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The Radiation Detection Monitoring Equipment Market size is forecasted to increase by USD 1,661.03 million with a a CAGR of 7.57% between 2022 and 2027. The growth of the market depends on several factors, including demand from healthcare facilities, increasing use of radiation monitoring in different industries, and regulations mandating the use of this equipment. Products that are instruments used to detect, identify, and monitor specific forms of radiation (such as alpha, beta, gamma, and neutron) in nuclear power, environmental, industrial, medical, and security applications. They are also used by first responders in safety and security situations and for worker safety in nuclear power stations and other industrial facilities.
The report extensively covers market segmentation by product (dosimeters, survey meters, area monitors, and others), type (detection, monitoring, and safety), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Demand from healthcare facilities is the key driver for the growth of the global radistion monitoring euipment market. There is an increase in demand for equipment in healthcare facilities due to the rising use of radiation-based equipment in the diagnosis and treatment of various health problems. According to the World Health Organization (WHO), 37 million nuclear medicine procedures are carried out, and 7.5 million radiotherapy treatments are given worldwide.
In addition, organizations such as the International Atomic Energy Agency (IAEA) have taken initiatives to ensure patients treated with radiation beams receive the correct doses. Even the Center for Devices and Radiological Health (CDRH) In the US is taking initiatives to protect workers and patients from hazardous or unnecessary radiation exposure from radiation-emitting electronic products. The revised rules also specify that the radiation dose of every CT exam must be recorded and that high radiation dose incidents must be evaluated against the industry benchmarks. These factors are expected to drive the growth of the global radition monitoring equipment market during the forecast period.
Service contracts for equipment is the primary trend in the market. The US Department of Energy and Department of Defense (DoD) and large private nuclear power plants have their own in-house radiation measurement services. However, several facilities, such as small and medium-sized hospitals, and medical and dental offices, do not have adequate resources to procure and maintain radiation detection and monitoring services. Hence, such users prefer to enter into service contracts with service providers such as LANDAUER.
Moreover, by partnering with radiation detection and monitoring service providers, facilities have some key advantages, such as mitigating capital investment and eliminating the need to recruit, train, and manage qualified professionals to conduct radiation surveys and analyze the data. These service contracts are beneficial to service providers also as the agreements generally have a high renewal rate. Companies such as LANDAUER have been focusing on expanding their radiation detection services into new international markets. Such factors are expected to
The high cost of equipment is the major challenge to the growth of the radiation detection euipment market. Owing to an increase in demand for equipment from nuclear power plants, scrap metal recycling facilities, fracking and oil and gas exploration companies, and various other industrial end-users. Radiation workers at these nuclear facilities also require radiation monitoring instruments to accurately measure the dose of radiation that they receive while working near equipment containing instruments to ensure that the radioactive sources in the equipment are not leaking and giving off hazardous radiation levels.
Moreover, radiation detection and monitoring are also increasingly gaining prominence in defense and homeland security. Security personnel need fast-responding radiation monitoring to track the illicit or inadvertent movement of materials. Radiation detection equipment is also needed for surveillance at national borders and coastlines owing to the rising incidents of smuggling of radioactive sources. Without proper equipment, the accidental melting of a source can contaminate an entire factory. Such applications of radiation monitoring equipment are expected to drive the growth of the global market during the forecast period.
The market share growth by the dosimeters segment will be significant during the forecast period. A dosimeter is a small radiation monitoring device that measures an individual accumulated ionizing radiation dose that is obtained from external sources in order to evaluate the potentially harmful health effects of radiation. These devices are routinely used in occupational radiation environments in the nuclear industry. Dosimeters can be further classified into electronic personal dosimeters (EPDs), self-reading dosimeters, and processed dosimeters.
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The dosimeters segment showed a gradual increase in the market share of USD 1,481.43 million in 2017 and continued to grow by 2021. They are less precise than electronic dosimeters and do not have alarm capabilities. Radiochromic devices are suitable for applications where they are needed to provide real-time dose information on a large scale and at a lower cost. Owing to the increasing demand for dosimeters from various end-users, dosimeters are increasingly being required to independently verify the quantity of the dose delivered during radiation treatments to improve patient safety and quality of care. More than eight out of ten hospitals in the US use dosimeter badges for radiation monitoring to protect their staff who work around or with radiation-emitting devices. Such factors are expected to drive the growth of the dosimeters segment of the global radiation detector and monitoring equipment market during the forecast period.
Survey meters are portable, handheld ionizing radiation measurement instruments used to detect and measure external or ambient ionizing radiation fields. The pulses of light are counted electronically and displayed as a count rate or exposure rate. Scintillation counters are used extensively as they can be manufactured at low costs, offer optimal quantum efficiency, and determine the energy and intensity of incident radiation. Unlike other commercially available handheld instruments such as EPDs and alarming personal radiation detectors (PRDs), survey meters are primarily made for conducting radiological surveys. Hence, they are increasingly being adopted to conduct radiological surveys in industrial, medical, and scientific facilities. Such factors are expected to drive the growth of the survey meters segment of the global radiation detection and monitoring market during the forecast period.
The detection and monitoring segment of the global Market is expected to be dominated by North America and Europe. These regions have a well-established healthcare infrastructure and a large number of nuclear power plants. In addition, the presence of a large number of defense and security organizations in these regions, and the rising demand in the healthcare industry is due to the rising incidence of cancer and other diseases that require radiation therapy.
Furthermore, the increasing use of nuclear medicine in the diagnosis and treatment of diseases, and the rising number of nuclear power plants being built around the world. due to the need to ensure the safety of workers and the public from radiation exposure. the rising demand in the defense and security industry is due to the growing threat of nuclear terrorism is also expected to drive the growth of the global detection and monitoring segment of the market during the forecast period.
Radiation detection and monitoring equipment segment includes alarm systems that provide audible and visual alerts when radiation levels exceed thresholds level. These alarms help to ensure the safety of personnel by immediately notifying them of potential hazards. Some advanced radiation detection equipment includes features to calculate radiation doses based on the measured radiation levels and exposure time. This shielding helps to maintain the accurate and reliable performance of the equipment while ensuring operator safety. Such factors are expected to drive the growth of the safety segment of the global Market during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Owing to the strong presence of key vendors, increasing adoption of technologically advanced radiation monitoring equipment, and increasing demand from various end-users, such as the healthcare and nuclear industries the US and Canada account for the majority of market share in the region. The US DHS is funding initiatives for the development of radiation detection materials and related technology as well as various radiation montioring concepts, approaches, and techniques.
Furthermore, The Canadian government has launched the Radiation Detection System (RDS) Project, which is expected to replace three fleets of detectors currently in service. Various organizations in this region, such as the Canadian Nuclear Safety Commission and the US Nuclear Regulatory Commission (NRC), have set limits on how much radiation the public and nuclear energy workers can receive. In order to comply with such regulations, end-users in this region are increasingly adopting radiation measurement equipment. Such factors are expected to drive the growth of the regional Market during the forecast period.
In 2020, the spread of the COVID-19 pandemic outbreak affected this region mainly the US due to restricted lockdowns. However, in 2022, with the large vaccination drives conducted by the governments, the lifting of lockdowns helped in the resumption of various business activities, such as electronic equipment manufacturing. Such factors are expected to drive the growth of the regional Market during the forecast period.
The industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The Market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Radiation Detection and Monitoring Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.57% |
Market growth 2023-2027 |
USD 1,661.03 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.12 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AMETEK Inc., Arktis Radiation Detectors Ltd., ATOMTEX SPE, Berkeley Nucleonics Corp., CNIM SA, Cobham Ltd., Dynasil Corp. of America, ECOTEST, Fortive Corp., Furukawa Electric Co. Ltd., Honeywell International Inc., International Medcom Inc., James Fisher and Sons Plc, LAURUS Systems, Ludlum Measurements Inc., Mirion Technologies Inc., PCE Holding GmbH, Polimaster LLC, Radiation Detection Co., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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