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Research focused on the radiation detection, monitoring and safety market set to witness an uptick by 2023

Medical Market Research

The global radiation detection, monitoring, and safety market was valued at USD 1.434 billion in 2017, and is expected to reach USD 2.091 billion by 2023, registering a CAGR of 6.42%, over the forecast period of 2018-2023. The scope of the report is limited to solutions offered by various players, including providers of detectors, monitoring, and safety equipment.

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The increased use of radioactive materials in areas, such as power production, industrial processing, medical research, processing, and the security sector, coupled with the increased threat of terrorism, has intensified the need for equipment offering protection against radioactive radiations. In addition, the amplified stability of manufacturing industries is likely to augment the growth of the market during the forecast period.

The usage of radiography testing in the manufacturing industry to test the quality of manufactured goods and inspect flaws, is also likely to fuel the growth of the market. Moreover, increasing incidences of cancer are leading to high awareness related to the harmful effect of radiations and the environmental protection agencies are initiating rules and regulations, by enforcing limitations on radiation levels.

Thus, favorable regulatory framework, technologically advanced equipment, and rising investments in nuclear weapons are fostering the growth of radiation monitoring market.
However, the deficit of raw materials for production and lack of skilled professionals are hindering the growth of the market.

Use of Drones for Radiation Monitoring Advancing the Market
Drones have an advantage, in terms of reaching places where people are not permitted. Flycam UAV, a famous drone maker, partnered with US Nuclear Corp., and placed a sensor on a drone, to detect radiation in a site.

These drones can be used to detect radiation leaks in nuclear power plants, enter places that are on fire, and send data to first responders about the kinds of hazards prevalent. Moreover, drones are increasingly being used in defence and homeland security sector, because of the threat of terrorist attacks.

The military & defense industries of several countries have raised their budgets, to safeguard their nation.

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In addition, they are being used in public gatherings and meetings or seaports, to monitor the event and detect possible radiological bombs or any other radiation material. In March 2016, a Spanish firm Escuadrone developed a mini-aircraft equipped with probes, which can detect alpha, beta, and gamma emissions.

The drone is said to have a fly-time of 90 minutes, enough time to detect radiations and report them. With the advent of such technological innovations, radiation testing has gained a competitive edge, thus supporting the growth of the market.

Medical Segment accounted for the Maximum Share
The medical and healthcare industry accounted for the highest share, owing to increasing use of dosimeters and detectors in radiology, emergency care, dentistry, nuclear medicine, and therapy applications. These are particularly required in medical procedures, such as angiography, fluoroscopy, computed tomography (CT), and radiographic imaging, which employ harmful ionizing radioactive rays to perform clinical diagnosis and monitoring.

Besides, a rise in the number of nuclear power facilities across the world is resulting in an increased demand for radiation monitoring equipment. The by-products of these power plants can be used in the healthcare industry.

Incidentally, hospitals have been promoting installation of diagnostic radiology equipment, accompanied using medical isotopes that are administered to patients.
Moreover, increasing investments in cancer therapy by the countries where the number of diagnosed patients is growing, is further expected to increase the demand for radiation therapy and medical devices.

North America Led the Market by Accounting for the Largest Share
North America accounted for the largest market share in 2017, followed by Europe, with the United States emerging as the major contributor. According to a report by National Cancer Institute, over 1.6 million people were diagnosed with cancer in the United States, out of which, almost 0.6 million succumbed to the disease.

National expenditure for cancer care in the United States totaled to nearly USD 125 billion in 2010, and is expected to reach USD 156 billion by 2020, further increasing the demand for radiation safety products in the country.

In Canada, the government is focusing on providing healthcare services remotely and reaching isolated communities, which is an ongoing challenge for most of the territories. Territorial Health Investment Fund, which was renewed as part of the budget in 2017, to USD 108 million over four years, is expected to transform the Canadian healthcare industry.

Owing to these factors, North America dominated the market in 2017.

Major Players: THERMO FISHER SCIENTIFIC INC., RADIATION DETECTION COMPANY INC., MIRION TECHNOLOGIES INC., CENTRONIC LTD, BAR-RAY PRODUCTS INC., UNFORS RAYSAFE AB, AMRAY RADIATION PROTECTION, AND LANDAUER INC., amongst others.

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Key Developments in the Market
November 2017 - Unfors RaySafe, the global leader of X-ray quality assurance solutions, launched the RaySafe X2 Solo product line, featuring sensors that are ready for measurement without special settings. This instrument speeds measurements, by eliminating unnecessary steps, such as positioning the sensor, choosing a setting or interpreting results.

The sensors are orientation independent. Therefore, technicians simply place the sensor in the X-ray beam and turn on the instrument.
October 2017 - Bar-Ray Products Inc. introduced SmartID, a web-based inspection and inventory asset management system for radiation protection products.

SmartID maintains a cumulative record of inspection dates and results for each product in an inventory and manages the inspection process through personal computer or mobile device.

Reasons to Access this Report
Understanding the impact of disasters on the market and opportunities offered by their cleanup process.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
Growth of various hardware products, such as detectors, monitoring and safety equipment.
Regional analysis of the market.
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).

Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.

Companies Mentioned:
Thermo Fisher Scientific Inc., Radiation Detection Company Inc. , Centronic Ltd., Bar-Ray Products Inc., Unfors RaySafe AB, AmRay Radiation Protection,, Mirion Technologies Inc., Landauer Inc.

Some points From TOC:

  1. Introduction
    1.1 Scope of the Study
    1.2 Executive Summary
  2. Research Approach and Methodology
    2.1 Key Deliverables of the Study
    2.2 Study Assumptions
    2.3 Analysis Methodology
    2.4 Research Phases
  3. Market Insights
    3.1 Market Overview
    3.2 Industry Attractiveness – Porter's Five Forces Analysis
    3.2.1 Bargaining Power of Suppliers
    3.2.2 Bargaining Power of Consumers
    3.2.3 Threat of New Entrants
    3.2.4 Threat of Substitute Products or Services
    3.2.5 Competitive Rivalry among Existing Competitors
    3.3 Industry Value Chain Analysis
  4. Market Dynamics
    4.1 Market Drivers
    4.1.1 Increasing Incidence of Cancer and Other Chronic Diseases
    4.1.2 Use of Drones for Radiation Monitoring
    4.2 Market Restraints
    4.2.1 Stringent Government Regulations
    4.2.2 Lack of Skilled Radiation Professionals

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