Global Medical Radiation Detection Market

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

Medical Radiation Detection Market News

  • 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.
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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).

The 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. 'Fortive - US', 'Mirion Technologies Inc. - US', 'Thermo Fisher Scientific Inc. - US', '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.'

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 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.

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.

North America emerged as the dominant force in the 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.

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Global Medical Radiation Detection Market

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