The global medical radiation detection, monitoring, & safety is projected to reach USD 1.4 billion by 2027 from USD 1.0 billion in 2022, at a CAGR of 6.8% during the forecast period. Growth in this market is mainly driven by factors such as the high prevalence of cancers, the growing geriatric population, the growing number of radio diagnostic procedures performed, the rising adoption of radiation therapy, and the implementation of favorable government initiatives.
The key players in this market are Fortive (US), Mirion Technologies, Inc. (US), Thermo Fisher Scientific Inc. (US), Ludlum Measurements, Inc. (US), IBA Worldwide (Belgium), AliMed, Inc. (US), Polimaster Ltd. (Republic of Belarus), AmRay Group (Ireland), Infab, LLC (US), Burlington Medical (US), Bertin Instruments (France), Radiation Detection Company (RDC) Inc. (US), Arrow-Tech, Inc. (US), Centronic (UK), SE International, Inc. (US), ATOMTEX (Belarus), Nucleonix Systems (India), Alpha Spectra, Inc. (US), LND (US), Bar·Ray Products (US), Trivitron Healthcare (India), Micron Technology, Inc. (UK), Scionix Holland (Netherland), Lite Tech Industries, LLC (US), BLOXR Solutions, LLC (US).
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In 2020, Fortive held the leading position in the medical radiation detection, monitoring, & safety market. The company’s leading position in this market can be attributed to its strong global sales and distribution network, enabling it to market its products in various countries effectively. In addition, Fortive derives a majority of its revenue from the North American market. The company focuses on introducing radiology products that reduce radiation exposure to physicians and patients and products that increase the accuracy of imaging by using reference markets. Fortive consistently invests in R&D to introduce innovative products. Although the company has not been involved in any major developments in the last few years, its strong focus on brand management and efficient distribution will help it to maintain its position in the market.
In 2020, Mirion Technologies, Inc. accounted for the second-largest share of the medical radiation detection, monitoring, & safety market. The company has maintained a leading position in the market through its strong distribution networks across Europe, the Asia Pacific, and the Middle East and Africa. The company adopts inorganic growth strategies to increase its dominance in this market. For instance, in October 2021, the company acquired Dosimetry Badge brand, a small US-based distributor of personal dosimeter badges. This acquisition will increase the footprint of dosimetry product offering, Such developments will enable Mirion Technologies to add innovative technologies and products to its portfolio, which, in turn, will strengthen its presence in the medical radiation detection, monitoring, & safety market.
Thermo Fisher Scientific Inc. (US) leading position in this market can be attributed to its focus on launching differentiated products to strengthen its position in the medical radiation detection, monitoring, and safety market. The company has a strong distribution network in North America, Europe, Asia, and Latin America. It focuses on strengthening its R&D capabilities to gain a competitive advantage in the market. This has allowed the company to introduce advanced products in the medical radiation detection, monitoring, and safety market, such as the company launched new dosimetry monitoring services for medical & imaging facilities, dental offices, veterinary clinics, nuclear power plants, laboratories, and other facilities in February 2019.
Medical Radiation Detection, Monitoring & Safety Market by Detector (Gas-Filled, Scintillators, Solid-State), Product (Personal Dosimeters, Passive Dosimeters) Safety (Full-Body Protection) & End User (Hospitals, Non-Hospitals) - Global Forecast to 2027
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