Collimator Market to reach USD 415.67 Mn at a CAGR of 10.55 percent by 2030- Says Maximize Market Research

PUNE, India, July 10, 2024 /PRNewswire/ -- Maximize Market Research, a leading Electronics business consultancy and research firm has published a report on the "Collimator Market". The total market opportunity for the Collimator Market was USD 206.02 Mn in 2023 and is expected to grow at a CAGR of 10.55 percent through the forecast period, reaching USD 415.67 Mn by 2030.

Collimator Market Scope and Research Methodology

The report on the Collimator Market provides a thorough analysis of the market structure and the nature of competition in the market. The Collimator Market size was meticulously estimated using a bottom-up approach to understand the market growth. Key insights covered in the report include the major drivers of the market at the global and regional levels, challenges for future growth, and various opportunities due to technical advancements in the market. Primary research was used to validate the findings from the secondary research. Research tools such as SWOT, PESTLE, and Porter's Five Force analysis were used to grasp the factors affecting the growth of the Collimator Market.

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Collimator Market Overview

A collimator is a device that focuses or narrows a light beam or a stream of particles to be aligned in a different direction or reduce its cross-section. The market for collimators continues to grow with rising demand from a variety of industries, most notably radiation treatment and medical imaging. Developments in nuclear science additionally benefit the collimator industry. The collimator market is expected to continue growing as medical technology investments grow in emerging economies and healthcare infrastructure improves globally.

What's New: Recent Additions and Updates

• A detailed review of the most recent developments in collimator technology, including the use of cutting-edge materials.
• Technological developments in manufacturing, such as automated assembly lines and 3D printing, have reduced collimator production costs.
• An in-depth analysis of the new safety and environmental regulations regarding collimator use and production, with an emphasis on the creation of eco-friendly materials and improved safety features for industrial and medical use.

Collimator Market Dynamics

Collimators have been in demand since the development of advanced medical imaging techniques such as CT, PET, and SPECT imaging. These modern imaging methods require effective collimators to reduce radiation exposure and improve image resolution. Based on MMR research, approximately 80 million CT scans are done yearly in the United States alone, representing a 50% increase in the usage of advanced imaging modalities. Collimators require continuous development and improvement to fulfill the growing demand for high-quality imaging because of the growth in imaging processes. The collimator market is being influenced by developments in collimator design, such as the use of microchannel plates and multi-leaf collimators (MLCs). In addition, the growth of minimally invasive diagnostic procedures, which heavily rely on advanced imaging, emphasizes the importance of effective collimators. The growing use of advanced medical imaging techniques continues to drive growth in the collimator market, ensuring better diagnostic capabilities and improved patient outcomes.

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Collimator Market Regional Insights

In 2023, the collimator market was dominated by North America amid technological advances, R&D, and innovations. Significant players like Northrop Grumman and Varian Medical Systems, have continuously taken part in in providing advanced collimation technology for a variety of applications, including aerospace, military, and medical imaging. For instance, Varian's high-definition radiation (HDR) systems, which use advanced multi-leaf collimators, are utilized in more than 70% of U.S. radiation operations, greatly increasing the accuracy of cancer treatments. Additionally, North American firms benefit from substantial R&D investments; in 2023, Varian alone allocated approximately $500 million to R&D, fostering continuous innovation. The rigorous regulatory environment in the U.S., governed by bodies such as the FDA, also ensures high standards and reliability of collimators, enhancing their global competitiveness.

Collimator Market Segmentation

By Product Type              

• Parallel Hole
• Pinhole
• Convergent
• Divergent
• Other

Key Players in Collimator Market

• Thorlabs, Inc.
• Holmarc Opto-Mechatronics (P) Ltd.
• LightPath Technologies, Inc.
• Ocean Optics, Inc.
• McPherson
• Others

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Key questions answered in the Collimator Market are:

• What is a Collimator?
• What is the current growth rate of the Collimator Market?
• Who are the key players in the Collimator Market?
• What are the factors affecting growth in the Collimator Market?
• Who held the largest market share in the Collimator Market?
• What is the demand pattern for the Collimator Market?
• What are the opportunities for the Collimator Market?
• What are the strategies used by competitors in the Collimator Market?
• What are the growth prospects in developing countries for the Collimator Market?
• Which segment is expected to witness the fastest growth and why in the Collimator Market?

Key Highlights:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Product Type and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Electronics research firm, has also published the following reports:

Optical Measurement Market: The market was valued at US$ 5.65 Bn in 2022 and is expected to reach US$ 10.37 Bn by 2029 at a CAGR of 9.05%. 

Imaging Services Market: The market size was valued at USD 563.3 Bn. in 2022 and the total Imaging Services Market revenue is expected to grow by 5.2% from 2023 to 2029, reaching nearly USD 803.24 Bn.

Medical Device Technologies Market: The market size was valued at USD 529.5 Bn. in 2022 and the total Medical Device Technologies revenue is expected to grow by 5.6 % from 2023 to 2029, reaching nearly USD 775.38 Bn.

X-Ray Detector Software Market: The market was valued at US$ 2.75 Bn. in 2021. The Global X-Ray Detector Software Market size is estimated to grow at a CAGR of 5.6 % over the forecast period.

AI in Medical Imaging Market: The market was valued at USD 2.34 billion in 2023 and is projected to reach USD 20.21 billion by 2030, growing at a CAGR of 36.07 % during the forecast period.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.

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