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Browse in-depth TOC on "Medical Radiation Detection Market"
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The medical radiation detection, monitoring & safety market has been segmented into Personal dosimeters, Area Process Monitors, Environment Radiation Monitors, Surface Contamination Monitors, Radioactive Material Monitors, and Other Radiation Detection and Monitoring Products categories on the basis of product. Personal dosimeters held the largest market share of the product segment of medical radiation, detection and monitoring market in 2023. The high market share of this category can be credited to the higher demand by healthcare workers as they come to realize the health risks associated with exposure to radiation, which need to be effectively monitored and minimized. Some of the innovations that have come about include digital dosimeters with real-time monitoring, better accuracy, and ease in data management. This is what has facilitated the use of personal dosimeters in medicine today.
Based on detectors, the market for medical radiation detection, monitoring & safety has been segmented into gas-filled detectors, scintillators, and solid-state detectors. Among all the detector types, gas-filled detectors garnered the largest share of the medical radiation detection, monitoring & safety market in 2023 because of increasing applications of radiotherapy in cancer treatment; improved technologies of gas-filled detectors in terms of sensitivities, accuracies, and durabilities; a good performance-to-cost ratio of gas-filled detectors; and their wide range of applications in the medical imaging field .
The medical radiation detection, monitoring & safety market segmentation is based on medical radiation safety products: Full body protection products, Face protection products, Hand safety products, and Other medical radiation safety products. Full body protection products accounted for the largest share of medical radiation safety products. The reasons for this large share of the segment are: growing awareness of the potential health risks associated with radiation exposure deepens a increasing concern about protecting healthcare workers and patients grows. Regulatory bodies around the world have started implementing stricter radiation safety guidelines in medical environments. Innovations in protective materials like lightweight, lead-free options make full-body protection products more comfortable and easier to use without having to make any type of compromise on safety.
The end users considered in the medical radiation detection, monitoring & safety market are further segmented into hospitals and non-hospitals. As of 2023, hospitals accounted for the largest share of end users in the medical radiation detection, monitoring & safety market. This large share can therefore be accounted for by the expansion and modernization of hospital facilities, especially in emerging markets, which are driving the uptake of advanced medical radiation equipment. Demand for radiation therapy equipment and safety products affiliated with them is growing as hospitals keep on expanding their oncology departments and cancer treatment centers. The sharp rise in this rate can be attributed to advance in the adoption of digital health platforms and Al-driven diagnostics in hospitals, which has enabled the more efficient use of radiation technologies.
Geographically, the medical radiation detection, monitoring, & safety market is divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and GCC countries. With the largest market share in 2023, the North American regional segment led the medical radiation detection, monitoring & safety market. The Asia Pacific region, Europe, Latin America, the Middle East & Africa, and the GCC countries were next in line. The major share of North American market is attributed to the presence of majority of key players in the medical radiation detection, monitoring, and safety market, increasing awareness about radiation safety, the increasing number of radio diagnostic procedures conducted, and R&D of advanced products.
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The Medical radiation detection, monitoring, & safety market is consolidated. The top three players in this market include Mirion Technologies Inc. (US), Thermo Fisher Scientific Inc. (US), and Fortive (US). Companies undertake organic and inorganic growth strategies, namely expansions, agreements, and acquisitions/collaborations to increase their offerings, address customer requirements, augment profitability, and strengthen their presence in the global market.
Mirion Technologies Inc (US)
Mirion Technologies, headquartered in Atlanta, Georgia, is a global provider of products and services related to applications involving the detection, measurement, analysis, and monitoring of radiation. Two important sectors in which this company operates include the following: The Medical division provides products to support applications in various medical diagnostics and cancer treatments. The Technologies group provides solutions for addressing fundamental radiation safety, measurement, and analytical needs in several industrial markets. With operations in 12 countries, Mirion supplies its products to customers in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. Its products and services are used across more than 130 countries, including 80% of cancer facilities worldwide and all of the top 100 cancer centers in the United States. The Company hereby reiterates its position as a global leader in the principally identified line of business related to radiation detection and measurement for medical and industrial markets. One of the largest global consulting firms has updated its forecast to reflect that the core dosimetry market, of which the majority of shares are owned by Mirion, could grow at a rate of approximately 4% through 2028, driven by increased numbers of health workers being exposed to radiation and annual price inflation.
Thermo Fisher Scientific Inc. (US)
Thermo Fisher Scientific a worldwide leader catering a wide array of including pharmaceuticals, biotechnology healthcare, clinical diagnostics educational institutions, research entities, and government. The company categorizes its operations into four divisions: Life Sciences, Analytical Instruments, Diagnostics, and Laboratory Products and Biopharma Services. As of 2023, Thermo employs about 122,000 individuals and has well-established international operations. The breakdown of the employees is as follows: about 61,000 in the Asia Pacific region and nearly 41,000 across Europe, the Middle East, and Africa. In January 2023, the company strengthened the operational capability in the Specialty Diagnostics segment through the acquisition of The Binding Site. This is a firm in diagnostic assays and instruments that enhance the diagnosis and management of blood cancers and immune system disorders. Thermo Fisher is supported by an impressive sales force comprising about 14,000 people. It includes skilled technical experts capable of answering the needs of its quite sophisticated customer base. This knowledge thus allows Thermo Fisher to address the global demands of such customers in an effective manner.
Fortive (US)
Fortive Corporation is headquartered in Everett, Washington, and, within the US, provides essential technologies specifically designed for connected workflow solutions across several rapidly growing markets. It operates through three leading segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. With over 18,000 employees in more than 50 countries of operation, Fortive is in a class of its own based on research, design and development, manufacturing, sales, supply, and service. It offers advanced healthcare solutions to help streamline workflows and empower healthcare providers to make tangible differences in patient care without giving up efficiency. This segment involves some of the very important products and safety monitoring for the medical industry regarding radiation detection for patient and health provider protection. Fortive represents their products and services available in universal markets whereby a big portion of sales revenue comes from outside the United States. It estimates that foreign-based consumers made up 40% of revenues in 2023, with significant revenues derived from both European and Asian markets. The split-off in return would still enable the company to place Fortive at the frontiers of medical radiation, especially within the developing parts of the world that continuously consider increasing demands for better health equipment.
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