AI Impact on Radiation Detection And Monitoring Equipment Market growth, set to increase by USD 1.59 billion from 2024-2028, Demand from healthcare facilities to boost the revenue, Technavio

NEW YORK, Aug. 22, 2024 /PRNewswire/ -- The global radiation detection and monitoring equipment market  size is estimated to grow by USD 1.59 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 6.93%  during the forecast period. Demand from healthcare facilities is driving market growth, with a trend towards service contracts for equipment. However, high cost of equipment  poses a challenge. Key market players include AMETEK Inc., Arktis Radiation Detectors Ltd., ATOMTEX SPE, Berkeley Nucleonics Corp., CNIM SA, Cobham Ltd., Dynasil Corp. Of America, ECOTEST, Fortive Corp., Furukawa Electric Co. Ltd., Honeywell International Inc., International Medcom Inc., James Fisher and Sons Plc, LAURUS Systems, Ludlum Measurements Inc., Mirion Technologies Inc., PCE Holding GmbH, Polimaster LLC, Radiation Detection Co., and Thermo Fisher Scientific Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report

Key Market Trends Fueling Growth

The radiation detection and monitoring equipment market caters to various industries and organizations in need of radiation measurement services. While large entities like the US Department of Energy and Department of Defense, as well as nuclear power plants, have in-house capabilities, smaller facilities such as hospitals, medical offices, universities, national laboratories, and nuclear sites often lack the resources for procurement and maintenance. To address this, these facilities opt for service contracts with providers like LANDAUER (Fortive Corp.). Service contracts offer advantages such as reduced capital investment and eliminating the need for hiring and managing professionals. Renewal rates are typically high, securing stable and recurring customer relationships. International expansion is a key growth strategy for companies like LANDAUER, achieved through partnerships with local dosimetry providers. These factors are expected to fuel the global radiation detection and monitoring equipment market's growth during the forecast period. 

The Radiation Detection and Monitoring Equipment market is experiencing significant growth due to rising cancer incidence and increased usage of PET/CT scans in nuclear medicine and radiotherapy. Nuclear power and renewable energy sectors also contribute to the market's expansion. The demand for skilled radiation professionals is increasing as the nuclear power workforce ages. Key trends include the use of gas-filled detectors, scintillators, and solid-state detectors in healthcare, homeland security & defense, and nuclear power plants. In healthcare, full-body and face protection products, hand safety products, GM counters, ionization chambers, and proportional counters are in high demand. The diagnostic imaging market, including cancer centers, insurance companies, and X-ray diffraction equipment, also drives market growth. Radiation therapy and diagnostic imaging surgeries require advanced radiation detection equipment. The market encompasses a wide range of products, including inorganic and organic scintillators, semiconductor detectors, diamond detectors, and radiation therapy equipment. The market serves various industries, including healthcare services, nuclear power plants, and homeland security & defense. Radiation detection and monitoring equipment are essential for ensuring safety in handling radioactive materials and protecting healthcare professionals and patients from radiation exposure. The market is expected to continue growing due to increasing demand for advanced radiation detection technologies. 

Discover a Comprehensive 360° Market Analysis: Understand the Impact of AI. For detailed information- Request Sample!

Market Challenges

• The radiation detection and monitoring equipment market faces a significant challenge due to the high cost of devices, which limits their adoption by end-users. The cost of radiation portal monitors (RPMs) ranges from USD11,000 to USD18,000 per unit, while survey meters cost between USD1,000 and USD20,000, depending on the technology and probes. Scintillation proportional counters (SPRDs) cost between USD4,000 and USD10,000 per unit, and electrometer ionization chambers (EPDs) range from USD300 to USD3,000. End-users also incur additional expenses on maintenance, calibration, personnel costs, and training. Many end-users opt for refurbished equipment due to cost savings, which affects new device sales and growth for established vendors. Providers of refurbished devices, such as AMERICAN LABORATORY TRADING, Chase Environmental Group, and R. M. Wester and Associates, offer warranty and after-sales services, making refurbished equipment an attractive alternative. This trend poses a challenge to the growth of the radiation detection and monitoring equipment market during the forecast period.
• The Radiation Detection and Monitoring Equipment market encompasses various types of equipment used to identify and measure radiation levels in healthcare facilities, diagnostic imaging centers, and other industries dealing with radioactive materials. Challenges in this market include the need for reliable and accurate equipment for environments, surface contamination, and radioactive material monitoring. Full-body and face protection, hand safety products, and various types of detectors like GM counters, ionization chambers, and semiconductor detectors are essential. Radiation therapy, diagnostic imaging surgeries, and cancer treatment centers are significant end-users. The market also caters to healthcare professionals, patients, and insurance companies. Raw materials and electronic components are crucial for manufacturing these detectors. The market includes various types of dosimeters, survey meters, and area monitors for detection and monitoring purposes. Safety is a top priority in this market, ensuring the protection of healthcare facilities, patients, and workers.

For more insights on driver and challenges - Download a Sample Report

Segment Overview 

This radiation detection and monitoring equipment market report extensively covers market segmentation by

1. Product 
• 1.1 Dosimeters
• 1.2 Survey meters
• 1.3 Area monitors
• 1.4 Others
2. Type 
• 2.1 Detection and monitoring
• 2.2 Safety
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Dosimeters-  The Radiation Detection and Monitoring Equipment market is experiencing significant growth due to increasing concerns over nuclear safety and radiation exposure. Key players in this industry include Honeywell International, Landauer Inc., and Mirion Technologies. These companies provide solutions for various applications such as industrial radiography, nuclear power plants, and homeland security. The market's growth is driven by stringent regulations and rising awareness about radiation risks. Technological advancements, such as portable and wireless devices, are also contributing to market expansion.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022)  - Download a Sample Report

Research Analysis

The Radiation Detection and Monitoring Equipment market encompasses technologies used to identify and measure ionizing radiation levels in various industries, including healthcare, nuclear power, and renewable energy. With the rising incidence of cancer and the increasing use of PET/CT scans and nuclear medicine for diagnosis and treatment, the demand for advanced radiation detection and monitoring equipment is surging. These technologies are essential for ensuring the safety of nuclear power workforces and skilled radiation professionals, as well as protecting patients and healthcare facility staff from radiation exposure. Gas-filled detectors and scintillators are commonly used in radiation detection, while dosimeters, survey meters, and area monitors are crucial for continuous monitoring. X-ray diffraction equipment and X-ray machines also require radiation detection systems for safe operation. Renewable energy sources, such as nuclear power and solar panels, also generate radiation, necessitating the use of radiation detection and monitoring equipment. Insurance companies and regulatory bodies also mandate the use of these technologies to ensure safety and compliance.

Market Research Overview

The Radiation Detection and Monitoring Equipment market encompasses a wide range of technologies used to identify and measure radiation levels in various industries. This market is driven by the increasing incidence of cancer, which necessitates more PET/CT scans and nuclear medicine procedures. Radiotherapy, nuclear power, renewable energy, and homeland security & defense also contribute significantly to the market's growth. Nuclear power workforce and skilled radiation professionals require specialized equipment such as gas-filled detectors, scintillators, and solid-state detectors for safety. Healthcare facilities, including diagnostic imaging centers, hospitals, clinics, and ambulatory surgical centers, utilize radiation detection and monitoring equipment for patient safety and regulatory compliance. The market includes various types of detectors, including inorganic and organic scintillators, semiconductor detectors, and diamond detectors. Radiation therapy and diagnostic imaging surgeries also require full-body protection products, face protection products, and hand safety products. Raw materials and electronic components are essential inputs for manufacturing radiation detection and monitoring equipment. The market serves various end-users, including healthcare services, insurance companies, X-ray diffraction equipment manufacturers, X-ray machine manufacturers, and nuclear power plants. Radiation exposure to cancer patients, healthcare professionals, and the general public necessitates the use of GM counters, ionization chambers, proportional counters, dosimeters, survey meters, area monitors, and other detection and monitoring equipment to ensure safety.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Dosimeters
• Survey Meters
• Area Monitors
• Others
• Type
• Detection And Monitoring
• Safety
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio