(PharmaNewsWire.Com, November 25, 2020 ) The study involved four major activities in estimating the current size of the medical radiation detection, monitoring and safety market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
According MarketsandMarkets Research - The Global Medical Radiation Detection Market size is projected to reach USD 1,207 million by 2025 from USD 949 million in 2020, at a CAGR of 4.9% during the forecast period.
The Key Factors Who will Drives the Market Growth?
- Increasing use of nuclear medicine and radiation therapy for diagnosis and treatment
- Rising prevalence of cancer
- Increasing safety awareness among people working in radiation-prone environments
- Growth in the number of people covered by insurance
- Growing number of diagnostic imaging centers
Market Growth Opportunity: Growing opportunity in emerging markets;
Australia, China, Japan, Singapore, India, and South Korea are the major emerging markets in the Asia Pacific region for radiation detection, monitoring, and safety products. In most of these countries, the market is still in the nascent stage. Emerging economies like India, China, Brazil, and Russia are expected to showcase a significant growth potential in the coming years. More than half of the world’s population resides in India and China, and these markets are home to a large number of end users in the radiation detection, monitoring, and safety market. This is further spurred by the growing incidence of cancer in these countries.
Many of the developing nations are expected to witness high growth in terms of the number of new cancer cases as compared to the developed nations, creating a huge scope for medical radiation detection, monitoring, and safety devices. According to GLOBOCAN 2018, the Asian region accounts for nearly half of the new cancer cases and more than half of cancer deaths. This can be attributed to the fact that about 60% of the world’s population resides in Asia.
Based on the detector type, the medical radiation detection and monitoring market is segmented into gas-filled detectors, solid-state detectors, and scintillators. The gas-filled detectors segment is projected to witness the highest growth during the forecast period. The favorable performance-to-cost ratio of gas-filled detectors coupled with their wide application in the medical imaging field are the major factors supporting the growth of this segment.
By products, the medical radiation safety market is segmented into full-body protection, face protection, hand safety, and other medical radiation safety products. The inframammary fold segment accounted for the largest market share in 2019. The large share of this segment can be attributed to the growing number of radiological procedures performed and increasing awareness among physicians, radiologists, and patients
Some of the major players operating in this market are Fortive Corporation (US), Mirion Technologies (US), and Thermo Fisher Scientific (US). In 2019, Fortive Corporation held the leading position in the medical radiation monitoring and safety market. The company has a presence in more than 50 countries. Moreover, the company’s strong brand recognition and comprehensive product portfolio in the market is its key strength. Mirion Technologies held the second position in the market in 2019.
Geographical Regions Mapped in Report:
The medical radiation monitoring and safety market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the medical radiation detection, monitoring and safetymarket. The large share of North America can be attributed to factors such as the increasing awareness about radiation safety, growing number of radiodiagnostic procedures performed, 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 medical radiation detection, monitoring, and safety market.
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