Photon Counter Market Size, Share & Analysis | Forecast 2030

Report Description

Photon Counter Market Outlook

The global Photon Counter Market was valued at USD 1,571.4 million in 2021 and is projected to reach USD 3,089.0 million by 2030, expanding at a CAGR of 7.9% during the forecast period. Photon counters usually contain electronics that produce a digital output pulse for each registered photon, rather than an analog signal that fluctuates.

Photon-counting CT uses energy-resolving x-ray detectors, which differ significantly from traditional energy-integrating detectors, in terms of their workings. Incoming photons are counted and their energy is measured by photon-counting CT detectors. A single-photon detector is used in the process known as ‘photon counting’ to tally individual photons.

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A single-photon detector sends a signal pulse for every photon it detects, as opposed to a standard photodetector, which produces an analog signal proportionate to the photon flux. Commonly used photon counters include photomultipliers, single-photon avalanche diodes, geiger counters, transition edge sensors, superconducting nanowire single-photon detectors, and scintillation counters.

Macro-economic Factors

Government initiatives

Demand for photon counters is projected to be driven by a variety of government initiatives and policies during the forecast period. For instance, On September 30, the US FDA approved the Siemens Naeotom Alpha, the world’s first photon-counting computed tomography (CT) scanner through the 510(k) premarket clearance pathway. 510(k) clearance establishes that a medical device is equivalent to a legally marketed predicate device. FDA and CT experts consider this a revolutionary shift in CT scanner technology.

Technological advancement

Photon counters with revolutionary add-on technology result in reduced electronic noise and high spatial resolution. Technological advancements made by various businesses and public sector organizations in photon counters drive the market.

Photon Counter Market Dynamics

Market Driver

• Rising Demand for Photon Counters in Medical Industries

Photon counting detectors estimate the energy of individual photons passing through a patient's body. Photon Counting Computed Tomography (PC-CT) is a recent application of photon-counting technology, and its benefits are evident. Better spatial resolution, increased contrast and decreased radiation exposure are among the advantages Photon counting detectors improve the contrast-to-noise ratio enabling imaging at a low dosage.

The 3D photos reveal detailed information that was previously unseen due to reduced noise. Every X-ray generates an electric signal in the detector material that corresponds to the photon's energy. This signal is evaluated and independently recorded into the associated energy channel of the correct pixel based on its strength.

This energy discrimination is inherent in the technology and does not require the installation of extra system components or radiation exposure. The rising use of photon counters in the medical industry drives the global photon counter market.

• Increasing Use of Technologies such as Artificial Intelligence in Photon Counters

Technological developments have resulted in a paradigm shift from the use of traditional equipment to advanced technology-based equipment, which consumes less energy. The use of Artificial Intelligence (AI) is rising in medical imaging. The Applications of AI for CT began approximately 30 years ago and has increased rapidly due to advancements in AI technology. 

AI Applications include image reconstruction, disease prediction and diagnosis, post-reconstruction image denoising, and attenuation map development. These Applications are applicable for a wide range of illnesses, including cancer, heart disease neurological disorders, and kidney failure.

• Growing Applications of Structural Health Monitoring (SHM) Systems

Rising urbanization, particularly in emerging countries, has increased the number of infrastructural projects such as dams, buildings, bridges, and towers. SHM systems use photon counters and are used to monitor infrastructures, collect data, and make sound decisions. Structural health monitoring allows for real-time monitoring of structural changes, allowing companies to save money by taking preventive measures.

The adoption of SHM systems has a significant impact on the infrastructure development sector and the oil & gas industry, as SHM is becoming a standard for monitoring the status of structures. Rising Applications of SHM systems is expected to fuel the global photon counter market during the projected period.

Market Restraints

• Rising Awareness about the Adverse Effects of Radiations and Ionizations

The use of photon counters in CT technology has significant limitations despite their achievements. Firstly, patient exposure to ionizing radiation is high. Using low levels of radiation increases noise and aberrations, reducing the quality of CT images.

Secondly, CT images have poor inherent contrast, thus they are less reliable while discriminating between diseased and healthy tissues. Iodinated contrast chemicals used in CT can harm the kidneys and cause allergic responses, which compromise the health of the patient. Rising awareness among consumers regarding these issues is expected to hamper the market.

• High-Cost Requirements

The photon counter market is price sensitive. Components such as dielectric materials are costly, and setting up or commissioning new photon counters need specialized skills. Different Types of photon counters are manufactured using diverse components that are unique to a particular photon counter.

High requirement for initial investments and costly production processes restrict small enterprises from entering the market. Existing businesses benefit from these entry barriers, as they help retain their market share. Conversely, it hampers the photon counter market.

Market Opportunity

Use of IoT to Create Opportunities in the Market

The rising use of the Internet of Things (IoT) in photon counters is expected to create opportunities in the photon counter market during the forecast period. Applications of photon counters in digital holography and the emergence of x-ray photon counting are expected to lead to sizable demand in the market. IoT extensively uses sensors, thus increasing security and reducing human interaction.

Sensors are used in the networked lighting system to offer pertinent information. Temperature adjustments combined with lighting solutions improve the performance of photon counters. The expanding market presence of IoT is anticipated to drive the demand for photon counters, which are employed in image sensors and imaging equipment to improve output.

Scope of Photon Counter Market Report

The report on the global Photon Counter Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Photon Counter Market Segmental Outlook

The global Photon Counter Market is segmented on the basis of types, primary materials, applications, and regions.

In terms of types, the photon counter market is segmented into basic types, background compensation types, and radiation source compensation types. The radiation source compensation types segment dominated the market in 2021 and is projected to expand at a significant CAGR during the forecast period.

The background of the image is compensated at the source end in the radiation source compensation type of photon counter. As a result, the image formed has less noise effect, and a crisp image is derived. This type of photon counter is widely used in nuclear radiation surveillance, which produces counts upon exposure to a radioactive source.

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Based on primary materials, the global photon counter market is divided into cadmium telluride (CdTe), cadmium zinc telluride (CZT), and silicon (Si). Silicon (Si) dominated the market in 2021 and is projected to expand at a significant CAGR during the forecast period, as silicon detectors can absorb high-energy photons to create crisper images.

Silicon photon counting detectors with vast active areas are required, to achieve high photon collection efficiency without the need of complicated and expensive optical alignment components. Silicon detectors can absorb high-energy photons to create crisper images.

On the basis of application, the photon counter market is segmented into medical applications and non-medical industrial applications. The medical industrial segment is expected to hold a substantial share of the market during the forecast period. Photon counters are used in the medical imaging business, mostly in X-ray detectors, to allow doctors to reduce the radiation dosage given to patients, improve image quality by decreasing detector noise, and increase spatial resolution.

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Regional Outlook

Based on regions, the Photon Counter Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold a substantial share of the market during the forecast period. The market in the US is projected to expand at a significant CAGR of during the forecast period.

Growing R&D activities in the healthcare industry, rapid adoption of advanced technology, and growing investments in R&D in various industries by the US Government are some major factors driving the market in the region. Growing awareness regarding early disease diagnosis and initiatives taken by the government through favorable policies and the healthcare funding act is driving the market in North America.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the global Photon Counter Market
• Historical, Current and Projected Market Size in terms of Value and Volume
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Photon Counter Market Performance