CHICAGO, July 16,
2024 /PRNewswire/ -- The global radiation detection,
monitoring, and safety market, valued at USD
2.9 billion in 2024, is projected to reach USD 4.4 billion by 2029, growing at a CAGR of
8.3%. This growth is driven by increasing cancer rates, heightened
awareness of radiation safety, and a rising number of nuclear
medicine procedures, which currently total about 40 million
annually worldwide. However, the market faces challenges such as
the growing adoption of alternative energy sources and a shortage
of skilled professionals in the nuclear industry. Notably,
developing countries like India
and China present significant
growth opportunities due to expanding nuclear power initiatives.
The healthcare sector dominates the market, with gas-filled
detectors and lead materials leading product segments. North America holds the largest market share,
supported by a robust nuclear power industry and government
initiatives promoting radiation safety. Key players include
Fortive, Mirion Technologies, and Thermo Fisher Scientific. Recent
innovations, such as new dosimetry solutions and protective
equipment, further indicate the market's dynamic nature.
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Product Segmentation and Dominance
The radiation detection, monitoring, and safety market is
categorized into radiation detection and monitoring products and
radiation safety products. In 2023, the radiation detection and
monitoring products segment held the largest market share,
indicating significant growth potential. The dominance of this
segment stems from its extensive use across various fields,
including medical imaging, homeland security, nuclear power plant
operations, and industrial applications.
Composition Segmentation Insights
The global radiation detection and monitoring market is divided
into gas-filled detectors, scintillators, and solid-state
detectors. The gas-filled detectors segment represented the largest
share in 2023, thanks to their favorable performance-to-cost ratio
and widespread applications in medical imaging.
Material Type Analysis
The radiation safety product market is classified into lead and
lead composites, as well as other materials. In 2023, lead and lead
composites led the radiation safety market due to their exceptional
ability to block X-rays and gamma rays, thanks to their high
density, making them highly effective shielding materials.
Application Segmentation Breakdown
The global radiation detection, monitoring, and safety market is
segmented into several applications, including healthcare, homeland
security and defense, industrial applications, and nuclear power
plants. In 2023, the healthcare sector accounted for the largest
share of the market, driven by increased use of nuclear medicine,
the proliferation of diagnostic imaging centers, heightened safety
awareness, and rising cancer rates.
Regional Market Analysis
The global radiation detection, monitoring, and safety market is
divided into six major regions: North
America, Europe,
Asia Pacific, Latin America, Middle East & Africa, and GCC countries. North America holds the largest market share,
attributed to factors such as government initiatives, the growth of
nuclear power plants, increasing cancer rates, and enhanced
radiation safety awareness.
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Key Players in the Market
Prominent players in the radiation detection, monitoring, and
safety market include Fortive (US), Mirion Technologies Inc. (US),
AMETEK Inc. (US), Fuji Electric Co., Ltd. (Japan), and Thermo Fisher Scientific Inc.
(US), among others. These companies lead the market due to their
extensive product portfolios and global presence, playing crucial
roles in advancing radiation detection technologies.
Fortive's Market Leadership
In 2023, Fortive emerged as the leader in the medical radiation
detection, monitoring, and safety market. Renowned for its
technical and analytical services, Fortive is capable of assessing
environmental and occupational radiation exposure. The advanced
healthcare solutions segment generated approximately USD 1.3 billion in revenue in 2023, with a strong
focus on protecting healthcare professionals and patients while
enhancing medical imaging accuracy. Fortive's ongoing investment in
R&D supports its competitive edge, despite no recent
groundbreaking announcements.
Mirion Technologies' Strategic Position
Mirion Technologies Inc. is a top provider of detection,
measurement, analysis, and monitoring solutions across nuclear,
defense, medical, and research sectors. The company operates
through two main segments: Medical and Industrial, with a strong
emphasis on radiation detection and safety products in the medical
segment. Mirion's strategy involves continuous innovation and
compliance with strict safety standards, alongside growth through
strategic acquisitions and partnerships to expand its product
offerings and market reach.
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