Radiation Detection, Monitoring, and Safety Market is projected to reach USD 5 Billion by 2030, growing at a CAGR of 7%: Straits Research

New York, United States, July 06, 2022 (GLOBE NEWSWIRE) -- Radiation detection, monitoring, and safety equipment mitigate the detrimental effects of radiation. Radiation monitoring is performed to provide acceptably protected radiological workplace conditions to measure workplace circumstances and personal exposures. The radiation detection technology allows the user to monitor ionizing radiation from various sources to monitor nuclear security in diverse places across the world. It can be deployed to detect radioactive isotopes in small doses that are challenging to detect with human vision or automated devices.


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Growing Prevalence of Cancer and Other Chronic Conditions to Drive the Global Radiation Detection, Monitoring, and Safety Market

To eliminate tumors and cancer cells, radiation treatment employs extremely high-frequency radiation. Gamma rays and X-rays are two forms of radiation used to treat cancer. Ionizing radiation is a type of high-energy radiation used in cancer treatment. Ionizing radiation is one of the most severe threats to healthcare personnel and patients worldwide.

As a result, hospital employees in radiology departments require measurements to determine the dosage of radiation they absorb while working near radioisotope-containing medical equipment. It also assures that radioactive sources in the device are not producing unsafe levels of radiation. This necessitates the deployment of detectors and monitoring and safety devices to gather radiation doses in real-time. The advancements in nuclear medicine and the increase in demand for radiation-based diagnostic processes are also expected to drive the market.

Technological Advancements in Radiation Detection to Provide Opportunities for the Global Radiation Detection, Monitoring, and Safety Market

As recent developments and competencies in radiation detection, monitoring, and equipment for insurance, homeland defense & military, and nuclear power plants grow, research and development in this area are expected to expand its potential.

In April 2020, Los Alamos National Laboratory and Argonne National Laboratory researchers developed a new X-ray detector working model that reduces radiation exposure and health hazards while improving resolution in monitoring scanners and scientific research.


Impact of COVID-19

With multiple places experiencing varying degrees of COVID-19 effect, specific radiation shielding components are in high demand. One of them is the concentration of power plants to meet rising power requirements. Hospitals that require therapeutic and diagnostic operations have specified their needs for radiation monitoring systems. Similarly, there is still a high demand for radioactive medicine to be manufactured and adequately conveyed to pharmacies.

 Thus, radioactive origin gauges have been employed for quality control in various industrial operations. COVID-19 did not affect industrial radiologists and engineers who were obliged to test the structural integrity of manufacturing units. However, the time span required to work securely with or around radiation-emitting equipment was critical. The proliferation of detection/monitoring devices came to a halt during this time-span.


Market Recovery Timeline

The International Atomic Energy Agency started a survey in 123 nations entitled "The Impact of the COVID-19 Pandemic on Regulatory Activities for the Safety of Radiation Sources." The poll results emphasized the possible safety issues associated with the COVID-19 pandemic and strategies for dealing with them.

While 85 percent of the countries investigated acknowledged a decline in regulatory activity in some circumstances due to access limitations to nuclear sites or budget cuts, they also stated that measures to prevent accidents were in place. However, the market is likely to develop throughout the post-pandemic period, attributed to the high use of low-dose radioactive treatment for illness treatment.


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Regional Insights

Based on region, the global radiation detection, monitoring, and safety market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

North America accounted for a share of 41% of the market studied in 2020. The region captures the largest share in the market. The North American global radiation detection, monitoring, and safety market was valued at USD 1 billion in 2021. It is expected to reach USD 2 billion by 2030, registering a CAGR of 7%. The tremendous proportion of the radiation detection, monitoring, and safety market in North America is credited to supportive government policies, a more significant proportion of effective nuclear power plants, rising cancer predominance, and growing acceptance of radiation safety, which are steering the market in this region.

Asia-Pacific is the fastest-growing region, valued at USD 1 billion in 2021. It is expected to reach USD 1.2 billion by 2030, registering a CAGR of 9% due to the increasing adoption of radiation across the end-user industries in the region. Furthermore, it is predicted to develop significantly in terms of income, owing to a growing emphasis on nuclear power for power generation to fulfill rising power needs and stringent regulations for human and ecological safety in developing markets such as China, Japan, and India. For example, Exxon Mobil estimates that the Asia-Pacific region's nuclear energy consumption will reach 22 quadrillion BTUs by 2040.


Key Highlights

  • The global radiation detection, monitoring, and safety market was valued at USD 3 billion in 2021. It is predicted to reach a value of USD 5 billion by 2030 at a CAGR of 7% over the forecast period (2022–2030).
  • Based on product, the global radiation detection, monitoring, and safety market is divided into detection and monitoring; and safety. The detection and monitoring segment was valued at USD 2 billion in 2021 and is expected to reach USD 5 billion by 2030, registering a CAGR of 7%. Detection and monitoring devices account for a larger market share, owing to their increasing adoption in the healthcare, energy, and power industries.
  • By end-user industry, the global radiation detection, monitoring, and safety market is divided into medical and healthcare, energy and power, industrial, homeland security and defense, and other. Medical and healthcare was valued at USD 1 billion in 2021 and is expected to reach USD 2 billion by 2030, registering a CAGR of 5% due to the rising usage of dosimeters and detectors in radiology, urgent care, orthodontics, nuclear medicine, and therapeutic approaches


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List of Top Radiation Detection, Monitoring, And Safety Market Companies

  • AmRay Radiation Protection
  • Mirion Technologies Inc
  • Arktis Radiation Detectors Ltd
  • General Electric Company
  • Bar-Ray Products Inc
  • Centronic Ltd
  • Thermo Fisher Scientific Inc
  • ECOTEST Group
  • Radiation
  • Detection Company Inc
  • Landauer Inc
  • RAE Systems Inc
  • Unfors RaySafe AB
  • ORTEC
  • Fuji Electric Co. Ltd


Global Radiation Detection, Monitoring, and Safety Market: Segmentation

 By Product Type

  • Detection and Monitoring
  • Safety

 By End-user Industry

  • Medical and Healthcare
  • Industrial
  • Homeland Security and Defense
  • Energy and Power
  • Other

 By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa


TABLE OF CONTENT

1 Introduction

1.1 Market Definition

1.2 Market Scope

2 Research Methodology

2.1 Primary Research

2.2 Research Methodology

2.3 Assumptions & Exclusions

2.4 Secondary Data Sources

3 Executive Summary

4 Market Overview

4.1 Report Segmentation & Scope

4.2 Value Chain Analysis: Radiation Detection, Monitoring, And Safety Market

4.2.1 Vendor Matrix

4.3 Key Market Trends

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.4 Porter's Five Forces Analysis

4.4.1 Bargaining Power of Suppliers

4.4.2 Bargaining Power of Buyers

4.4.3 Threat of Substitution

4.4.4 Threat of New Entrants

4.4.5 Competitive Rivalry

4.5 Environment & Regulatory Landscape

4.6 Forecast Factors & Relevance of Impact

4.7 Macro-Economic & Geopolitical Scenario

4.8 Parent Market Overview

4.9 Technology Landscape

4.10 Market Share Analysis

4.11 Potential Venture Analysis

4.12 Regional Price Trends

4.13 Raw Material Trends

4.14 Cost Structure Analysis

4.14.1 Labor Cost

4.14.2 Consumables

4.14.3 Maintenance Cost

4.15 Covid-19 Impact Analysis:

4.15.1 Pre and Post Covid-19 Market Scenario Analysis

4.15.2 Market Recovery Timeline and Challenge

4.15.3 Measures Taken by Top Players

4.15.4 Quarterly Market Revenue and Growth Forecast till 2021

4.15.4.1 North America

4.15.4.2 Europe

4.15.4.3 Asia-Pacific

4.15.4.4 Central and South America and the Caribbean

4.15.4.5 The Middle East and Africa

5 Product Type Overview

5.1 Introduction

5.1.1 Market Size & Forecast (Value & Volume)

5.2 Detection and Monitoring

5.2.1 Market Size & Forecast (Value & Volume)

5.3 Safety

5.3.1 Market Size & Forecast (Value & Volume)

6 End User Overview

6.1 Introduction

6.1.1 Market Size & Forecast (Value & Volume)

6.2 Medical and Healthcare

6.2.1 Market Size & Forecast (Value & Volume)

6.3 Industrial

6.3.1 Market Size & Forecast (Value & Volume)

6.4 Homeland Security and Defense

6.4.1 Market Size & Forecast (Value & Volume)

6.5 Energy and Power

6.5.1 Market Size & Forecast (Value & Volume)

6.6 Other

6.6.1 Market Size & Forecast (Value & Volume)

7 Regional Overview

7.1 Introduction

7.1.1 Market Size & Forecast (Value & Volume)

7.2 North America

7.2.1 Economic Overview

7.2.2 Market Scenario

7.2.3 U.S.

7.2.4 Canada

7.2.5 Mexico

7.3 Central and South America and the Caribbean

7.3.1 Economic Overview

7.3.2 Market Scenario

7.3.3 Brazil

7.3.4 Argentina

7.3.5 Colombia

7.3.6 Rest of Central and South America and the Caribbean

7.4 Europe

7.4.1 Economic Overview

7.4.2 Market Scenario

7.4.3 Germany

7.4.4 France

7.4.5 The U.K.

7.4.6 Italy

7.4.7 The Rest Of Europe

7.5 Asia-Pacific (APAC)

7.5.1 Economic Overview

7.5.2 Market Scenario

7.5.3 China

7.5.4 Japan

7.5.5 India

7.5.6 Australia

7.5.7 South Korea

7.5.8 Rest Of APAC

7.6 Middle East

7.6.1 Economic Overview

7.6.2 Market Scenario

7.6.3 South Arabia

7.6.4 The UAE

7.6.5 Qatar

7.6.6 Oman

7.6.7 Turkey

7.6.8 The Rest Of Middle East

7.7 Africa

7.7.1 Economic Overview

7.7.2 Market Scenario

7.7.3 Nigeria

7.7.4 South Africa

7.7.5 The Rest Of Africa

8 Competitive Landscape — Manufacturers & Suppliers

8.1 Competition Dashboard

8.2 Industry Structure

8.3 AmRay Radiation Protection

8.3.1 Business Overview

8.3.2 Financial Performance

8.3.3 Recent Developments

8.3.4 Portfolio

8.4 Mirion Technologies Inc

8.5 Arktis Radiation Detectors Ltd

8.6 General Electric Company

8.7 Bar-Ray Products Inc

8.8 Centronic Ltd

8.9 Thermo Fisher Scientific Inc

8.10 ECOTEST Group

8.11 Radiation

8.12 Detection Company Inc

8.13 Landauer Inc

8.14 RAE Systems Inc

8.15 Unfors RaySafe AB

8.16 ORTEC

8.17 Fuji Electric Co. Ltd

9 Conclusion & Recommendation

10 Acronyms & Abbreviations


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Market News

In April 2021, Scienta Scientific acquired Envinet GmbH, a prominent company in the area monitoring radiation protection networks with installations in over 70 countries. Scienta's sensor systems and Envinet will create the new application area, environmental protection, within Scienta Scientific, under the joint brand, Scienta Envinet. The strengths of area monitoring from Envinet and the early warning systems by Scienta Sensor Systems may create a unique competitive position to support customers with complete radiation protection solutions.

News Media

Pennsylvania Nuclear Subsidy Proposal Gathers Differing Opinions

India Cancer Market is Registering Over 1 Million New Cases Every Year


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About Straits Research Pvt. Ltd.

StraitsResearch is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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