(PharmaNewsWire.Com, February 19, 2021 ) Major Growth Boosting Factors: The growth in Medical Radiation Detection, Monitoring & Safety Market is attributed to the increasing use of nuclear medicine and radiation therapy for diagnosis and treatment, growing number of diagnostic imaging centers, rising prevalence of cancer, increasing safety awareness among people working in radiation-prone environments, and the growing number of people covered by insurance.
Revenue Growth Opportunities: 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.
Recent Developments:
# In 2019, IBA Worldwide launched myQA iON, offering a unique environment for fast and precise cancer patient QA in proton therapy.
# In 2018, Thermo Fisher Scientific launched Thermo Scientific EPD TruDose electronic personal dosimeter.
Market Growth Drivers: Increasing use of nuclear medicine and radiation therapy for diagnosis and treatment;
According to the World Nuclear Association, more than 40 million nuclear medicine procedures are performed every year, and the demand for radioisotopes is increased at a rate of 5% annually (data as of May 2020). Radioisotopes are used by nearly 10,000 hospitals across the globe. In the US alone, annually, more than 20 million nuclear medicine procedures are performed. According to the World Nuclear Association, North America dominates the diagnostic radioisotopes market and accounts for ~50% of the market share (the US is the largest contributor to the North American diagnostic radioisotopes market), followed by Europe which accounts for a share of ~20%.
The medical radiation safety market is segmented into full-body protection, face protection, hand safety, and other medical radiation safety products. In 2019, the full-body protection products segment accounted for the largest market share of medical radiation safety market . The growing number of radiological procedures performed and increasing awareness among physicians, radiologists, and patients are driving the growth of the full-body protection products segment.
Based on the detector type,
The medical radiation detection and monitoring market is segmented into gas-filled detectors, solid-state detectors, and scintillators. In 2019, the gas-filled detectors segment accounted for the largest market share of medical radiation detection and monitoring market . The large share of this segment can be attributed to the favorable performance-to-cost ratio of gas-filled detectors coupled with their wide application in the medical imaging field.
Geographical Scenario: The medical radiation detection, monitoring and safetymarket 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.
Global Leaders: The major players in the medical radiation detection, monitoring and safety market are Fortive Corporation (US), Mirion Technologies (US), IBA Worldwide (Belgium), Thermo Fisher Scientific (US), and Sun Nuclear Corporation (US).
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