The global radiation detection, monitoring, and safety market is expected to grow at a CAGR of 7.1% during the forecast period to reach USD 3.6 billion by 2027 from an estimated USD 2.5 billion in 2022. The key factors responsible for the growth of this market are growing security threats, the growing prevalence of cancer worldwide, increasing radiation safety awareness, growth in the number of PET/CT scans, as well as the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment. On the other hand, the interest in nuclear energy alternatives such as renewable energy, nuclear power phase-out, and shortage of nuclear power workforce are restraints in this market.
The key players in this market are Thermo Fisher Scientific Inc. (US), Mirion Technologies Inc. (US), Fortive (US), AMETEK Inc. (US), and Fuji Electric Co. Ltd. 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), ATOMTEX (Belarus), Nucleonix Systems (India), Alpha Spectra Inc. (US), LND INC. (US), Bar-Ray Products (US), Trivitron Healthcare (India), Micron Technology Inc. (UK), Scionix Holland B.V. (Netherlands), Radcomm Systems (Canada), Xena Shield (India), SIMAD srl (Italy) and Burlington Medical (US) among others.
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In 2021, Thermo Fisher Scientific Inc. (US) is a leading player in the global radiation detection, monitoring, and safety market. The company offers a wide range of portable radiation detectors, personal radiation dosimeters, integrated radiation monitoring systems, radiation contamination and environmental monitoring systems, and radiation detection portals & monitors. In 2021, the Analytical Instruments segment (offering radiation detection, monitoring, and safety devices) generated USD 6.07 billion in revenue. The company invests a significant amount of its revenue in R&D activities to increase its capabilities. The company is present in North America, Europe, Asia, and Latin America. The company has succeeded in creating a strong foothold due to its diversified product portfolio, wide geographic reach, and acquisitions.
In 2021, Fortive dominated the global medical radiation detection, monitoring, & safety market. The company is known to have technical and analytical services that have the capacity to calculate the exposure of environmental and occupational radiation hazards. Fortive receives a majority of its revenue from the North American market. The company focuses on introducing radiation safety 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 helps it to maintain its position in the market.
Radiation Detection, Monitoring & Safety Market by Product (Detection and Monitoring (Personal Dosimeter)), Composition (Gas-Filled Detectors, Scintillators), Application (Healthcare, Industrial Application), & Region - Global Forecast to 2027
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