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.
Over US$ 300 Mn of New Revenue Opportunity to be Created from US and Europe in Medical Radiation Detection, monitoring and Safety Market
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: The global medical radiation detection, monitoring and safety market was worth US$ 880 Mn in 2020. As per Fact.MR analysis, the market is forecast to expand at 6% CAGR during the forecast period, reaching a valuation of US$ 1.5Bn by 2031 end.
Rising prevalence of cancer, increasing use of nuclear medicine and radiation therapy, expansion of diagnostic imaging centers and increasing safety awareness among people working in radiation prone environments are driving medical radiation detection, monitoring and safety market.
According to the World Health Organization (WHO), cancer is the second-leading cause of death worldwide, accounting for an estimated 9.6 million deaths in 2018. In order to counter this the rising prevalence of the diseases, various precautions and treatments are being adopted.
Various radiation therapies are conducted to treat cancer patients across the globe. According to World Nuclear Association, over 40 million nuclear medicine procedures are being performed each year.
However, exposure to harmful radiations pose risk to healthcare employees as well as patients. To prevent this, a large number of medical radiation detection, monitoring and safety products are being utilized.
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Over the past decade, patients have been more exposed because of increase in the use of ionizing radiation. Consequently, some of the leading companies in the market are focusing on developing efficient and cost-effective products to curb the impact of radiation exposure.
Thanks to the latest advancements in the technology, the market witnessed the launch of latest machinery and devices. X-ray diffraction equipment and X-ray machines are being installed in various hospitals and diagnostic centers. As a result, the demand for advanced medical radiation safety products is on the rise
The number of people with insurance coverage is rising, which indirectly impacts the medical radiation detection, monitoring and safety market.
Gas-filled detectors lead the global market with a share of around 50% in 2020. This can be attributed to their growing application in Geiger-Muller counters, ionization chambers and proportional chambers.
Owing to the latest technological advancements, advanced healthcare infrastructure, and presence of leading market players, North America will continue to dominate the global for medical radiation detection, monitoring and safety market with a share of around 40%.
“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 from Medical Radiation Detection, Monitoring and Safety Market Survey
- The U.S dominates the medical radiation detection, monitoring and safety market with a market valuation of over US$ 300 Mn.
- 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.
- Canada is expected to offer lucrative growth opportunities to medical radiation detection, monitoring and safety product manufacturers during the forecast period.
- Asia Pacific is expected to offer lucrative growth opportunities to medical radiation detection, monitoring and safety product manufacturers during the forecast period. This can be attributed to the rise in the number of hospitals, diagnostic centers and the growing adoption of radiation therapy for treating deadly diseases like cancer.
- Top 5 players operating in medical radiation detection, monitoring, and safety equipment market account for around 40% share in 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
- Rising prevalence of cancer is driving the medical radiation detection, monitoring and safety market.
- Growing safety concerns among people working in radiation prone environments is fueling the demand for medical radiation detection, monitoring and safety products
- Availability of insurance coverage and favorable reimbursement policies will support the expansion of the overall market.
- Rapid expansion of diagnostic centers across the globe is likely to drive the growth swiftly during the forecast period.
Key Restraints
- Shortage of skilled professionals is hindering the market growth.
- Risks associated with exposure of harmful radiation hampers the market growth.
- Similarly high cost of cancer treatment negatively affects 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 centres 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 prominent 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 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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