(PharmaNewsWire.Com, March 18, 2021 ) The Medical Radiation Detection, Monitoring and Safety Market is estimating the current size and 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 report "Medical Radiation Detection Market by Detector (Gas-Filled Detectors, Scintillators, Solid-State), Product (Personal Dosimeters, Passive Dosimeters), Safety (Full Body Protection), End User (Hospitals) - Global Forecast to 2025", the global Medical Radiation Safety Market 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 growth in Medical Radiation Monitoring and 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.
GROWTH DRIVER: 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%.
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.
Global Key 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).
Mirion Technologies (US) accounted for the second-largest share of the global medical radiation detection, monitoring and safety market in 2019. The company provides radiation detection, measurement, analysis, and monitoring products and services to the nuclear power, medical, military, and homeland security markets. To sustain its foothold and increase its share in the market, the company pursues inorganic growth strategies. In this regard, in July 2020, Mirion Technologies acquired three different companies for the expansion of its product portfolio. The acquisition combined the strengths of these companies, creating a premier supplier of radiation safety solutions for the nuclear, defense, and medical industries.
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