The major factors driving the growth of this market are the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, growing incidences of cancer, increasing safety awareness among people working in radiation-prone environments, growing healthcare industry worldwide, and rising insurance coverage.
Market Dynamics:
Driver: Increasing Usage of Nuclear Medicine and Radiation Therapy for Diagnosis and Treatment,
According to the World Nuclear Association, as of December 2016, more than 10,000 hospitals across the globe used radioisotopes in medical procedures, and about 90% of these procedures were for diagnostic purposes. Approximately 50 to 55 million nuclear medicine procedures are performed annually worldwide. In the U.S. alone, annually, more than 20 million nuclear medicine procedures are performed among 311 million people and in Europe, about 10 million nuclear medicine procedures are performed among 500 million people.
The World Nuclear Association also reports that North America dominates the diagnostic radioisotopes market and accounts for ~50% of the market share; the U.S. is the largest contributor to the North American diagnostic radioisotopes market, followed by Europe which accounts for ~20% of the share.
On the basis of product, the medical radiation detection and monitoring market is segmented into personal dosimeters, area process monitors, environment radiation monitors, surface contamination monitors, radioactive material monitors, and other products. The personal dosimeters segment accounted for the largest share of the market. The growth of this segment can be attributed to the high demand for personal dosimeters in the medical field.
On the basis of product, the medical radiation safety market is segmented into full-body protection products, face protection products, hand safety products, and other safety products. The full-body protection products segment is expected to grow at the highest CAGR during the forecast period. The increase in the number of radiological procedures and awareness among physicians, radiologists, and patients are driving the growth of the full-body protection products market.
The medical radiation detection, monitoring, and safety market is segmented into four major regional segments—North America, Europe, Asia, and the Rest of the World (RoW). In 2016, the North American segment is expected to command the largest share, while Asia is expected to be the fastest-growing region of the medical radiation detection, monitoring, and safety market.
Factors such as increasing awareness about radiation safety; increasing number of radio-diagnostic procedures; and ongoing research aimed at the development of new and advanced radiation detection, monitoring, and safety products are driving the growth of the North American radiation detection, monitoring, and safety market.
Major Key Players:
Key players in the medical radiation detection market are Landauer, Inc. (U.S.), Mirion Technologies, Inc. (U.S.), IBA Worldwide (Belgium), Thermo Fisher Scientific (U.S.), Sun Nuclear Corporation (U.S.), Ludlum Measurements, Inc. (U.S.), Radiation Detection Company, Inc. (U.S.), Biodex Medical Systems, Inc. (U.S.), Arrow-Tech, Inc. (U.S.), Fluke Biomedical (U.S.), AmRay Medical (Ireland), Infab Corporation (U.S.), and PTW Freiburg GmbH (Germany).
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