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(Health-NewsWire.Net, August 26, 2020 ) The major factors driving the growth of this market are the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, growing incidences of cancer, increasing safety awareness among people working in radiation-prone environments, growing healthcare industry worldwide, and rising insurance coverage. On the other hand, stringent regulatory guidelines are expected to restrain the growth of this market during the forecast period.
According MarketsandMarkets Research - The Global Medical Radiation Detection Market is expected to reach USD 1,215.4 million, at a CAGR of 6.5% during the forecast period.
Market Dynamics:
Opportunity: Emerging Markets;
Australia, China, Japan, Singapore, India, and South Korea are the major emerging markets in the Asia- Pacific region for radiation detection, monitoring, and safety. In most of these countries, the market is still in the nascent stage. Emerging economies like India, China, Brazil, and Russia are expected to showcase a significant growth potential in the coming years. More than half of the world’s population resides in India and China, and these markets are home to a large number of end users in the radiation detection, monitoring, and safety market. This is further spurred by the growing incidences of cancer in these countries. According to the World Health Organization (WHO), more than two-thirds of the new cancer cases and related deaths will occur in the developing countries. The British medical journal, Lancet, states that Asia's cancer rate is projected to increase from 2005 by almost 60% to 7.1 million new cases a year by 2020.
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The personal dosimeters segment is accounted for the largest share of the market during the forecast period
On the basis of product, the medical radiation detection and monitoring market is segmented into personal dosimeters, area process monitors, environment radiation monitors, surface contamination monitors, radioactive material monitors, and other products. In 2016, the personal dosimeters segment accounted for the largest share of the market. The growth of this segment can be attributed to the high demand for personal dosimeters in the medical field.
The full-body protection products segment is expected to grow at the highest CAGR during the forecast period.
On the basis of product, the medical radiation safety market is segmented into full-body protection products, face protection products, hand safety products, and other safety products. The full-body protection products segment is expected to grow at the highest CAGR during the forecast period. The increase in the number of radiological procedures and awareness among physicians, radiologists, and patients are driving the growth of the full-body protection products market.
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On the basis of region, the medical radiation detection, monitoring, and safety market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America dominated the medical radiation detection market. On the other hand, the Asian region is expected to grow at the fastest growth rate due to the growing number of hospitals, rising incidence of cancer, increasing installations of radiological imaging systems, and rising adoption of radiation therapy for the treatment of diseases.
Key players in the medical radiation detection, monitoring, and safety market are Landauer, Inc. (U.S.), Mirion Technologies, Inc. (U.S.), IBA Worldwide (Belgium), Thermo Fisher Scientific (U.S.), Sun Nuclear Corporation (U.S.), Ludlum Measurements, Inc. (U.S.), Radiation Detection Company, Inc. (U.S.), Biodex Medical Systems, Inc. (U.S.), Arrow-Tech, Inc. (U.S.), Fluke Biomedical (U.S.), AmRay Medical (Ireland), Infab Corporation (U.S.), and PTW Freiburg GmbH (Germany).
MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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