Analysis of Medical Radiation Detection, Monitoring and Safety market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global medical radiation detection, monitoring and safety market was valued at around US$ 880 Million in 2020, and is projected to expand 1.7X to top US$ 1.5 Billion 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.
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 Million.
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 Billion by 2031.
According to the IARC (International Agency for Research on Cancer), cancer is the second-leading cause of deaths globally, and was responsible for 10 Million 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.
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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.
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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The market in the U.S was valued at over US$ 300 Million 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.
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.
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.
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.
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.
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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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