ray radiation sources.
- In 2020, The Dosimetry Services Division of Mirion Technologies acquired Dosimetrics GmbH for the development and production of OSL personal radiation dosimeters and dosimetry solutions, including readers, erasers, software, accessories and automation systems.
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Medical Radiation Detection, Monitoring and Safety Market Report Scope
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Market Segments Covered in Medical Radiation Detection, Monitoring and Safety Industry Research
Radiation and Monitoring Products
- Personal Dosimeters
- Area Process Monitors
- Environmental Radiation Monitors
- Surface Contamination Monitors
- Radioactive Material Monitors
- Gas-filled Detectors
- Solid State Detectors
- Full Body Protection
- Face Protection
- Hand Protection
- 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
Medical Radiation Detection, Monitoring and Safety Market: Report Scope
A recent study by Fact.MR on the medical radiation detection, monitoring and safety market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates recent market developments, strategic market growth analysis, market size, category market growths, product approvals, product launches, geographical expansions, and technological innovations associated with medical radiation detection, monitoring and safety.
The study also provides the dynamics responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies operating in the medical radiation detection, monitoring and safety market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of medical radiation detection, monitoring and safety across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of medical radiation detection, monitoring and safety during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative market for medical radiation detection, monitoring and safety?
- Which factors will impact the growth of the market?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the medical radiation detection, monitoring and safety market?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Market estimates at global and regional levels for medical radiation detection, monitoring and safety devices are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global medical radiation detection, monitoring and safety market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the medical radiation detection, monitoring and safety market during the forecast period.
Country-specific valuation on demand for medical radiation detection, monitoring and safety has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
The report sheds light on leading market players, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering medical radiation detection, monitoring, and safety has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the medical radiation detection, monitoring and safety market.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of medical radiation detection, monitoring and safety market, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
The global medical radiation detection, monitoring, and safety market is worth around US$ 880 Mn at present, according to Fact.MR.
The market for medical radiation detection, monitoring, and safety is projected to rise at a CAGR of over 6% during 2021 – 2031.
The global market increased at a CAGR of close to 3% during 2016 – 2020.
Increasing safety awareness among people working in radiation-prone environments around the world is largely expected to shape market expansion.
Over the forecast period, gas filled detectors are likely to be a major demand driver for medical radiation detection, monitoring, and safety.
Top 5 key players providing medical radiation detection, monitoring, and safety equipment account for around 40% share in the global market.
Top 5 countries driving demand for medical radiation detection, monitoring, and safety are the U.S., China, Japan, Canada, and Germany.
North America accounts for around 40% of global medical radiation detection, monitoring, and safety demand, and will continue to flourish over the years ahead.
The European market for medical radiation detection, monitoring, and safety is projected to expand at a CAGR of more than 4% during 2021 – 2031.
The market in South Korea and Japan is set to expand at around 3% CAGR each.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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