Radiation Detection, Monitoring and Safety Market Worth About USD 19.5 billion By 2025
The Global radiation detection, monitoring and safety market is expected to value at USD 1.6 billion by 2024. The market is subject to witness a substantial growth due to the growing adoption of nuclear medicine and radiation therapy. Rising demand for nuclear medicine and radiation therapy is attributed to growing incidences of cancer-related diseases.
Increasing
healthcare expenditure and recent enhancements in the existing medical
infrastructure, particularly in the North America region are expected to fuel
market demand for radiation detection, monitoring and safety services in the
upcoming years. Globally, the radiation detection, monitoring & safety
industry is predicted to grow at CAGR of 7.3% in the forecast period, providing
numerous opportunities for market players to invest for research and
development in the market.
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The
rising occurrence of cancer-related diseases and growing awareness among
general population are major contributing factors for robust market growth in
the last few years. Rising influence of commercialization and digitalization in
healthcare sector are driving demand of the radiation detection, monitoring and
safety services, in the recent years. Furthermore, recent technological
advancement and increasing adoption of digital services in healthcare sector is
leading increasing commercialization of next generation diagnostic is expected
to fuel market demand for radiation detection, monitoring and safety services
over the forecast period.
Soaring
demand for advanced analytical techniques for treatment of cancer is predicted
to favor market growth in the upcoming years. In addition, surging need for
fewer intrusive surgeries and introduction of disposable instruments is
projected to foster the growth of radiation detection, monitoring & safety
market over the forecast period. The recent technological advancement coupled
with development of the novel products & techniques such as genetic therapy
are expected to provide platform for the sustained market growth of radiation
detection, monitoring & safety in the upcoming years.
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The
radiation detection, monitoring and safety industry is broadly categorized into
three major segments based on the product type in radiation detection segment
such as gas-filled detectors, scintillators and solid-state detectors. The
gas-filled detectors is considered as one of the fastest growing segment in the
radiation detection, monitoring and safety market with substantial revenue
generation in the last few years.
The
radiation detection, monitoring & safety industry is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in the implementation
of latest technologies in healthcare sector, increase in the number of research
& development activities in the region and existence of well-established
medicinal infrastructure.
Asia-Pacific
region is predicted to hold major market share in the radiation detection,
monitoring & safety market with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific
market with strong economic growth, rising healthcare infrastructure,
increasing per capita income, growing prevalence of cancer related diseases,
ever-growing population base, and significant investment by leading industry
players considering potential growth opportunities in the region.
The
key players in the radiation detection, monitoring and safety industry are
Landauer Inc., Mirion Technologies, Inc., Ludlum Measurements, Inc., Thermo
Fisher Scientific Co., Radiation Detection Company, Inc., Canberra Industries,
Inc., Arrow-Tech, Inc., Centronic Ltd., AmRay Medical Co., Atomtexs.P.e, and
RAE Systems, Inc.
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