The Market For Medical Radiation Detection, Monitoring, And Safety Is Projected To Rise At A CAGR Of Over 6% During 2021 – 2031

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Fact.MR – a market research and competitive intelligence provider, projects the global medical radiation detection, monitoring and safety market to have a positive outlook, expanding at a CAGR of above 6% across the 2021-2031 forecast period.

The world is constantly advancing in technology to protect against the threat and issues of radiation with real-time and immediate results. Medical radiation detection, monitoring and safety equipment is applicable in nuclear medicine for the rapid identification of cancer. It is also used in the monitoring of fatal diseases through visual tracking.

Radiation detectors utilize the interaction of ionizing radiation to produce UV or visible light and are called scintillation detectors. In addition, these detectors provide information about energy distribution of incident radiation, and thus, can be utilized in spectrometers. Furthermore, hospitals, doctors, and dentists use a variety of nuclear materials to diagnose, monitor, and treat a wide assortment of metabolic process and medical condition in humans.

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Key Takeaways from Market Study

  • Global medical radiation detection, monitoring, and safety market to top US$ 1.5 Bn by 2031.
  • Personal dosimeters projected to reach valuation of around US$ 300 Mn by 2031.
  • Sales of environment radiation monitors projected to record around 3% CAGR over the next 10 years.
  • The market in Japan to record 3% CAGR over the forecast period of 2021- 2031.
  • China forecast to reach a projected market size above US$ 105 Mn by 2031.
  • The market in Canada projected to expand at above 4% CAGR over the next 10 years.

“With advancements in technology, the market has witnessed development of latest medical radiation detection, monitoring, and safety devices,” says a Fact.MR analyst.

Which Region Offers the Largest Opportunity for Medical Radiation Detection, Monitoring and Safety Equipment Manufacturers?

North America accounted for around 40% of the market share in 2020, owing to technological developments, improved industrial infrastructure, better healthcare infrastructure, presence of major players, and a higher rate of adoption of new technologies in the region.

In fact, diagnostic X-ray or radiation therapy has been administered to around 7 out of every 10 Americans. As a result, medical procedures using radiation have saved thousands of lives through the detection and treatment of conditions ranging from hyperthyroidism to bone cancer, thereby contributing to market growth.

Furthermore, increasing use of personal dosimeters, radionuclides, and environmental monitoring is also contributing to market growth. Strict regulations for workers’ safety in the nuclear industry will give momentum to demand for radiation detection, monitoring and safety devices in the region.

What is the Medical Radiation Detection, Monitoring, and Safety Device Demand Outlook for the U.S.?

The market in the U.S was valued at over US$ 300 Mn in 2020. According to the National Oncology PET Registry, as more 85% of more than 1,600 PET facilities in the United States have PET/CT systems, emergence of molecular imaging with new radiopharmaceuticals and new technologies is likely to result in continued growth in the coming decades, which will give momentum to the demand for radiation detection, monitoring and safety devices.

As per the United States Nuclear Regulatory Commission, 10 Mn nuclear medicine procedures are performed in hospitals and radiology centers in the U.S. each year. Radiation is commonly employed to detect injuries, generate 3D images, and in teletherapy, brachytherapy, and afterloading to treat tumors.

Thus, major factors that are anticipated to act as drivers for market growth are increased usage of nuclear medicine and radiation therapy for diagnosis and treatment, and increase in the number of people with insurance.

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Market Competition

Companies leverage strategic collaborative initiatives to increase their market share and profitability. Companies operating in the market are also acquiring start-ups working on radiation detection, monitoring, and safety technologies to strengthen their product capabilities.

  • In 2019, IBA Dosimetry launched myQA® iON, a unique environment for rapid and accurate cancer patient QA in proton therapy. myQA iON substantially reduces the required time for patient QA.
  • In 2019, Kromek launched the D3S PRD personal radiation detector. It is a high-speed SPRD (spectroscopic radiation detector) or PRD replacement that is a cost-effective radiation detection device, and puts a very powerful and sensitive radiation detector into the hands of first-line users.
  • In 2020, Thermofisher Scientific and Nano Pin Technologies Inc. collaborated to advance blood-based infectious disease detection technology through the development of highly sensitive liquid chromatography mass spectrometry (LC-MS)-based workflows.

Key Market players:

  • Amray Group
  • Arktis Radiation Detectors Ltd
  • Mirion Technologies, Inc.
  • Sun Nuclear Corporation
  • Thermo Fisher Scientific, Inc.
  • Fortive Corporation
  • Bertin Instruments
  • Polimaster, Inc.
  • Biodex Medical Systems, Inc.
  • PTW Freiburg GmBH
  • Ludlum Measurements, Inc.
  • Bar-Ray Products Inc.
  • Arrow-Tech Inc.
  • Infab Corporation

Key Market Segments Covered in Medical Radiation Detection, Monitoring and Safety Industry Research

Radiation and Monitoring Products

  • Personal Dosimeters
  • Area Process Monitors
  • Environmental Radiation Monitors
  • Surface Contamination Monitors
  • Radioactive Material Monitors

Detector

  • Gas-filled Detectors
  • Scintillators
  • Solid State Detectors

Safety

  • Full Body Protection
  • Face Protection
  • Hand Protection

End User

  • Medical Radiation Detection, Monitoring and Safety Systems for Hospitals
  • Medical Radiation Detection, Monitoring and Safety Systems for Clinics
  • Medical Radiation Detection, Monitoring and Safety Systems for Ambulatory Surgical Centers
  • Medical Radiation Detection, Monitoring and Safety Systems for Non-Hospitals

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