Radiation Detection Monitoring and Safety Market by Application and Geography - Forecast and Analysis 2022-2026

Published: May 2022

Pages: 120

SKU: IRTNTR73385

Snapshot

Based on Technavio's market sizing methodology, the radiation detection monitoring and safety market size is predicted to surge by USD 1.48 billion from 2021 to 2026 at a CAGR of 7.21%.

This radiation detection monitoring and safety market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. The radiation detection monitoring and safety market report offers information on several market vendors, including Baker Hughes Co., ECOTEST, Fuji Electric Co. Ltd., Honeywell International Inc., International Medcom Inc., Mirion Technologies Inc., Polimaster LLC, Rapiscan Systems Inc., Teledyne FLIR LLC, Thermo Fisher Scientific Inc., AMETEK Inc, Amray Medical, Arktis Radiation Detectors Ltd, Bar Ray Products Inc., Centronic Ltd, John Caunt Scientific Ltd., LANDAUER, Ludlum Measurements Inc., S.E. International Inc., and Unfors RaySafe AB among others.

This report further entails radiation detection monitoring and safety market segmentations, including:

Application - Healthcare, nuclear power plants, homeland security and defense, and industrial applications
Geography - North America, Europe, APAC, Middle East and Africa, and South America

What will the Radiation Detection Monitoring and Safety Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Radiation Detection Monitoring and Safety Market Size for the Forecast Period and Other Important Statistics

Radiation Detection Monitoring and Safety Market: Key Drivers, Trends, and Challenges

The increasing military expenditure is notably driving the radiation detection monitoring and safety market growth, although factors such as the high cost of manufacturing radiation detection, monitoring, and safety devices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the radiation detection monitoring and safety industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Radiation Detection Monitoring and Safety Market Driver

The increasing military expenditure is one of the drivers fueling the radiation detection monitoring and safety market growth.
Due to the economic fallout triggered by the outbreak of the COVID-19 pandemic, global military spending grew significantly during April 2020-April 2022.
The increasing global military spending is attributed to increasing R&D spending, which is focused on the development of next-generation technologies.
For instance, China was the second-largest spender on the military sector and allocated an estimated $293 billion toward its military in 2021, an increase of 4.7% compared with 2020. Therefore, the global radiation detection, monitoring, and safety market is expected to witness during the forecast period.

Key Radiation Detection Monitoring and Safety Market Trend

Technological advancements in radiation detection is one of the key radiation detection monitoring and safety market trends supporting the radiation detection monitoring and safety market growth.
The growth of the global radiation detection, monitoring, and safety market is driven by the increasing R&D activities in end-user industries.
For instance, in November 2021, Siemens Healthineers announced the launch of Naeotom Alpha, which is the first photon-counting CT scanner globally.
In April 2020, Eureka Alert developed a new X-ray detector prototype that reduces radiation exposure and related health risks while improving the resolution in security scanners and research. Such technological advancements are likely to boost the growth of the global radiation detection, monitoring, and safety market during the forecast period.

Key Radiation Detection Monitoring and Safety Market Challenge

The high cost of manufacturing radiation detection, monitoring, and safety devices is one of the challenges hampering the radiation detection monitoring and safety market growth.
For instance, depending on the features and the level of technology, radiation detection, monitoring, and safety devices cost $11,000-$18,000 per unit.
Apart from the high initial cost of radiation detection, monitoring and safety devices, end-users also must incur additional expenses on their maintenance and calibration costs.
Many end-users are increasingly opting for refurbished radiation detection and monitoring equipment due to budget constraints. Thus, the high cost of manufacturing radiation detection, monitoring, and safety devices is expected to hinder the growth of the global market in focus during the forecast period.

This radiation detection monitoring and safety market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global radiation detection monitoring and safety market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the radiation detection monitoring and safety market during the forecast period.

Who are the Major Radiation Detection Monitoring and Safety Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

This statistical study of the radiation detection monitoring and safety market encompasses successful business strategies deployed by the key vendors. The radiation detection monitoring and safety market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

Amray Medical - Under the unified segment, the company offers radiation protection for medical, healthcare, and industrial sectors in global markets.
Amray Medical - The company offers a wide range of radiation shielding materials such as skirts, vests, aprons, screens, and eyewear.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The radiation detection monitoring and safety market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Radiation Detection Monitoring and Safety Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the radiation detection monitoring and safety market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Radiation Detection Monitoring and Safety Market?

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34% of the market's growth will originate from North America during the forecast period. The US is the key market for radiation detection monitoring and safety market in North America. Market growth in this region will be faster than the growth of the market in Middle East and Africa.

The rising number of PET/CT scan procedures performed on patients will facilitate the radiation detection monitoring and safety market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 outbreak negatively affected many industries, especially the US and Canada were highly affected by the spread of COVID-19. However, with the ramping up of COVID-19 vaccination drives from Q4 2020, most restrictions on the operations of medical device and industrial manufacturing units were lifted. Thus, with the reopening of several manufacturing units, the radiation detection, monitoring, and safety market in the region is estimated to grow during the forecast period.

What are the Revenue-generating Application Segments in the Radiation Detection Monitoring and Safety Market?

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The radiation detection monitoring and safety market share growth by the healthcare segment will be significant during the forecast period. There is an increase in the demand for radiation detection, monitoring, and safety solutions in healthcare facilities, owing to the increasing use of radiation-based equipment in the diagnosis and treatment of several health conditions and diseases and the increasing adoption of diagnostic nuclear medicine equipment. These factors are expected to drive the radiation detection monitoring and safety market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the radiation detection monitoring and safety market size and actionable market insights on the post-COVID-19 impact on each segment.

Radiation Detection Monitoring and Safety Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 7.21%
Market growth 2022-2026	$1.48 billion
Market structure	Fragmented
YoY growth (%)	6.12
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 34%
Key consumer countries	US, China, Japan, Germany, and France
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Baker Hughes Co., ECOTEST, Fuji Electric Co. Ltd., Honeywell International Inc., International Medcom Inc., Mirion Technologies Inc., Polimaster LLC, Rapiscan Systems Inc., Teledyne FLIR LLC, Thermo Fisher Scientific Inc., AMETEK Inc, Amray Medical, Arktis Radiation Detectors Ltd, Bar Ray Products Inc., Centronic Ltd, John Caunt Scientific Ltd., LANDAUER, Ludlum Measurements Inc., S.E. International Inc., and Unfors RaySafe AB
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, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Radiation Detection Monitoring and Safety Market Report?

CAGR of the market during the forecast period 2022-2026
Detailed information on factors that will drive radiation detection monitoring and safety market growth during the next five years
Precise estimation of the radiation detection monitoring and safety market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the radiation detection monitoring and safety industry across North America, Europe, APAC, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of radiation detection monitoring and safety market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between2021 and 2026

4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Application

5.1 Market segments
- Exhibit 24: Chart on Application - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Application - Market share 2021-2026 (%)

5.2 Comparison by Application
- Exhibit 26: Chart on Comparison by Application
- Exhibit 27: Data Table on Comparison by Application

5.3 Healthcare - Market size and forecast 2021-2026
- Exhibit 28: Chart on Healthcare - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Healthcare - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Healthcare - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Healthcare - Year-over-year growth 2021-2026 (%)

5.4 Nuclear power plants - Market size and forecast 2021-2026
- Exhibit 32: Chart on Nuclear power plants - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Nuclear power plants - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Nuclear power plants - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Nuclear power plants - Year-over-year growth 2021-2026 (%)

5.5 Homeland security and defense - Market size and forecast 2021-2026
- Exhibit 36: Chart on Homeland security and defense - Market size and forecast 2021-2026 ($ million)
- Exhibit 37: Data Table on Homeland security and defense - Market size and forecast 2021-2026 ($ million)
- Exhibit 38: Chart on Homeland security and defense - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Homeland security and defense - Year-over-year growth 2021-2026 (%)

5.6 Industrial applications - Market size and forecast 2021-2026
- Exhibit 40: Chart on Industrial applications - Market size and forecast 2021-2026 ($ million)
- Exhibit 41: Data Table on Industrial applications - Market size and forecast 2021-2026 ($ million)
- Exhibit 42: Chart on Industrial applications - Year-over-year growth 2021-2026 (%)
- Exhibit 43: Data Table on Industrial applications - Year-over-year growth 2021-2026 (%)

5.7 Market opportunity by Application
- Exhibit 44: Market opportunity by Application ($ million)

6 Customer Landscape

6.1 Customer landscape overview
- Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation
- Exhibit 46: Chart on Market share by geography 2021-2026 (%)
- Exhibit 47: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison
- Exhibit 48: Chart on Geographic comparison
- Exhibit 49: Data Table on Geographic comparison

7.3 North America - Market size and forecast 2021-2026
- Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026
- Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 APAC - Market size and forecast 2021-2026
- Exhibit 58: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.6 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.7 South America - Market size and forecast 2021-2026
- Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026
- Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 China - Market size and forecast 2021-2026
- Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

7.10 Germany - Market size and forecast 2021-2026
- Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.11 Japan - Market size and forecast 2021-2026
- Exhibit 82: Chart on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on Japan - Year-over-year growth 2021-2026 (%)

7.12 France - Market size and forecast 2021-2026
- Exhibit 86: Chart on France - Market size and forecast 2021-2026 ($ million)
- Exhibit 87: Data Table on France - Market size and forecast 2021-2026 ($ million)
- Exhibit 88: Chart on France - Year-over-year growth 2021-2026 (%)
- Exhibit 89: Data Table on France - Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography
- Exhibit 90: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges
- Exhibit 91: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape
- Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption
- Exhibit 93: Overview on factors of disruption

9.4 Industry risks
- Exhibit 94: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered
- Exhibit 95: Vendors covered

10.2 Market positioning of vendors
- Exhibit 96: Matrix on vendor position and classification

10.3 Amray Medical
- Exhibit 97: Amray Medical - Overview
- Exhibit 98: Amray Medical - Product / Service
- Exhibit 99: Amray Medical - Key offerings

10.4 Fuji Electric Co. Ltd.
- Exhibit 100: Fuji Electric Co. Ltd. - Overview
- Exhibit 101: Fuji Electric Co. Ltd. - Business segments
- Exhibit 102: Fuji Electric Co. Ltd. - Key offerings
- Exhibit 103: Fuji Electric Co. Ltd. - Segment focus

10.5 Honeywell International Inc.
- Exhibit 104: Honeywell International Inc. - Overview
- Exhibit 105: Honeywell International Inc. - Business segments
- Exhibit 106: Honeywell International Inc. - Key news
- Exhibit 107: Honeywell International Inc. - Key offerings
- Exhibit 108: Honeywell International Inc. - Segment focus

10.6 LANDAUER
- Exhibit 109: LANDAUER - Overview
- Exhibit 110: LANDAUER - Product / Service
- Exhibit 111: LANDAUER - Key offerings

10.7 Ludlum Measurements Inc.
- Exhibit 112: Ludlum Measurements Inc. - Overview
- Exhibit 113: Ludlum Measurements Inc. - Product / Service
- Exhibit 114: Ludlum Measurements Inc. - Key offerings

10.8 Mirion Technologies Inc.
- Exhibit 115: Mirion Technologies Inc. - Overview
- Exhibit 116: Mirion Technologies Inc. - Product / Service
- Exhibit 117: Mirion Technologies Inc. - Key offerings

10.9 Polimaster LLC
- Exhibit 118: Polimaster LLC - Overview
- Exhibit 119: Polimaster LLC - Product / Service
- Exhibit 120: Polimaster LLC - Key news
- Exhibit 121: Polimaster LLC - Key offerings

10.10 S.E. International Inc.
- Exhibit 122: S.E. International Inc. - Overview
- Exhibit 123: S.E. International Inc. - Product / Service
- Exhibit 124: S.E. International Inc. - Key offerings

10.11 Teledyne FLIR LLC
- Exhibit 125: Teledyne FLIR LLC - Overview
- Exhibit 126: Teledyne FLIR LLC - Business segments
- Exhibit 127: Teledyne FLIR LLC - Key offerings
- Exhibit 128: Teledyne FLIR LLC - Segment focus

10.12 Thermo Fisher Scientific Inc.
- Exhibit 129: Thermo Fisher Scientific Inc. - Overview
- Exhibit 130: Thermo Fisher Scientific Inc. - Business segments
- Exhibit 131: Thermo Fisher Scientific Inc. - Key news
- Exhibit 132: Thermo Fisher Scientific Inc. - Key offerings
- Exhibit 133: Thermo Fisher Scientific Inc. - Segment focus

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist
- Exhibit 134: Inclusions checklist
- Exhibit 135: Exclusions checklist

11.3 Currency conversion rates for US$
- Exhibit 136: Currency conversion rates for US$

11.4 Research methodology
- Exhibit 137: Research methodology
- Exhibit 138: Validation techniques employed for market sizing
- Exhibit 139: Information sources

11.5 List of abbreviations
- Exhibit 140: List of abbreviations

adoption of automation in manufacturing the process: The requirement of automation has evolved multifold in the industrial environment. The automation solutions have improved from the implementation of fixed automation to the current flexible and integrated automation, which enables end-users to integrate various processes into a single closed solution. The need to address optimization of processes, extend the level of autonomous processes, continuous monitoring and control of process parameters and safety concerns are driving the implementation of flexible automation solutions in the process and discrete industries.

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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