Radiation Detection Monitoring Safety Market by Product (Detection and Monitoring (Personal Dosimeter)), Composition (Gas-Filled Detectors, Scintillators), Application (Healthcare, Industrial Application), & Region - Global Forecasts to 2027
The global radiation detection monitoring safety market in terms of revenue was estimated to be worth $2.5 billion in 2022 and is poised to reach $3.6 billion by 2027, growing at a CAGR of 7.1% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.
Market is driven by increase in cancer incidence globally, increased radiation safety awareness, an increase in the number of PET/CT scans, and increased use of nuclear medicine and radiation therapy for diagnosis and treatment.
Attractive Opportunities in the Radiation Detection Monitoring Safety Market
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Radiation Detection Monitoring safety Market Dynamics
DRIVER: Increasing usage of nuclear medicine and radiation therapy
Nuclear medicine and radiotherapy have a wide range of applications in cancer treatment; thus, the increasing prevalence of the disease will favor the radiation detection, monitoring, and safety market. According to GLOBOCAN, the number of cancer cases will rise to ~30 million by 2040 from 19.3 million in 2020. According to the World Nuclear Association, more than 40 million nuclear medicine procedures are performed every year, and the demand for radioisotopes has increased by 5% annually. In the US alone, annually, more than 20 million nuclear medicine procedures are performed. During the past decade, nuclear medicine practices have undergone a tremendous transformation owing to advances in radiopharmacy, instrumentation, and IT. The increasing usage of nuclear medicine in diagnosing and treating various diseases, such as cancer and cardiovascular disorders, has boosted the demand for radiation detection, monitoring, and safety devices.
RESTRAINT: Increasing use of alternatives for nuclear energy globally
Nuclear power has the ability to resolve global electricity needs, but with concerns regarding to its safety, such as the threat of a nuclear meltdown and the challenges with radioactive waste storage. With respect to human health and safety concerns, many cities, towns and nations are installing small and large-scale renewable power sources.
Substitutes to nuclear energy such as renewable energy (energy from sunlight, wind, rain, tides, waves, and geothermal heat) are projected to be the major threat to nuclear energy production, which could in-turn hamper the growth of the radiation detection, monitoring, and safety market.
OPPORTUNITY: Rising focus on nuclear power in developing nations
Developing economies such as India, South Korea, Brazil, Turkey, Russia, and South Africa are expected to offer potential growth opportunities for major players operating in the radiation detection monitoring safety market. India is planning for fleet mode construction for upcoming nuclear power plant projects to reduce costs and construction time. The Department of Atomic Energy (DAE) officials announced that India had planned 17 nuclear power reactors in addition to those already under construction at India Energy Forum’s 11th Nuclear Energy Conclave held in October 2019 (Source: World Nuclear News). Further, India focuses on nuclear power to meet its future electric demands. For instance, according to the World Nuclear Association, India aims to supply 25% of electricity from nuclear power by 2050.
As nuclear power is a clean and reliable source of electricity generation, authorities in China focus on increasing the nuclear energy generation capacity of the country. According to the World Nuclear Association, as of March 2018, Mainland China has 38 operational nuclear power reactors and 20 nuclear power reactors under construction; the country has plans to build more reactors in the future to meet its energy needs.
CHALLENGE: Shortage of nuclear power workforce and skilled radiation professionals
The nuclear power industry in the US and Canada is experiencing a major shortage of qualified workers, and the situation is similar in many other developed and developing countries across the globe. Similarly, the radiation protection markets in the US, Australia, New Zealand, and Sweden have been facing a shortage of qualified medical physicists. Many European countries lack accredited training programs in radiation medicine, and there is no harmonization. Furthermore, the number of well-trained and competent medical physicists is still short of the desired requirement.
The nuclear workforce is aging, and attrition rates are high in the UK. According to a forecast by HM Government: Nuclear Sector Skills Strategy 2020, the workforce should grow by 4,700 people a year over the next six years in the UK. However, 3,900 people are expected to retire and leave the sector in this period. The UK is also facing a shortage of radiologists. According to the Royal College of Radiologists (RCR), in 2019, there was a shortage of at least 1,100 radiologists in the country.
The radiation detection and monitoring segment accounted for the largest share of the radiation detection monitoring safety industry, by product segment, in 2021
Based on product, the radiation detection monitoring safety market is segmented into radiation detection and monitoring products and radiation safety products. The radiation detection and monitoring products segment accounted for the largest share in 2021. The higher share of this segment is primarily attributable to the widespread use of radiation detection and monitoring equipment for applications in medical imaging during diagnosis, homeland security and causes, nuclear power plants, and industrial settings.
Gas-Filled Detectors segment of the radiation detection monitoring safety industry to register the highest growth rate during the forecast period
Based on composition, the global radiation detection monitoring safety market is segmented into gas-filled detectors, scintillators, and solid-state detectors. In 2021, the gas-filled detectors segment accounted for the largest percentage mostly as a result of the usability these detectors and the regularity of their detection outcomes in comparison to those of other detectors.
The healthcare accounted for the largest share of the radiation detection monitoring safety industry, by application segment, in 2021
Based on application, the global radiation detection monitoring safety market is segmented into healthcare, homeland security & defense, industrial applications, nuclear power plants and other applications. In 2021, the healthcare segment accounted for the largest share of this market, due to increasing adoption of dosimeters, monitors and full-body detectors in radiology, hospitals, nuclear industries, and defense industry as well as availability of skilled and professional radiology workforce.
North America to dominate radiation detection monitoring safety industry
The global radiation detection monitoring safety market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America and Middle East and Africa. North America accounted for the largest share of the radiation detection, monitoring and safety market. The large share of this regional segment can be attributed to the rising nuclear power industry all over the country, increasing incidences of cancer and government awareness and initiatives regarding radiation safety in the region.
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The major players operating in this market are Thermo Fisher Scientific Inc. (US), Mirion Technologies Inc. (US), Fortive (US), AMETEK Inc. (US), and Fuji Electric Co., Ltd. (Japan), Ludlum Measurements Inc. (US), Arktis Radiation Detectors Ltd. (Switzerland), Polimaster (Belarus), Amray (Ireland), Infab Corporation (US), IBA Worldwide (Belgium), Bertin Technologies (France), RDC (US), Arrow-Tech Inc. Inc. (US), Centronic Ltd. (UK), S.E. International Inc. (US), among others.
Scope of the Radiation Detection Monitoring Safety Industry:
Report Metric |
Details |
Market Revenue in 2022 |
$2.5 billion |
Projected Revenue by 2027 |
$3.6 billion |
Revenue Rate |
Poised to Grow at a CAGR of 7.1% |
Market Driver |
Increasing usage of nuclear medicine and radiation therapy |
Market Opportunity |
Rising focus on nuclear power in developing nations |
This report categorizes the radiation detection monitoring safety market to forecast revenue and analyze trends in each of the following submarkets:
By Product
- Radiation Detection and Monitoring Products
- Personal Dosimeters
- Area Process Monitors
- Environment Radiation Monitors
- Surface Contamination Monitors
- Radioactive Material Monitors
- Other Radiation Detection and Monitoring Products
- Radiation Safety Products
- Full-Body Protection Products
- Face Protection Products
- Hand Safety Products
- Other Radiation Safety Products
By Composition
- Gas-Filled Detectors
- GM Counters
- Ionization Chambers
- Proportional Counters
- Scintillators
- Inorganic Scintillators
- Organic Scintillators
- Solid-State Detectors
- Semiconductor Detectors
- Diamond Detectors
By Application
- Healthcare
- Homeland Security & Defense
- Industrial Applications
- Nuclear Power Plants
- Other Applications
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
-
Latin America
- Middle East & Africa
Recent Developments of Radiation Detection Monitoring Safety Industry
- In March 2021, Ametek launched the new rugged RADEAGLET-R, the latest generation of scintillation hand-held radioisotope identification devices (RIIDs). The RADEAGLET-R is a highly portable and extremely rugged device designed for the military, first responders, customs agents, and intelligence organizations.
- In November 2019, Mirion Technologies Inc. launched AccuRad, a new personal radiation detector for emergency responders in the field.
- In November 2019, Mirion Technologies Inc. Inc. launched AccuRad, a new personal radiation detector for emergency responders in the field.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global radiation detection monitoring safety market?
The global radiation detection monitoring safety market boasts a total revenue value of $3.6 billion by 2027.
What is the estimated growth rate (CAGR) of the global radiation detection monitoring safety market?
The global radiation detection monitoring safety market has an estimated compound annual growth rate (CAGR) of 7.1% and a revenue size in the region of $2.5 billion in 2022.
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This study involved four major activities in estimating the current size of the radiation detection, monitoring and safety market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.
Secondary Research
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to identify and collect information for this study.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources were mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, service providers, technology developers, researchers, and organizations related to all segments of this industry’s value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify the critical qualitative and quantitative information as well as assess prospects.
The following is a breakdown of the primary respondents:
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the radiation detection, monitoring and safety market's total size. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry have been identified through extensive secondary research
- The revenues generated by leading players operating in the radiation detection, monitoring and safety market have been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Global radiation detection, monitoring and safety market Size: Top-Down Approach
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Data Triangulation
After arriving at the overall market size applying the process mentioned above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Report Objectives
- To define, describe, segment, and forecast the global radiation detection, monitoring and safety market by product, composition, application, and region
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall radiation detection, monitoring and safety market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To track and analyze company developments such as product launches, agreements, partnerships, and acquisitions in the radiation detection, monitoring and safety market
- To benchmark players within the market using the proprietary "Competitive Leadership Mapping" framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for this report:
Country Information
- Radiation detection, monitoring and safety market size and growth rate estimates for countries in the Rest of Europe, the Rest of Asia Pacific, Latin America, and Middle East & Africa
Company profiles
- Additional three company profiles of players operating in the radiation detection, monitoring and safety market.
Future Radiation Monitoring Devices Market Trends
- Increased demand for portable radiation monitors: There is an increasing need for radiation monitoring devices that are portable, easy to use, and provide accurate readings. This is particularly important in industries such as nuclear power, where workers need to monitor radiation levels in real-time.
- Growth in the medical sector: The medical sector is expected to be a major driver of growth in the radiation monitoring device market, as there is an increasing use of radiation-based diagnostic and treatment procedures such as CT scans, X-rays, and radiotherapy. This is expected to drive the demand for radiation monitoring devices that can be used in medical facilities.
- Technological advancements: Advancements in technology are expected to drive the development of new radiation monitoring devices that are more accurate, reliable, and easier to use. For example, there is an increasing use of artificial intelligence (AI) and machine learning (ML) in radiation monitoring devices to improve the accuracy of readings.
- Increasing regulatory compliance: There is an increasing need for organizations to comply with regulations related to radiation exposure and safety. This is expected to drive the demand for radiation monitoring devices that can help organizations monitor and control radiation exposure.
- Growing adoption of wireless communication technology: Wireless communication technology is expected to be increasingly adopted in radiation monitoring devices, enabling real-time monitoring and data transmission. This is particularly important in industries such as nuclear power and medical, where workers need to be alerted to potential radiation exposure risks.
- Growth in emerging markets: Emerging markets such as Asia-Pacific and Latin America are expected to see significant growth in the radiation monitoring device market due to increasing industrialization and growing awareness about radiation safety.
Overall, the radiation monitoring device market is expected to see significant growth in the coming years, driven by technological advancements, increasing regulatory compliance, and growing demand from industries such as medical and nuclear power.
Industries impacted by Radiation Monitoring Devices Market in future
The nuclear power industry is expected to impact heavily in the future by the radiation monitoring devices market. The nuclear power industry relies on radiation monitoring devices to ensure the safety of workers and the environment, and to comply with regulations related to radiation exposure. As the demand for clean energy continues to grow, the use of nuclear power is expected to increase, leading to a greater need for radiation monitoring devices.
Radiation monitoring devices are used in various stages of the nuclear fuel cycle, including uranium mining, fuel fabrication, reactor operations, and spent fuel storage and disposal. In each of these stages, radiation monitoring devices play a crucial role in ensuring the safety of workers, the public, and the environment.
In addition to the nuclear power industry, the medical sector is also expected to be a significant market for radiation monitoring devices. The medical sector relies on radiation-based diagnostic and treatment procedures, and radiation monitoring devices are used to ensure the safety of patients, medical personnel, and the public.
Overall, as industries continue to use and rely on radiation-based technologies, the demand for radiation monitoring devices is expected to increase, making it an important market for industries that use radiation-based technologies.
Future use cases of Radiation Monitoring Devices Market along with adaption, market potential and risk
- Space exploration: As space exploration continues to advance, radiation monitoring devices will be critical in ensuring the safety of astronauts who are exposed to high levels of radiation in space. The adoption of radiation monitoring devices in space exploration is likely to be high, given the high stakes and potential risks of exposure to radiation.
- Homeland security and emergency response: Radiation monitoring devices are already used in homeland security and emergency response to detect and respond to radiation threats. As the threat of nuclear terrorism continues to increase, the adoption of radiation monitoring devices in these fields is likely to continue to grow. The market potential for radiation monitoring devices in homeland security and emergency response is significant, given the potential consequences of a radiation incident.
- Environmental monitoring: Radiation monitoring devices can be used to monitor radiation levels in the environment, such as in soil, water, and air. This can help to detect potential sources of radiation, such as nuclear accidents or radioactive waste. The adoption of radiation monitoring devices in environmental monitoring is likely to be moderate, with potential markets in both government and private sectors.
- Personal radiation monitoring: Personal radiation monitoring devices, such as dosimeters, can be used to monitor an individual's exposure to radiation in the workplace or other environments. The adoption of personal radiation monitoring devices is likely to be moderate, with potential markets in industries such as nuclear power, healthcare, and research.
The market potential for radiation monitoring devices is significant, given the potential risks of radiation exposure and the increasing use of radiation-based technologies in various industries. However, there are also potential risks and challenges associated with the adoption of radiation monitoring devices, such as concerns around privacy and data security, as well as the need for accurate and reliable readings to ensure safety. As such, it will be important for companies in this space to address these risks and challenges to ensure the continued adoption and growth of radiation monitoring devices.
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Growth opportunities and latent adjacency in Radiation Detection Monitoring Safety Market
Which factors majorly hampers the global growth of Radiation Detection Market?
How much percent share, does the products segment holds, of the Radiation Detection Market?
Which of the key players holds the major share of the global Radiation Detection Market?