Radiation Detection Monitoring & Safety Market Trends [2031]
Radiation Detection Monitoring & Safety Market Trends [2031]
Segments - Radiation Detection Monitoring & Safety Market by Product (Safety Products and Detection & Monitoring Products), Composition (Scintillators, Solid-State Detectors, and Gas-Filled Detectors), Application (Industrial Application, Healthcare, Homeland Security & Defense, Nuclear Power Plants, Energy & Power and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
Upcoming
| Report ID :HC-5851
| 4.8 Rating
| 65 Reviews
| 211 Pages
| Format :
Report Description
Radiation Detection Monitoring & Safety Market Outlook 2031
The global radiation detection monitoring & safety market size was valued at USD 1.56 billion in 2023 and is likely to reach USD 2.74 billion by 2031, expanding at a CAGR of 7.4% during 2023 – 2031. The growth of the market is attributed to the increasing utilization of radiation detection technology across various industries to ensure safety.
Rising number of cancer cases leads to a high demand for diagnosis and treatment involving the use of ionizing radiation, which boosts the utilization of radiation detection monitoring and safety solutions. This monitoring technology ensures that treatment doses remain within safe limits and helps prevent overexposure to minimize its harmful side effects.
-
As per the report published by World Cancer Research Fund International, states that there were 18.1 million people globally suffering from cancer in 2020, with 9.3 million in men and 8.8 million in women.
Radiation detection, monitoring, and safety are essential practices for identifying and safeguarding against the harmful effects of ionizing radiation. Ionizing radiation is a form of energy that dislodges electrons from atoms, potentially causing damage to living organisms and materials. Additionally, to mitigate these risks, various detection and monitoring tools and safety protocols are used.
The COVID-19 pandemic moderately impacted the market. The pandemic increased the demand for medical radiology and diagnostic procedures, leading to a surge in the use of radiation-emitting medical equipment. On the other hand, the pandemic disrupted the global supply chain of essential components for radiation detection equipment resulting in delays and hampering the market.
Artificial Intelligence (AI) Impact on Radiation Detection Monitoring & Safety Market
Emergence of artificial intelligence is expected to propel the market. AI-powered algorithms enhance the accuracy and speed of radiation data analysis. This enables real-time monitoring, allowing quick responses to potential hazards. Additionally, AI helps in identifying anomalies and patterns in radiation data which is important for early detection of irregularities or leaks.
Radiation Detection Monitoring & Safety Market Dynamics
Major Drivers
Increasing utilization of nuclear medicine and radiation therapy is expected to drive the market. Nuclear medicine procedures, including positron emission tomography (PET) scans, are widely used for diagnosing various medical conditions. The radiation detection and safety solutions are implemented ensuring the safety of patients and healthcare professionals during these procedures. These factors are fueling the market.
-
According to a report published by the National Nuclear Association in July 2023, over 40 million nuclear medicine procedures are performed annually, with demand for radioisotopes growing up to 5% each year.
Existing Restraints
Growing global shift towards alternative sources of energy is expected to hinder the market. This use of alternative energy trends has reduced the demand for radiation safety measures associated with active nuclear power generation. Additionally, the high cost of implementing and maintaining advanced radiation detection and safety measures further hampers the market growth.
Emerging Opportunities
Ongoing advancements in radiation detection and monitoring solutions are expected to create immense opportunities for the players competing in the market. Manufacturers are leveraging various technologies, including Internet of Things (IoT) to provide sensitive and efficient radiation detection devices. Furthermore, growing environmental radiation risks are boosting the market.
Scope of the Radiation Detection Monitoring & Safety Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes |
Details |
|
Report Title |
Radiation Detection Monitoring & Safety Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2022 |
|
Historic Data |
2016–2021 |
|
Forecast Period |
2023–2031 |
|
Segmentation |
Product (Safety Products and Detection & Monitoring Products), Composition (Scintillators, Solid-State Detectors, and Gas-Filled Detectors), and Application (Industrial Application, Healthcare, Homeland Security & Defense, Nuclear Power Plants, Energy & Power, and Others) |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
Amray Group; Arrow Electronics; ATOMEX; Centronic Limited; JJS Technical Services; LANDAUER; Ludlum Measurements Inc.; Mirion Technologies, Inc; Radiation Detection Company; and Thermo Fisher Scientific Inc |
Radiation Detection Monitoring & Safety Market Segment Insights
Product Analysis
Based on product, the radiation detection monitoring & safety market is divided into safety products and detection & monitoring products. The detection & monitoring products segment is expected to hold a major revenue share of the market during the forecast period due to ongoing technological innovation made these products efficient, accurate, and user-friendly.
Detection & monitoring devices are becoming increasingly essential for organizations seeking to enhance their radiation safety protocols. Furthermore, strong safety regulations regarding radiation levels across various sectors, including nuclear energy, healthcare, and others further boosting the market.
Composition Analysis
On the basis of composition, the market is classified as scintillators, solid-state detectors, and gas-filled detectors. The gas-filled detectors segment is anticipated to register robust growth during the forecast period owing to their broad spectrum of applications across different industries. These detectors are widely utilized in sectors, such as nuclear energy, medical diagnostics, and industrial settings. This adaptability and accuracy make them suitable for various applications and further fueling the segment.
Application Analysis
In terms of application, the radiation detection monitoring & safety market is fragmented into industrial application, healthcare, homeland security & defense, nuclear power plants, energy & power, and others. The healthcare segment is expected to hold a key market share during the projected period due to the extensive utilization of radiation medical technology across various applications.
Radiation therapies and other procedures in the field of radio oncology require safety measures and the monitoring of radiation levels. Moreover, increasing utilization of X-rays, CT scans, and radiopharmaceuticals for disease diagnosis and treatment planning boosts the demand for radiation safety solutions.
-
As per the report published by the World Nuclear Association in July 2023, the use of radiopharmaceuticals in diagnostics and treatment is growing by 10% yearly.
The industrial application segment is projected to register a considerable CAGR during the forecast period, as industries are subject to regulatory requirements governing the safe use of radiation sources and equipment. Compliance with these regulations is necessary to maintain a safe working environment and avoid legal and operational risks. Furthermore, growing use of radioactive materials in various industries propels the market.
Regional Outlook
In terms of region, the global radiation detection monitoring & safety market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market due to the presence of major companies in varying industries where radiation is used for various applications. Ensuring the safety of workers, the public, and the environment in these settings is important. These factors are driving the demand for radiation detection and safety technologies in this region.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years due to the region’s robust economic growth and industrial development. This increasing industrialization and infrastructure expansion creates a growing need for radiation detection and safety solutions in industrial applications. Furthermore, increasing investment in nuclear power plants in this region propels the demand for radiation detection and monitoring equipment.
-
According to the reports published by the World Nuclear Association in April 2023, approximately 140 operational nuclear power plants in Asia Pacific. Moreover, presence of 35 to 40 plants are currently under construction, and approximately 55 to 60 are firm plans to construct new nuclear power plants.
Segments
The global radiation detection monitoring & safety market has been segmented on the basis of
Product
- Safety Products
- Detection & Monitoring Products
Composition
- Scintillators
- Solid-State Detectors
- Gas-Filled Detectors
Application
- Industrial Application
- Healthcare
- Homeland Security & Defence
- Nuclear Power Plants
- Energy & Power
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Amray Group
- Arrow Electronics
- ATOMEX
- Centronic Limited
- JJS Technical Services
- LANDAUER
- Ludlum Measurements Inc.
- Mirion Technologies, Inc
- Radiation Detection Company
- Thermo Fisher Scientific Inc
Competitive Landscape
Key players competing in the global market are Amray Group; Arrow Electronics; ATOMEX; Centronic Limited; JJS Technical Services; LANDAUER; Ludlum Measurements Inc.; Mirion Technologies, Inc; Radiation Detection Company; and Thermo Fisher Scientific Inc.
These companies are boosting their market share by adopting various strategies such as partnerships, mergers, reduction in production costs, launching products, and implementing advanced technologies.
-
On October 20, 2021, Mirion Technologies, Inc, a detection, analysis, measurement, and monitoring solutions provider, announced a partnership with GS Acquisition Holdings Corp II, a special purpose acquisition company. The deal contains private investment of USD 900 million in public equity from investors, including Neuberger Berman funds, Fidelity Management & Research Company LLC, BlackRock, and Janus Henderson Investors to support GS Acquisition Holdings Corp. II.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Radiation Detection Monitoring & Safety Market Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Radiation Detection Monitoring & Safety Market Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Radiation Detection Monitoring & Safety Market Market - Supply Chain
4.5. Global Radiation Detection Monitoring & Safety Market Market Forecast
4.5.1. Radiation Detection Monitoring & Safety Market Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Radiation Detection Monitoring & Safety Market Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Radiation Detection Monitoring & Safety Market Market Absolute $ Opportunity
5. Global Radiation Detection Monitoring & Safety Market Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Applications
5.3.1. Industrial Application
5.3.2. Healthcare
5.3.3. Homeland Security & Defence
5.3.4. Nuclear Power Plants
5.3.5. Energy & Power
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Radiation Detection Monitoring & Safety Market Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Radiation Detection Monitoring & Safety Market Demand Share Forecast, 2019-2026
7. North America Radiation Detection Monitoring & Safety Market Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Applications
7.4.1. Industrial Application
7.4.2. Healthcare
7.4.3. Homeland Security & Defence
7.4.4. Nuclear Power Plants
7.4.5. Energy & Power
7.4.6. Others
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Radiation Detection Monitoring & Safety Market Demand Share Forecast, 2019-2026
8. Latin America Radiation Detection Monitoring & Safety Market Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Applications
8.4.1. Industrial Application
8.4.2. Healthcare
8.4.3. Homeland Security & Defence
8.4.4. Nuclear Power Plants
8.4.5. Energy & Power
8.4.6. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Radiation Detection Monitoring & Safety Market Demand Share Forecast, 2019-2026
9. Europe Radiation Detection Monitoring & Safety Market Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Applications
9.4.1. Industrial Application
9.4.2. Healthcare
9.4.3. Homeland Security & Defence
9.4.4. Nuclear Power Plants
9.4.5. Energy & Power
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Radiation Detection Monitoring & Safety Market Demand Share Forecast, 2019-2026
10. Asia Pacific Radiation Detection Monitoring & Safety Market Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Applications
10.4.1. Industrial Application
10.4.2. Healthcare
10.4.3. Homeland Security & Defence
10.4.4. Nuclear Power Plants
10.4.5. Energy & Power
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Radiation Detection Monitoring & Safety Market Demand Share Forecast, 2019-2026
11. Middle East & Africa Radiation Detection Monitoring & Safety Market Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Radiation Detection Monitoring & Safety Market Market Size and Volume Forecast by Applications
11.4.1. Industrial Application
11.4.2. Healthcare
11.4.3. Homeland Security & Defence
11.4.4. Nuclear Power Plants
11.4.5. Energy & Power
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Radiation Detection Monitoring & Safety Market Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Radiation Detection Monitoring & Safety Market Market: Market Share Analysis
12.2. Radiation Detection Monitoring & Safety Market Distributors and Customers
12.3. Radiation Detection Monitoring & Safety Market Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Amray Group
12.4.2. Arrow Electronics
12.4.3. ATOMEX
12.4.4. Centronic Limited
12.4.5. JJS Technical Services
12.4.6. LANDAUER
12.4.7. Ludlum Measurements Inc.
12.4.8. Mirion Technologies, Inc
12.4.9. Radiation Detection Company
12.4.10. Thermo Fisher Scientific Inc
Methodology
Related Reports
Some other reports from this category!
Our Clients
