Radiation Detection, Monitoring & Safety Market worth $3.6 Billion | MarketsandMarkets

CHICAGO, Feb. 20, 2023 /PRNewswire/ -- The radiation detection, monitoring, and safety industry is expected to experience significant growth in the near future. This growth is driven largely by increased focus on nuclear safety and security, as well as the increasing number of facilities and equipment requiring radiation detection and monitoring. As the industry continues to grow, manufacturers are expected to focus on developing new and improved technologies, such as real-time monitoring systems, improved radiation measurement systems, and more advanced software for analysing data.

Radiation Detection, Monitoring & Safety Market in terms of revenue was estimated to be worth $2.5 billion in 2022 and is poised to reach $3.6 Billion by 2027, growing at a CAGR of 7.1% from 2022 to 2027 according to a new report by MarketsandMarkets™. The market is expected to grow as a result of number of factors, including rising military spending, an increase in cancer incidence globally, increased radiation safety awareness, an increase in the number of PET/CT scans, and increased use of nuclear medicine and radiation therapy for diagnosis and treatment. The main obstacles to the expansion of this sector, however, include the high cost of lead and a lack of experienced radiation professionals, medical physicists, and nuclear power workers.

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Radiation Detection, Monitoring & Safety Market Scope:

The radiation detection and monitoring segment accounted for the largest share of the radiation detection, monitoring and safety market, by product segment, in 2021

Based on product, the radiation detection, monitoring, and safety market is segmented into radiation detection and monitoring products and radiation safety products. The radiation detection and monitoring products segment accounted for the largest share in 2021. The larger share of this segment is mainly due to the massive usage of radiation detection and monitoring products for applications in medical imaging during diagnosis, homeland security and causes, nuclear power plants, and industrial applications.

Gas-Filled Detectors segment to register the highest growth rate during the forecast period

Based on composition, the global radiation detection, monitoring, and safety market is segmented into gas-filled detectors, scintillators, and solid-state detectors. In 2021, the gas-filled detectors segment accounted for the largest share primarily due to these detectors' user-friendliness and the uniformity of their detection results when compared to those of other detectors.

The healthcare accounted for the largest share of the radiation detection, monitoring and safety market, by application segment, in 2021

Based on application, the global radiation detection, monitoring, and safety market is segmented into healthcare, homeland security & defense, industrial applications, nuclear power plants and other applications. In 2021, the healthcare segment accounted for the largest share of this market, due to increasing adoption of dosimeters and detectors in radiology, emergency care, nuclear medicine, therapy applications, availability of advanced diagnostic devices with skilled and professional healthcare workforce.

North America is the largest regional market for radiation detection, monitoring and safety market

The global radiation detection, monitoring and safety market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America and Middle East and Africa. North America accounted for the largest share of the radiation detection, monitoring and safety market. The large share of this regional segment can be attributed to the growing the improving nuclear power industry, an increasing number of nuclear weapon research activities, rising incidences of cancer and government supporting development centers in the region.

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Radiation Detection, Monitoring & Safety Market Dynamics:

Drivers:

1. Rising military expenditure for homeland security
2. Increasing safety awareness among people working in radiation-prone environments
3. Increasing number of PET/CT scans for diagnosing and treating chronic diseases
4. Growing usage of nuclear medicine and radiation therapy

Restraints:

1. Increasing use of alternatives for nuclear energy globally
2. Shift in nuclear energy policies and increased nuclear phase-out

Opportunities:

1. Technological advancements in radiation detection
2. Rising focus on nuclear power in developing countries

Challenges:

1. High cost of lead for manufacturing radiation safety products
2. Shortage of workforce and skilled professionals in nuclear power industry

Key Market Players:

The major players operating in this market are Thermo Fisher Scientific Inc. (US), Mirion Technologies Inc. (US), Fortive (US), AMETEK Inc. (US), and Fuji Electric Co., Ltd. (Japan), Ludlum Measurements Inc. (US), Arktis Radiation Detectors Ltd. (Switzerland), Polimaster (Belarus), Amray (Ireland), Infab Corporation (US), IBA Worldwide (Belgium), Bertin Technologies (France), RDC (US), Arrow-Tech Inc. Inc. (US), Centronic Ltd. (UK), S.E. International Inc. (US), ATOMTEX (Belarus), Nucleonix Systems (India), Alpha Spectra Inc. (US), LND INC.  (US), Bar-Ray Products (US), Trivitron Healthcare (India), Micron Technology Inc. (UK), Scionix Holland B.V. (Netherlands), Radcomm Systems (Canada), Xena Shield (India), SIMAD srl (Italy) and Burlington Medical (US) among others.

Recent Developments

• In March 2021, Ametek launched the new rugged RADEAGLET-R, the latest generation of scintillation hand-held radioisotope identification devices (RIIDs). The RADEAGLET-R is a highly portable and extremely rugged device designed for the military, first responders, customs agents, and intelligence organizations.
• In November 2019, Mirion Technologies Inc. launched AccuRad, a new personal radiation detector for emergency responders in the field.
• In November 2019, Mirion Technologies Inc. Inc. launched AccuRad, a new personal radiation detector for emergency responders in the field.

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Radiation Detection, Monitoring & Safety Market - Report Highlights

• Refined Presentation of the Competitive Landscape and Recent Market Developments: We have added market shares for top players. Recent developments are helpful to know the market trends and growth strategies adopted by players in the market. The report provides developments in product launches, collaboration, acquisitions, and partnerships.
• Additional Information: The report covers pricing analysis, case study analysis, value chain analysis, supply chain analysis, ecosystem analysis/market map, patent analysis, trade analysis, regulatory landscape, technology analysis, trends/disruptions impacting the business of customers, key conferences & events in 2022–2023, key stakeholders in the buying process, and Porter's five forces analysis in the market overview chapter. This report also covers the product and geographical footprint of the key players in the competitive landscape chapter. Also, Latin America and Middle east and Africa countries are added along with a new segment named as sample type.
• Refined Presentation of the Company Profiles Segment: Company profiles give a glimpse of the key players in the market with respect to business overviews, financials, product offerings, and recent developments. The report provides an updated product portfolio of the companies profiled in the report. A total of 28 companies have been profiled. These companies have emerged as key market players in recent years due to the products they offer, and various strategic investments undertaken in the radiation detection, monitoring and safety market space.
• Newer and Improved Representation of Financial Information: The report provides financial information in the context of the radiation detection, monitoring and safety market until 2021 (depending on availability) for each listed company. This will help analyze the present status of the profiled companies in terms of their financial strength, profitability, key revenue-generating country/region, business segment focus in terms of the highest revenue-generating segments, and investments in research and development activities.
• Market Developments: Recent developments are important to understand the market trends and growth strategies adopted by players operating in the global radiation detection, monitoring and safety market. The report provides updated developments of profiled players from January 2019 to February 2032, indicating a continuation of the previous version. Product launches and acquisitions are the principal growth strategies adopted by market players in this period.

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