Medical Radiation Detection Market worth $1,207 million – Revenue Growth Development and Analysis of Demand

MarketsandMarkets Research Report’s View on Revenue Impact?

The Global Medical Radiation Detection Market size is projected to reach USD 1,207 million by 2025 from USD 949 million in 2020, at a CAGR of 4.9% during the forecast period.

Factors Responsible for Growth and In-Depth Analysis?

The growth in Medical Radiation Detection and Safety Market is attributed to 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.

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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Leading Key Players and Analysis:

The major players in the medical radiation detection market are Fortive Corporation (US), Mirion Technologies (US), IBA Worldwide (Belgium), Thermo Fisher Scientific (US), and Sun Nuclear Corporation (US).

Fortive Corporation (US) held the leading position in the medical radiation monitoring 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.

Geographical Analysis in Detailed?

The medical radiation detection market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. 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 the 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 are driving the growth of the North American medical radiation detection, monitoring, and safety market.

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Industry Segmentation:

Gas-filled detectors accounted for the larger share of the medical radiation detection and monitoring market in 2019

Based on the detector type, segmented into gas-filled detectors, solid-state detectors, and scintillators. In 2019, the gas-filled detectors segment accounted for the largest market share of medical radiation monitoring market . The large share of this segment can be attributed to the favorable performance-to-cost ratio of gas-filled detectors coupled with their wide application in the medical imaging field.

Hospitals are the largest end-users of the medical radiation detection and safety market

Based on end-users, the medical radiation detection, monitoring and safety market is segmented into hospitals and non-hospitals. The hospital segment accounted for the largest market share in 2019 due to the increasing number of hospitals across the globe is the major factor driving the growth of this end-user segment

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