Fortive (US) and Mirion Technologies Inc. (US) are Leading Players in the Radiation Detection, Monitoring & Safety Market
The global radiation detection, monitoring, and safety market is expected to grow at a CAGR of 8.3 % during the forecasted period to reach USD 4.4 Billion by 2029 from an estimated USD 2.9 Billion in 2024. Factors influencing the growth of this market are majorly cancer prevalence, safety awareness for radiation exposure, growth in the number of radiation-based scans such as CT/PET, and increasing radiation therapy. On the other hand, various alternatives such as renewable energy and the shortage of nuclear power workforce are restraints.
The major players in this market are Fortive (US), Mirion Technologies Inc. (US), AMETEK Inc. (US), Fuji Electric Co. Ltd. Co., Ltd. (Japan), Thermo Fisher Scientific Inc. (US), Ludlum Measurements Inc. (US), Arktis Radiation Detectors Ltd. (Switzerland), Polimaster Europe UAB (Belarus), Amray Group (Ireland), Infab LLC (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) and Radcomm Systems (Canada).
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In 2023, 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. The revenue generated by advanced healthcare solutions segment in 2023 amounted to USD 1.3 Billion. Fortive generates the bulk of its sales in North America. These solutions prioritize both protecting healthcare professionals and patients from radiation exposure and enhancing the precision of medical imaging.Fortive consistently invests in R&D to advance innovative products. While the company hasn't announced any groundbreaking advancements recently, their commitment to brand building and streamlined distribution channels allows them to remain competitive.
Mirion Technologies Inc. is a leading provider of detection, measurement, analysis and monitoring solutions to the nuclear, defense, medical and research end markets. Mirion Technologies Inc. has two reportable business segments, namely, Medical and Industrial. The company offers radiation detection, monitoring, and safety products through the medical segment. Mirion strives to be the leading provider of radiation detection and measurement technology. They cater to a global audience, offering their solutions to both private companies and government agencies in both established and developing markets. Their strategy includes continuous innovation to develop advanced products, ensuring compliance with stringent safety standards and regulations. Mirion fuels its growth by strategically acquiring companies and forming partnerships. This allows them to broaden their product portfolio and reach new markets. By doing this, Mirion can stay ahead of industry trends and continuously adapt to offer the best solutions to their customers.
Related Reports:
Radiation Detection, Monitoring & Safety Market by Product (Dosimeters, Monitors), Composition (Gas-Filled Detectors, Scintillators), Material (Lead, Lead Composites) Application (Healthcare, Industrial, Nuclear), & Region - Global Forecast to 2029
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