The Growth of the Medical Radiation Monitoring & Safety Market is driven mainly by the increasing use of nuclear medicine and radiation therapy for diagnosis and treatment, growing number of diagnostic imaging centers, rising prevalence of cancer, increasing safety awareness among people working in radiation-prone environments, and the growing number of people covered by insurance.
GROWTH DRIVER: Increasing use of nuclear medicine and radiation therapy for diagnosis and treatment;
According to the World Nuclear Association, more than 40 million nuclear medicine procedures are performed every year, and the demand for radioisotopes is increased at a rate of 5% annually (data as of May 2020). Radioisotopes are used by nearly 10,000 hospitals across the globe. In the US alone, annually, more than 20 million nuclear medicine procedures are performed. According to the World Nuclear Association, North America dominates the diagnostic radioisotopes market and accounts for ~50% of the market share (the US is the largest contributor to the North American diagnostic radioisotopes market), followed by Europe which accounts for a share of ~20%.
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The medical radiation safety market is fragmented, with the presence of a large number of players offering a variety of products. The major players operating in this market are Fortive Corporation (US), Mirion Technologies, Inc. (US), IBA Worldwide (Belgium), Thermo Fisher Scientific, Inc. (US), Sun Nuclear Corporation (US), Ludlum Measurements, Inc. (US), Polimaster, Inc. (Republic of Belarus), Bertin Instruments (France), Radiation Detection Company Inc. (US), Biodex Medical Systems, Inc. (US), Arrow-Tech, Inc. (US), AmRay Group (Ireland), Infab Corporation (US), PTW Freiburg GmbH (Germany).
Fortive Corporation (US) held the leading position in the medical radiation and safety market in 2019. The company is a provider of technical and analytical services that determine the exposure of environmental and occupational radiation hazards. Fortive Corporation derives a majority of its revenue from the North American market. The company focuses on introducing radiology products that reduce radiation exposure to physicians and patients as well as products that increase the accuracy of imaging by using reference markets. Fortive Corporation consistently invests in research and development to introduce innovative products. Although the company has not been involved in any major developments in the last few years, its strong focus on brand management and efficient distribution will help it to maintain its position in the market.
Mirion Technologies (US) accounted for the second-largest share of the global medical radiation detection, monitoring and safety market in 2019. The company provides radiation detection, measurement, analysis, and monitoring products and services to the nuclear power, medical, military, and homeland security markets. To sustain its foothold and increase its share in the market, the company pursues inorganic growth strategies. In this regard, in July 2020, Mirion Technologies acquired three different companies for the expansion of its product portfolio. The acquisition combined the strengths of these companies, creating a premier supplier of radiation safety solutions for the nuclear, defense, and medical industries.
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Based on the region, the medical radiation detection, monitoring and safety market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the medical radiation detection, monitoring and safety market. The large share of North America can be attributed to factors such as increasing awareness about radiation safety, growing number of radiodiagnostic procedures performed, and ongoing research aimed at the development of new and advanced radiation detection, monitoring, and safety products.