Inorganic Scintillators Market Worth 330.7 Million USD by 2021
PUNE, India, October 4, 2016 /PRNewswire/ --
According to a new market research report "Inorganic Scintillators Market by Scintillation Material (NaI, CsI, LSO & LYSO), Type (Alkali Halides, Rare Earth Metals), & Application (Healthcare, Homeland Security & Defense, Nuclear Power Plants) - Analysis & Global Forecast to 2021" published by MarketsandMarkets, the market is expected to reach USD 330.7 Million by 2021 from USD 256.1 Million in 2016, growing at a CAGR of 5.2%.
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By scintillation material, the Inorganic Scintillators Market is categorized into Sodium Iodide (NaI), Cesium Iodide (CsI), Lutetium Oxyorthosilicate (LSO) and Lutetium-yttrium Oxyorthosilicate (LYSO), Bismuth Germanate Oxide (BGO), Others [Barium Fluoride (BaF2), Lead Tungstate (PbWO4), Cadmium Tungstate (CdWO4), Cerium Bromide (CeBr3), Lanthanum Bromide (LaBr3), and Gadolinium Orthosilicate (GSO)]. The sodium iodide (NaI) segment is expected to command the largest share of the global Inorganic Scintillators Market, by scintillation material in 2016. This is attributed to factors such as rising application horizon of sodium iodide, rise in homeland security expenditure to combat terrorism worldwide, and increasing number of nuclear power plants. However, the lutetium oxyorthosilicate (LSO) & lutetium-yttrium oxyorthosilicate (LYSO) segment is expected to grow at the highest CAGR during the forecast period. This is mainly due to its benefits over other scintillators, increasing research activities in the field of high-energy and nuclear physics, and rising demand for PET scanners worldwide. Due to distinguished properties of LSO and LYSO, especially their higher light output and short decay time as compared to BGO, they can potentially replace BGO in many applications.
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On the basis of type, the global Inorganic Scintillators Market is segmented into alkali halides, oxide compounds, and rare earth halides. The alkali halides segment is expected to account for the largest share of the global Inorganic Scintillators Market in 2016. This can be attributed to the rising application horizon of alkali halides, increase in the research activities for space exploration, rise in government defense budgets, and growing need for environmental radiation testing. However, the rare earth metals segment is projected to grow at the highest CAGR from 2016 to 2021. This can be attributed to its high light yield, energy resolution crystals, faster response times, and good gamma ray-stopping efficiency, and improved decay time (as compared to alkali halides).
On the basis of application, the Inorganic Scintillators Market is segmented into healthcare, homeland security and defense, nuclear power plants, industrial, and other applications (high-energy physics, astrophysics, environmental monitoring, and academic research). In 2016, the healthcare segment is expected to command the largest share of the global Inorganic Scintillators Market, by application. This can be attributed to the increasing incidence of cancer, rising research activity, increasing installations of PET scanners worldwide, and growing preference for effective radiation protection in medical facilities. However, the homeland security and defense segment is projected to grow at the highest CAGR from 2016 to 2021. Rising terrorism levels globally, growing government initiatives by governments worldwide to improve homeland security, and increasing security and defense expenditure are expected to augment the demand for inorganic scintillators in the homeland security and defense industry in the coming years.
On the basis of region, the global market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America is poised to account for the largest share of the Inorganic Scintillators Market, followed by Europe and Asia-Pacific. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period. Factors such as high spending on homeland security in Asia, the Japanese government's decision to reverse its nuclear power phase-out, high expected growth in China's nuclear power industry, presence of global and local players in the Chinese market, increasing number of nuclear power plants in India, and increasing installations of nuclear imaging systems in India are expected to propel the growth of the Inorganic Scintillators Market in the Asia-Pacific region.
Growing safety concerns post the Fukushima disaster, growing security threats, growing security budgets of global sporting events, increasing incidence of cancer, growth in the number of PET/CT scans, and growing threat of nuclear terrorism are expected to drive the growth of the global Inorganic Scintillators Market in the coming years.
Saint-Gobain S.A. (France), Hamamatsu Photonics K.K. (Japan), Dynasil Corporation of America (U.S.), Hitachi Metals Group (Japan), Rexon Components, Inc. (U.S.), Detec (Canada), Toshiba Materials Co., Ltd. (Japan), Scintacor (U.K.), EPIC Crystal Company Limited (China), Amcrys (Ukraine), Alpha Spectra, Inc. (U.S.), Shanghai SICCAS High Technology Corporation (China), and Nihon Kessho Kogaku Co., Ltd. (Japan) are some of the key players in the Inorganic Scintillators Market worldwide.
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