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Medical Radiation Detection, Monitoring & Safety is expected to reach USD 4.9 by 2032 at 7% Compounded Annual Growth Rate( CAGR) during the foresee period. Medical Radiation Detection, Monitoring & Safety Market has its substantial impact which is actually derived from different market factors which are fundamentally important dynamics in this market. An indispensable factor that promotes huge growth of this market is the trend of high demand for medial radiation among the diagnostic and therapy procedures. There is significant demand for good quality radiation detection and monitoring tools as medical imaging technologies change and radiation treatment becomes more popular. Providing the safety of healthcare workers as well as that of patients when X-ray is in use has become a fundamental demand, and that has led to the popularity of radiation detection devices.
Besides, strict regulatory authorities and health authorities who are supervising the market play a central role in the dynamics of the market. Global regulatory agencies establish specific standards of radiation safety use in healthcare centers, the press to adopt state-of-the-art detection and monitoring systems to adhere to these rules. Moreover, the market depends on technological advancements, where, as the process is ongoing, new devices with higher efficiency and capability for detection, are being introduced and developed. The inclusion of novel technologies like artificial intelligence and machine learning in these devices increases the effectiveness of them, and they would monitor precisely and in real time.
The growing incidence of this type of disease and the continuing efforts on early warning and treatment also increases the demand for the use of medical radiation detection and monitoring devices. With radiation therapy becoming a routinely used approach in treating a broad variety of cancers, a considerable increase in the need for security measures to make sure patients are not unnecessarily exposed to radiation is observed. However, there is a growing knowledge about risks associated with radiation exposure among medical care workers that motivates them to use devices for individual monitoring and safety.
From one side, the costs of medication and logistical restrictions, which hamper market growth, are seen as a brake for market growth. The upfront financial expenditure that comes with implementing top-notch radiation protection systems may represent a major obstacle for certain healthcare institutions, especially in low-resourcing contexts. There are market dynamics that are determined by the competitive landscape in which the key competitors compete for the market share by different methods, for example, launching new products as well as partnerships and mergers.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 2023-2032: 7.00% |
Medical Radiation Detection, Monitoring & Safety Market Highlights:
Global Medical Radiation Detection, Monitoring & Safety Market Overview
The Medical Radiation Detection Monitoring Safety Market Size was valued at USD 2.0 Billion in 2023. The Global Medical Radiation Detection Monitoring Safety industry is projected to grow from USD 3.20 Billion in 2024 to USD 4.90 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.78% during the forecast period (2024 - 2032). The effects of hazardous radiation are reduced through medical radiation detection, monitoring, and safety equipment. To ensure acceptable safe radiological conditions in the workplace, radiation monitoring is carried out to examine workplace circumstances and individual exposures. These machines are utilized in a wide range of industries all around the world. The market is predicted to rise due to factors such as rising cancer prevalence and an increase in the number of diagnostic imaging centers. Regulatory regulations and changing client needs are continually driving the industry.
In January 2024, U.S. military decided to upgrade its radiation detection gear by opting for a new product called “Radiological Detection System” manufactured by D-Tect Systems, which is a unit of Ludlum located in Utah. This system is modular and can be customized by using different external probes, such as alpha or neutron detectors, depending on specific detection requirements. This was an alternative to AN/PDR-77 and AN/VDR-2 which had been outdated detectors for radiation after 35 years of usage.
In December 2023, Thermo Fisher Scientific (TFS) signed an exclusive deal with RDC to offer NetDose, a digital dosimetry device, exclusively to North American customers in healthcare, dental and veterinary markets. Use of Bluetooth technology enables radiation monitoring via NetDose’s digital technology negating reshipments from the dosimeters each time they are processed in laboratories.
In December 2023, Radiation Detection Company (RDC), a provider of dosimetry solutions that enhance accessibility, affordability and ease-of-use of radiation safety services across healthcare, veterinary, dental, and industrial sectors, entered into a distribution agreement with Thermo Fisher Scientific under which it will provide servicing support for the company’s NetDose digital dosimetry solution.
In October 2023: Honeywell launched FS24X Plus Flame Detector based on infrared technology; this is meant to prevent hydrogen flames from escalating into huge fires. It is a measure aimed at protecting workers and facilities susceptible to risks associated with hydrogen production and utilization. Rainy foggy or smoky flames can be detected by Honeywell’s FS24X Plus; put differently, infrared radiation refers to electromagnetic energy with greater wavelengths than visible light but shorter ones than radio waves that have proven their worthiness in information transmission purposes.
In June 2021,Mirion Technologies Inc., following merger with GS Acquisition Holdings Corp II sponsored by an affiliate of The Goldman Sachs Group, announced that it would be a publicly traded company. A private investment in public equity (PIPE) of USD 900 million has been executed in order to facilitate this business combination and amongst the notable investors involved are Fidelity Management & Research Company LLC, BlackRock, Neuberger Berman funds and Janus Henderson Investors.
In May 2021, Radiation monitoring systems were introduced at Queen Alia and Amman Civil airports in Jordan. This is funded by the Canadian government which aims to enhance nuclear security capabilities in the Kingdom. The project received a budget of CAD 4.5 million as part of a bilateral agreement between our two governments while this agreement worth CAD 30 million was specifically designed to upgrade Jordan’s nuclear security infrastructure.
Medical Radiation Detection, Monitoring & Safety Market Trends
The rising use of radioactive materials in industries including power generation, industrial processing, research and processing, and security has increased the demand for radioactive radiation protection equipment. Nuclear medical procedures have changed dramatically in the last decade as a result of developments in radiopharmacy, instrumentation, and information technology. The growing use of nuclear medicine in diagnosing and treating diseases including cancer and cardiovascular ailments has increased demand for Medical Radiation Detection, Monitoring & Safety Market. In top institutes, extensive research is being done on developing novel tools for detecting and quantifying radiation exposure during medical procedures.
Medical Radiation Detection, Monitoring & Safety Market Segment Insights
The global medical radiation detection, monitoring and safety market has been segmented into detector type, monitoring type, and safety type, and end user.
Medical Radiation Detection, Monitoring & Safety Detector Type Insights
Based on detector type, market segmented into gas-filled detectors, organic scintillators, inorganic scintillators and solid-state detectors. The gas-filled detectors segment is expected to account for the largest share segment of the market in 2017.
Medical Radiation Detection, Monitoring & Safety Monitoring type Insights
Based on monitoring type, medical radiation detection, monitoring and safety market segmented into Personal Dosimeters, Environmental monitors, Area Monitors, Radiological material Monitors, Others.
Medical Radiation Detection, Monitoring & Safety Type Insights
Based on safety type, medical radiation detection, monitoring and safety market segmented into Full-Body Protection Products, Face Protection Products, and others.
Medical Radiation Detection, Monitoring & Safety End User Insights
Based on end user, medical radiation detection, monitoring, and safety market segmented into hospitals, clinics, ambulatory surgical centers, and others.
Medical Radiation Detection, Monitoring & Safety Market Regional Insights
This market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The medical radiation detection, monitoring & safety market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European medical radiation detection, monitoring and safety market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The medical radiation detection, monitoring and safety market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The medical radiation detection, monitoring and safety market in the Middle East & Africa has been segmented into the Middle East and Africa.
Geographically, the Americas is anticipated to dominate the global medical radiation detection, monitoring & safety market owing to a well-established player, increasing prevalence of cancer, and increasing R&D expenses.
Europe is expected to hold the second largest position in the global medical radiation detection, monitoring & safety market. The market growth in this region is attributed to the growth in radio therapy and increasing cancer diseases in the region.
The medical radiation detection, monitoring & safety market in Asia-Pacific region consists of countries namely China, Japan, Republic of Korea, India, Australia and Rest of Asia-Pacific. The Asia-Pacific region is expected to be fastest growing region owing to the increasing adoption of these products.
The Middle East & Africa has the least share of the market.
Key players:
Some of the key players in the global medical radiation detection, monitoring and safety market are
- Mirion Technologies, Inc.
- Thermo Fisher Scientific Inc.
- Sun Nuclear Corporation
- IBA Worldwide
- Radiation Detection Company Inc.
- Biodex Medical Systems, Inc.
- Ludlum Measurements, Inc.
- Amray Medical
- Infab Corporation
- Fluke Biomedical
Medical Radiation Detection, Monitoring and Safety Segmentation
Medical Radiation Detection, Monitoring and Safety Detector Type Outlook
- Gas-filled detectors
- Solid-state detectors
- Organic scintillators
- Inorganic scintillators
Medical Radiation Detection, Monitoring and Safety Monitoring Type Outlook
- Personal Dosimeters
- Environmental monitors
- Area Monitors
- Radiological material Monitors
- Others
Medical Radiation Detection, Monitoring and Safety Type Outlook
- Full-Body Protection Products
- Face Protection Products
- Others
Medical Radiation Detection, Monitoring and Safety End User Outlook
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Others
Medical Radiation Detection, Monitoring and Safety Regional Outlook
- Americas
- North America
- US
- Canada
- South America
- Europe
- Western Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Western Europe
- Eastern Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Middle East
- Africa
Recent Development
Mirion Technologies Inc. became a publicly traded firm in June 2021 after a business combination with GS Acquisition Holdings Corp II, a special purpose acquisition company sponsored by a Goldman Sachs Group affiliate. Private investment in public equity (PIPE) of USD 900 million from investors such as Fidelity Management & Research Company LLC, BlackRock, Neuberger Berman funds, and Janus Henderson Investors will back the deal with GS Acquisition Holdings Corp II. Jordan's Queen Alia and Amman Civil airports receive radiation monitoring systems in May 2021. The project was supported by the Canadian government as part of an agreement to improve Jordan's nuclear security capabilities, with a budget of CAD 4.5 million allocated from a bilateral deal worth CAD 30 million targeted to improve Jordan's nuclear security infrastructure.
Intended Audience
- Medical radiation detection, monitoring & safety products Manufacturers
- Medical radiation detection, monitoring & safety distributors
- Hospitals, Clinics, and Association
- Contract research organization
- Various research and consulting firms
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