USD 100 million
Global Medical Radiation Detection Market Size, Share, Growth Analysis, By Type(Gas-filled detectors, Scintillators), By End-use(Hospitals, Ambulatory surgical centers) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2539 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
64 |
Figures:
70
Global Medical Radiation Detection Market Insights
Global Medical Radiation Detection Market size was valued at USD 100 million in 2022 and is poised to grow from USD 106.80 million in 2023 to USD 180.78 million by 2031, growing at a CAGR of 6.8% during the forecast period (2024-2031).
Medical radiation detectors are essential equipment used to identify the presence of radiation. Prolonged exposure to radiation can lead to various life-threatening illnesses, thus creating a demand for devices capable of measuring radiation levels in the body. Handheld Survey Meters (HSM), personal radiation detectors (PRD), Radiation Portal Monitors (RPM), and Radiation Isotope Identification Devices (RIID) are some of the primary detectors available for identifying radioactive materials and ionizing radiation. Technological advancements have made it possible for various radiation detection devices to become accessible for use at home. Dosimeters, for instance, are medical radiation detection equipment that can detect the presence of Gamma rays, which pose the most significant external radioactive threat. The increasing prevalence of cancer necessitates the use of medical radiation detectors, driving market expansion. Additionally, the use of nuclear medicine and radiation therapy for the diagnosis and treatment of acute radiation illness contributes to future market growth. The growing number of diagnostic imaging facilities that require medical radiation detectors to prevent excessive radiation exposure also fuels market development during the forecast period.
Increasing awareness about the importance of safety from prolonged radiation exposure, particularly in radiation-prone settings, along with a rise in the number of individuals with medical insurance, drives the growth of the medical radiation market. However, the high cost of medical radiation detection devices may hinder market expansion. Nonetheless, the potential for increased demand in emerging markets is expected to generate more opportunities for the industry in the coming years.
US Medical Radiation Detection Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
gas-filled detectors
Fastest Growth
gas-filled detectors
Growth Rate
6.8% CAGR
Global Medical Radiation Detection Market ($ Bn)
Country Share for North America Region (%)
Global Medical Radiation Detection Market By Type ($ Bn)
Global Medical Radiation Detection Market By Type (%)
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Global Medical Radiation Detection Market Segmental Analysis
The global medical radiation detection market is segmented on the basis of type, end-use, and region. By type, the market is segmented into gas-filled detectors, scintillators, and solid-state. By end user, the market is segmented into gas-filled detectors, scintillators, and solid-state detectors. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medical Radiation Detection Market Analysis By Type
The market is categorized into gas-filled detectors, scintillators, and solid-state detectors based on their type. Gas-filled detectors held the largest market share in 2022, becoming increasingly popular due to their distinct advantages compared to other radiation detectors. Gas-filled detectors exhibit a high sensitivity to ionizing radiation and are capable of detecting extremely low radiation levels, making them well-suited for monitoring radiation in environments requiring meticulous attention.
Solid-state detectors are projected to experience the most rapid compound annual growth rate throughout the forecast period. These detectors possess exceptional efficiency in detecting ionizing radiation, efficiently converting a significant portion of incident radiation into an electrical signal. This enables them to accurately detect minute radiation levels with a high level of precision.
Medical Radiation Detection Market Analysis By End Use
Based on the intended usage, the market is divided into hospitals, ambulatory surgical centers, diagnostic imaging centers, and home care. The hospitals segment held the largest market share in 2022. This can be attributed to the rise in the elderly population and an increase in chronic diseases, leading to a higher demand for medical imaging procedures like X-rays, CT scans, and PET scans. The United Nations estimated that the global population of individuals aged 65 and above was around 703 million, further contributing to the market growth. In these procedures, medical radiation detectors are crucial to ensure patients receive the appropriate radiation dosage and prevent overexposure.
The diagnostic imaging centers segment is expected to exhibit the highest compound annual growth rate (CAGR) throughout the forecast period. This growth is driven by advancements in medical radiation technology, with manufacturers continuously improving detectors to enhance accuracy, reliability, and user-friendliness. For instance, some detectors now utilize solid-state detectors, which offer superior efficiency and sensitivity compared to gas-filled detectors.
Global Medical Radiation Detection Market By Type, 2023 (%)
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Global Medical Radiation Detection Market Regional Insights
North America emerged as the dominant force in the global market in 2022. This can be attributed to the rising concern regarding the potential risks associated with exposure to ionizing radiation during medical procedures. As a result, medical facilities and regulatory bodies in North America are placing increased emphasis on radiation safety. This has created a higher demand for medical radiation detectors that can accurately measure radiation levels and contribute to ensuring patient safety. Furthermore, governments in North America have implemented stringent regulations regarding the utilization of radiation in medical procedures. This has further fueled the demand for medical radiation detectors that can ensure compliance with these regulations.
On the other hand, the Asia Pacific region is expected to experience the fastest compound annual growth rate. This growth is primarily driven by the increasing prevalence of chronic diseases, including cancer. Many cancer treatments, such as radiation therapy, involve the use of ionizing radiation. As the incidence of cancer continues to rise in the region, the demand for medical radiation detectors is also increasing. These detectors play a crucial role in ensuring that patients receive safe and effective treatment by accurately monitoring radiation levels.
Global Medical Radiation Detection Market By Region, 2024-2031
- Largest
- Fastest
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Global Medical Radiation Detection Market Dynamics
Medical Radiation Detection Market Drivers
Radiation Therapy and Nuclear Medicine Acceptance Rates have Enlarged:
- The market is experiencing growth due to several factors. Firstly, there has been an increase in insurance coverage among individuals, leading to higher exposure to medical services. Secondly, there is a global rise in the incidence of cancer, which has contributed to the demand for medical radiation detectors. Lastly, the number of diagnostic imaging centers has also increased, further fueling the growth of the market.
Regulatory Requirements and Evolving Customer Needs
- The growing utilization of radioactive materials across various sectors such as power generation, industrial processing, research and development, and security has created a demand for equipment that can provide protection against radioactive radiation.
Medical Radiation Detection Market Restraints
Challenges
- The market expansion for radiation safety is hindered by the scarcity and shortage of trained specialists, as well as strict laws and compliance regulations. Delays in product approvals, caused by the government's stringent rules, further impede the market's growth. This report on the medical radiation detection, monitoring, and safety market offers comprehensive insights into recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of local and regional market players, opportunities in emerging revenue pockets, changes in market regulations, strategic growth analysis, market size, category market growth, application niches, dominance, product approvals, product launches, geographic expansions, and technological innovations. For more information on the medical radiation detection, monitoring, and safety market, you can contact Data Bridge Market Research for an Analyst Brief. Our team will assist you in making informed market decisions to achieve growth.
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Global Medical Radiation Detection Market Competitive Landscape
The global medical radiation detection market is characterized by a highly competitive landscape. The market players are focused on developing technologically advanced and innovative solutions to meet the growing demand for radiation detection devices in healthcare settings. These companies are actively involved in research and development activities to enhance the performance and efficiency of their products. Strategic partnerships, collaborations, and acquisitions are prevalent in the market as companies aim to expand their product portfolios and geographical presence.
Companies are also investing in improving their manufacturing capabilities and distribution networks to cater to the increasing global demand. Government regulations and compliance standards play a crucial role in shaping the competitive landscape of the market. Companies are required to adhere to strict quality standards and obtain necessary certifications to ensure the safety and effectiveness of their radiation detection devices. Customer focus and satisfaction are paramount for companies operating in this market. Providing reliable, accurate, and user-friendly radiation detection solutions is essential to gain a competitive edge. Additionally, companies are also investing in customer support services, training programs, and after-sales support to enhance the overall customer experience. Overall, the global medical radiation detection market is highly competitive, with companies striving to differentiate themselves through technological advancements, partnerships, and a strong focus on customer needs.
Medical Radiation Detection Market Top Player’s Company Profile
- Ludlum Measurements, Inc. - US
- IBA Worldwide - Belgium
- Biodex Medical System, Inc. - US
- Polimaster, Inc. - Austria
- Amyray Group - Ireland
- PTW Freiburg GmbH - Germany
- Infab Corporation - US
- Centronc - UK
- Arrow-Tech, Inc - US
- Centronic - UK
- LND - US
- Bar-Ray Products – US.
Medical Radiation Detection Market Recent Developments
- In June 2021, Mirion Technologies Inc. recently announced its transition to a publicly-traded company following a merger with GS Acquisition Holdings Corp II, a special purpose acquisition company sponsored by an affiliate of The Goldman Sachs Group. To facilitate this business combination, a private investment in public equity (PIPE) of USD 900 million was secured from prominent investors including 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 initiative, funded by the Canadian government, aims to strengthen the Kingdom's nuclear security capabilities. The project, which received a budget of CAD 4.5 million, is part of a bilateral agreement between the two governments. This agreement, valued at CAD 30 million, is specifically dedicated to enhancing Jordan's nuclear security infrastructure.
Global Medical Radiation Detection Key Market Trends
- Growing Emphasis on Radiation Safety Regulations and Guidelines: Governments and regulatory bodies worldwide are implementing stricter norms to ensure the proper use of radiation in medical procedures. This has increased the demand for medical radiation detection devices that can accurately measure radiation levels, monitor exposure, and ensure compliance with safety standards. Healthcare facilities are increasingly investing in radiation detection equipment to protect both patients and healthcare professionals.
Global Medical Radiation Detection Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global medical radiation detection market analysis, the increasing concerns about radiation safety in healthcare settings. The market is characterized by the adoption of advanced radiation detection devices that offer enhanced accuracy, sensitivity, and user-friendliness. Stricter regulations and guidelines regarding radiation safety have propelled the demand for medical radiation detection devices. Governments and regulatory bodies are focusing on ensuring compliance with safety standards, leading to increased investments in radiation detection equipment by healthcare facilities. Integration of radiation detection devices with healthcare information systems is also gaining prominence, allowing for seamless data management and real-time monitoring of radiation exposure.
The market is witnessing a growing demand for portable and wearable radiation detection devices, providing flexibility and convenience in various healthcare settings. These devices enable real-time monitoring of radiation levels during procedures and continuous monitoring of radiation exposure for healthcare workers. In terms of regional dominance, North America has emerged as a leading market for medical radiation detection, driven by growing concerns about radiation risks, strict regulations, and a well-established healthcare infrastructure. Additionally, the Asia Pacific region is experiencing rapid market growth due to the increasing prevalence of cancer and the rising adoption of nuclear medicine and radiation therapy for diagnosis and treatment. Overall, the global medical radiation detection market is poised for substantial growth, fuelled by technological advancements, stringent regulations, and the need for enhanced radiation safety in healthcare. North America currently dominates the market, while the Asia Pacific region is projected to exhibit the fastest growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 100 million |
| Market size value in 2031 | USD 180.78 million |
| Growth Rate | 6.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Medical Radiation Detection Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Medical Radiation Detection Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Medical Radiation Detection Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Radiation Detection Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Radiation Detection Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Medical Radiation Detection Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Medical Radiation Detection Market Report Snapshots
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