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Radiation Detection, Monitoring and Safety Market - Forecast (2024-2030)
Radiation Detection, Monitoring and Safety Market Overview
The Radiation Detection, Monitoring and Safety Market is estimated to grow at a CAGR of 6.2% during the forecast period (2024-2030) and reach US$ 3.7 Billion by 2030, from around US$ 2.3 Billion in 2023. Radiation is prevalently used in various industries such as healthcare, defense, and various other industrial applications. Moreover, personal dosimeters are recommended to people who would be exposed to radiation more than 10% of the permissible limits. Additionally, dosimeters are aligned to their usage across the body, as there has been advent in the field, where a personal ring dosimeter is made to specifically focus on the hand. The monitors and safety devices are also used when a radionuclide, which has excess nuclear energy, is to be converted and used in other forms of matter. Moreover, the term ionizing radiation has been derived when the radionuclide undergoes the process of radioactive decay. The radiation detection products are also used during economic monitoring, as they help assess the radiation which exists in air, milk, water, or soil.
The implementation of IoT has evolved into a new, advanced strategy for growing the radiation monitoring sector as a result of recent advancements in IoT and the expansion of networking within industrial machines. As a result, numerous academic and commercial entities have created surveillance tools and strategies recently to track radiation issues considerably more quickly than with earlier tools and techniques. Like The integration of GM Counters with the Internet of Things (IoT) and data analytics platforms has become more common. This allowed for real-time monitoring and data analysis, which is critical in radiation safety, especially in nuclear power plants, medical facilities, and research labs.
In May 2023, VF launched a new BC-13 Beta Calibrator, which is primarily intended for convenient and safe calibration of beta radiation detectors. This launch demonstrates VF's commitment to advancing radiation safety technology and addresses the growing demand for accurate and compliant calibration tools in the market. Concerns like these about radiation safety continue to grow globally, driving the market expansion. This growth is propelled by technological advancements, regulatory developments, and the increasing adoption of radiation-based applications across various industries such as healthcare, defence, and various other industrial applications. Particularly, the healthcare sector remains a significant consumer of radiation safety products due to the growing use of medical imaging and radiation therapy. This trend is driven by an aging population and the need for advanced diagnostic and treatment options. The market for Radiation Detection, Monitoring and Safety is also driven by growing apprehensions about nuclear safety and stringent regulatory standards during the projected period of 2024-2030.
Report Coverage
The report “Radiation Detection, Monitoring and Safety Market Forecast (2024-2030)”, by Industry ARC covers an in-depth analysis of the following segments of the Radiation Detection, Monitoring and Safety Market.
By Product- Personal Dosimeters, Area Process Monitors and Radiation Safety Products.
By Composition- Gas-Filled Detectors, Scintillators, and Solid-State Detectors.
By Application – Healthcare, Homeland Security and Defence, Nuclear Power Plants, Industrial Applications and Others.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (the Middle East, and Africa).
Key Takeaways
Geographically, North America’s Radiation Detection, Monitoring, and Safety Market held a dominant market share in the year 2023. It is owing to the region’s predominant position in using radiation as the primary element in healthcare, technological developments, and other defense-related projects. However, Asia-Pacific is set to offer lucrative growth opportunities to the marketers, as the region is observing new development and applications where the radiation can provide better and faster results.
The increase in cancer patients worldwide and their dependency on using radiation as a definitive treatment is one of the market drivers. However, the high cost of acquiring such instruments and devices poses a grave market challenge.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Radiation Detection, Monitoring, and Safety Market report.
Radiation Detection, Monitoring and Safety Market Share, By Composition, 2023 (%)
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Radiation Detection, Monitoring and Safety Market Segmentation Analysis- By Composition
The Radiation Detection, Monitoring and Safety Market segment based on composition can be further segmented into Gas-Filled Detectors, Scintillators, and Solid-State Detectors. The gas-filled detectors held a dominant market share in the year 2023 and also estimated to be the fastest-growing, with a CAGR of 6.7% over the forecast period of 2024-2030. It is owing to its simple applications across modes. The principle relies on how if the gas comes under contact with the radiation, it gets ionized and the following results in an electronic charge which can be measured by a meter. Lastly, the different types of gas-filled detectors are ionization chambers, proportional counters, and Geiger- Mueller Tubes. There is a rise in need for radiation detection and monitoring due to the increased use of medical imaging techniques like X-rays and CT scans. Gas-filled detectors play a crucial role in ensuring patient and staff safety in these settings
Radiation Detection, Monitoring and Safety Market Segmentation Analysis- By Application
The Radiation Detection, Monitoring and Safety Market segment based on the application can be further segmented into Healthcare, Homeland Security and Defence, Nuclear Power Plants, Industrial Applications and Others. The healthcare segment held a dominant market share in the year 2023 and also estimated to be the fastest-growing, with a CAGR of 6.8% over the forecast period of 2024-2030. It is owing to its vast usage of radiation across the application. Radiation therapies and other radio oncological procedures require the usage of safety and monitoring of radiation. Additionally, both the patients and medical professional uses the same across the process, and the procedure is mitigated if the radiation goes above the standard limit. In 2022, Konica Minolta Healthcare Americas, Inc. introduced advanced digital radiography (DR) solutions, elevating the impact of X-ray technology.
Radiation Detection, Monitoring and Safety Market Segmentation Analysis- By Geography
The Radiation Detection, Monitoring and Safety Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant share of 38.5% as compared to the other regions in the year 2023. It is owing to the multiplicative usage of radiation in various industries. Moreover, as the recent data reveal, 1.8 million new cases pertaining to cancer were being diagnosed in the USA. And, the numbers are bound to rise owing to sedentary lifestyle and obesity. Lastly, as per the Paris Climate Accord, the countries are using radiation to counter the emissions from various plants.
However, Asia-Pacific offers lucrative growth opportunities to marketers. It is owing to their ready usage in the field of agriculture. Plant seeds have been regularly exposed to radiation to have more robust growth and quality. Moreover, it is used in terms to control insect population growth. Lastly, in the application of medical treatments pertaining to cancer the gears and monitoring devices are used. Lately, India allocated a medical budget of INR 1,37,000 crore, which was 139% higher than the year before. The rollouts of favourable policies would help the following market in the projected period.
Radiation Detection, Monitoring and Safety Market Drivers
Growing Concerns About Nuclear Safety
The Radiation Detection, Monitoring, and Safety Market are propelled by mounting global apprehensions regarding nuclear safety. Prominent nuclear incidents, such as the Chernobyl disaster and the Fukushima Daiichi nuclear accident, have thrust radiation safety into the spotlight. These events serve as stark reminders of the potential catastrophic consequences of radiation exposure, not only to human health but also to the environment. This heightened awareness has led governments, organizations, and industries worldwide to prioritize and invest in radiation detection and safety measures
Expansion of Medical Radiation Applications
The increasing utilization of radiation in the medical field for diagnostic and therapeutic purposes is a significant driver for the Radiation Detection, Monitoring, and Safety Market. Medical procedures such as X-rays, CT scans, and radiation therapy have become indispensable tools for diagnosing and treating various health conditions, particularly cancer. Consequently, there is a growing demand for precise and reliable radiation detection devices in hospitals, clinics, and research institutions.
Radiation Detection, Monitoring and Safety Market Challenges
Cost Constraints
The cost of radiation detection and monitoring equipment can be substantial, making it a significant hurdle for organizations and industries that prioritize cost-effectiveness. For instance, in the healthcare sector, where the use of radiation-based diagnostic and therapeutic procedures is widespread, the expense of acquiring and maintaining radiation detection devices can be a limiting factor. Smaller healthcare facilities or those in economically disadvantaged regions may struggle to invest in the latest radiation safety technology.
Radiation Detection, Monitoring and Safety Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Radiation Detection, Monitoring, and Safety Market. The top 10 Radiation Detection, Monitoring, and Safety Market companies include:
Thermo Fisher Scientific
Mirion Technologies
Fortive
AMETEK
Fuji Electric
Ludlum Measurements
Arktis Radiation Detectors
Polimaster
AmRay
Infab Corporation
Recent Developments
In May 2023, Indoor drone solution provider Flyability, in collaboration with Mirion Technologies, a leading provider of radiation detection, measurement, analysis and monitoring solutions announce the launch of a radiation surveying payload for the Elios 3 indoor inspection drone. The new solution consists of the integration of the Mirion RDS-32™ radiation survey meter onto Flyability’s Elios 3 indoor drone.
In May 2023, Polimaster Inc., one of the world leaders in solutions for radiation control, announced the release of RadFlash®, a groundbreaking electronic personal dosimeter. RadFlash® offers high safety and functionality for personal dose monitoring task