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(Health-NewsWire.Net, July 09, 2021 ) The study involved four major activities in estimating the current size of the medical radiation detection, monitoring and safety market. Exhaustive secondary research was done to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
Expected Revenue Surge: The Global Medical Radiation Detection Market size is projected to reach USD 1,207 million by 2025 from USD 949 million in 2020, at a CAGR of 4.9% during the forecast period.
GROWTH OPPORTUNITY: Growing opportunity in 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 products. 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 incidence of cancer in these countries.
Many of the developing nations are expected to witness high growth in terms of the number of new cancer cases as compared to the developed nations, creating a huge scope for medical radiation detection, monitoring, and safety devices. According to GLOBOCAN 2018, the Asian region accounts for nearly half of the new cancer cases and more than half of cancer deaths. This can be attributed to the fact that about 60% of the world’s population resides in Asia.
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Market Segmentation in Detailed:
Based on Detector Type; the medical radiation detection and monitoring market is segmented into gas-filled detectors, solid-state detectors, and scintillators. In 2019, the gas-filled detectors segment accounted for the largest market share of medical radiation detection and monitoring market . The large share of this segment can be attributed to the favorable performance-to-cost ratio of gas-filled detectors coupled with their wide application in the medical imaging field.
Based on Products; the medical radiation safety market is segmented into full-body protection, face protection, hand safety, and other medical radiation safety products. In 2019, the full-body protection products segment accounted for the largest market share of medical radiation safety market . The growing number of radiological procedures performed and increasing awareness among physicians, radiologists, and patients are driving the growth of the full-body protection products segment.
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Geographically; the medical radiation monitoring and safety market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the medical radiation detection, monitoring and safetymarket. The large share of North America can be attributed to factors such as the increasing awareness about radiation safety, growing number of radiodiagnostic procedures performed, and ongoing research aimed at the development of new and advanced radiation detection, monitoring, and safety products are driving the growth of the North American medical radiation detection, monitoring, and safety market.
The major players in the medical radiation detection safety market are Fortive Corporation (US), Mirion Technologies (US), IBA Worldwide (Belgium), Thermo Fisher Scientific (US), and Sun Nuclear Corporation (US).
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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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