Radiation Detection Monitoring & Safety Market Growing at a CAGR of 6.9% During 2020-2025

Radiation Detection Monitoring & Safety Marketsize is estimated to be $2.4 billion in 2019, growing at a CAGR of 6.9% during the forecast period 2020-2025. Rising use of radioactive materials among various end use such as defense, healthcare, medical research and in various industrial application is a significant factor driving the radiation detection monitoring and safety market during the forecast period 2020-2025.Increasing prevalence of cancer and the radiation used for killing cancer cells is also contributing to its market growth. Furthermore, radiation detectors utilize the interaction of ionizing radiation to produce UV or visible light are called scintillation detectors. In addition these detectors yield information about energy distribution of incident radiation and thus can be utilized in spectrometers. Furthermore, hospitals, doctors and dentist 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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By Detection Type- Segment Analysis

By Detection Type the Radiation Detection Monitoring & Safety Market is segmented into Gas Filled Detector, Scintillators and Solid State Detectors. Among these the Gas Filled Detector accounted for the largest market share in 2019 owing to its growing application in Geiger-Muller counter, ionization chambers and proportional chambers. Furthermore, these detector are cheap with a large variety of application and size, large output signal is produced from tube. In addition these detectors are portable, durable, user-friendly and economical thereby driving the radiation detection monitoring and safety market during the forecast period 2020-2025.

By End-Use- Segment Analysis

Healthcare is the dominant end use vertical of radiation detection monitoring and safety market in 2019. Moreover, it is projected that this segment is set to have a substantial market growth during the forecast period 2020-2025.Growing number of cancer patients and the use of high energy radiation to damage cancer cells DNA and destroy their ability to divide and grow is a significant factor driving the radiation detection monitoring and safety market. Furthermore, radiation therapy is the use is the use of high energy radiation to treat cancer. In addition a radiation oncologist use radiation to cure cancer to relieve cancer patients pain or eliminate others symptoms owing to cancer. Moreover, according to the World Health Organization Cancer is the second leading cause of death globally, and is responsible for an estimated 9.6 million deaths in 2018.Globally, about 1 in 6 deaths is because of cancer.

Geography- Segment Analysis

North America accounted for 45% of the Radiation Detection Monitoring and Safety Market share in 2019 owing to the technological development, 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 about 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 its market growth. Furthermore, the increasing use of personal dosimeters, radionuclide and environmental monitoring is also contributing to its market growth.

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Drivers – Radiation Detection Monitoring and Safety Market

• Increasing Number of Cancer Patients

With the increasing number of cancer patients all over the world and the use of radiation therapy to kill cancer cells is a significant factor driving the Radiation Detection Monitoring and Safety Market during the forecast period 2020-2025.Moreover, according to the World Health Organization cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018.Globally about 1 in 6 deaths is because of cancer.

• Technological Advancements in Radiation Detection

Technological advancements and growing innovation in radiation detection serves as a significant factor for its market growth. Developments in radiation imaging a significant application of nuclear technology for all kinds real world need including security inspection, anti-smuggling, operation and medicine is driving the market. Furthermore, THU has produced accelerating tubes for industrial and medical accelerators with high energy levels ranging from 2.5-20Mev.

Challenges – Radiation Detection Monitoring and Safety Market

• High Cost Of Equipment

High Cost of Equipment serves as a setback for the growth of Radiation Detection Monitoring and Safety Market during the forecast period 2020-2025.As it contain cameras, scanners, detectors, sources and image scanning system eventually increasing its overall cost. Therefore high cost of equipment disrupts the market growth during the forecast period 2020-2025.

Developments:

• March 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 work flows.

Key Takeaways

• By product, the Personal Dosimeters are projected to have the fastest growth rat with a CAGR of 6% during the forecast period 2020-2025. This is owing to the rise in technological advancements for detection of radiation.
• Growing number of cancer patients and the use of high energy radiation to damage cancer cells DNA and destroy their ability to divide and grow is a significant factor driving the radiation detection monitoring and safety market.
• North America dominated radiation detection monitoring and safety market in 2019 owing to the better healthcare infrastructure, technological development, improved industrial infrastructure, presence of major players and a higher rate of adoption of new technologies in the region.
• Increasing number of cancer patients all over the world and the use of radiation therapy to kill cancer cells is a significant factor driving the Radiation Detection Monitoring and Safety Market during the forecast period 2020-2025.

Radiation Detection Monitoring and Safety Market Industry Outlook

Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in the Terahertz and Infrared Spectroscopy Market. Terahertz and Infrared Spectroscopy Market top 10 companies are Thermofisher Scientific Inc, Canberra Industries Inc, Bar-Ray Products Inc, Amtek Inc, Biodex Medical System Inc, Nuclear Control System, Arrow-Tech Inc, Radiation Detection Company Inc, Fuji Electric Co Ltd and Mirion Technologies Inc.

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