Market For Medical Radiation Detection, Monitoring, and Safety Is Projected To Rise at a CAGR of Over 6% by 2031

The market for medical radiation detection, monitoring, and safety was estimated to be worth roughly US$ 880 million in 2020. By 2031, it is anticipated to grow by 1.7X to reach US$ 1.5 billion.

Some of the key factors anticipated to propel market growth at a CAGR above 6% across the 2021–2031 forecast period include rising prevalence of cancer, rising use of nuclear medicine and radiation therapy for diagnosis and treatment, growing number of diagnostic imaging centres, and rising number of people covered by insurance.

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The readability score of the Medical Radiation Detection, Monitoring and Safety Demand report is good as it offers chapter-wise layout with each section divided into a smaller sections.

The report encompasses graphs and tables to show the entire assembling. Pictorial demonstration of the definite and estimated values of key segments is visually appealing to readers. 

This Medical Radiation Detection, Monitoring and Safety outlook report explicates on vital dynamics such as the drivers, restraints and opportunities for key players and competitive analysis of Silage Covers along with key stakeholders as well as emerging players associated with the manufacturing of product.

Competitive Landscape:

Major players with a prominent share in the market are focusing on expanding their customer base across several end-use industries.

• In 2019, Arktis Radiation Detectors Ltd had developed new flat panel gamma (FPG) detector. This detector will significantly improve the capability of detecting the radioactive materials in various applications.
• In 2020, ECOTEST Group launched new compact search radiometer-dosimeter RKS-01 STORA-ABG with a telescopic tube for quick detection and localization of alpha, beta, gamma and X-ray radiation sources.
• In 2020, The Dosimetry Services Division of Mirion Technologies acquired Dosimetrics GmbH for the development and production of OSL personal radiation dosimeters and dosimetry solutions, including readers, erasers, software, accessories and automation systems.

According to the IARC (International Agency for Research on Cancer), cancer is the second-leading cause of deaths globally, and was responsible for 10 Million deaths in 2020. Globally, around 1 in 6 deaths is due to cancer.

The market is witnessing rapid growth due to rise in the prevalence and incidence of cancer; growing use of nuclear medicine and radiation therapy for the diagnosis and treatment of cancer; widespread usage of radioactive isotopes, feed material for nuclear medicine; and increasing awareness regarding adverse effects of radioactive materials used in radiation therapy are driving demand.

Radiation therapy remains one of the main approaches to fight cancer. To reduce the negative impacts of radiation on personnel at healthcare facilities, market vendors are offering personal dosimeters and automated systems for personal dosimetry control.

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How is Increasing Safety Awareness among People Working in Radiation-prone Environments Stimulating Demand for Medical Radiation Detection, Monitoring and Safety?

Increasing use of radioactive materials in various sectors such as medical research, medical imaging, power production, industrial processes, and defense has raised an alarm regarding the health issues to those who are exposed to them by one or the other way.

Radiations can't be seen by our naked eyes, and thus, people working in a radioactive environment should properly be dressed accordingly to the code and install detectors at proper places so as to detect, monitor and prevent direct exposure of harmful radioactive elements.

Medical radiation detection, monitoring and safety devices provide the required safeguards for healthcare professionals as well as patients against exposure to radiation, thus enabling a safe environment or treatment with minimal risks. It has become a part of modern medical treatment.

Medical radiation detection, monitoring and safety systems should be used within their functional limits and design specifications. As people are more aware of the harmful effects of a radiation-prone environment, demand for safety devices is also growing.