The Radiation Detection, Monitoring, and Safety Market is estimated to reach $4.3 billion by 2026. Furthermore, it is poised to grow at a CAGR of 6.5% over the forecast period of 2021-2026. Radiation is prevalently used in various industries such as healthcare, defense, and various other industrial applications. Moreover, personal dosimeters are recommended to people who would be exposed to radiation more than 10% of the permissible limits. Additionally, dosimeters are aligned to their usage across the body, as there has been advent in the field, where a personal ring dosimeter is made to specifically focus on the hand. The monitors and safety devices are also used when a radionuclide, which has excess nuclear energy, is to be converted and used in other forms of matter. Moreover, the term ionizing radiation has been derived when the radionuclide undergoes the process of radioactive decay. The radiation detection products are also used during economic monitoring, as they help assess the radiation which exists in air, milk, water, or soil.
The increasing cases of cancer worldwide and the growing security threats are some of the factors driving the Radiation Detection, Monitoring, and Safety industry forward in the projected period of 2021-2026.
Radiation Detection, Monitoring and Safety Market Segmentation Analysis- By Composition
The Radiation Detection, Monitoring and Safety Market segment based on composition can be further segmented into Gas-Filled Detectors, Scintillators, and Solid-State Detectors. The gas-filled detectors held a dominant market share in the year 2020. It is owing to its simple applications across modes. The principle relies on how if the gas comes under contact with the radiation, it gets ionized and the following results in an electronic charge which can be measured by a meter. Lastly, the different types of gas-filled detectors are ionization chambers, proportional counters, and Geiger- Mueller Tubes.
However, the scintillators segment is estimated to be the fastest-growing, with a CAGR of 7.1% over the forecast period of 2021-2026. Scintillation’s process relies on its cross-reactivity with the radiation and its efficiency of being highly sensitive and emitting a flash of light. Additionally, their properties are used in radiation security applications and can take any form, which provides flexibility to the user.
Radiation Detection, Monitoring and Safety Market Segmentation Analysis- By Application
The Radiation Detection, Monitoring and Safety Market segment based on the application can be further segmented into Healthcare, Homeland Security and Defence, Nuclear Power Plants, Industrial Applications and Others. The healthcare segment held a dominant market share in the year 2020. It is owing to its vast usage of radiation across the application. Radiation therapies and other radio oncological procedures require the usage of safety and monitoring of radiation. Additionally, both the patients and medical professional uses the same across the process, and the procedure is mitigated if the radiation goes above the standard limit.
However, the Industrial applications segment is estimated to be the fastest-growing, with a CAGR of 6.8% over the forecast period of 2021-2026. It is owing to the vast usage of radiation for acting as an ancillary in different processes. Radiation is widely used in removing toxic pollutants of the coal-fired power plants, foods, and medical equipment are sent through various types of radiation to prolong their shelf life. Lastly, it is used across agriculture and food production activities. With an increase in the radiation processes, the detection, monitoring, and safety aspects would be positively affected.
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Radiation Detection, Monitoring and Safety Market Segmentation Analysis- By Geography
The Radiation Detection, Monitoring and Safety Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant share of 43% as compared to the other regions. It is owing to the multiplicative usage of radiation in various industries. Moreover, as the recent data reveal, 1.8 million new cases pertaining to cancer were being diagnosed in the USA. And, the numbers are bound to rise owing to sedentary lifestyle and obesity. Lastly, as per the Paris Climate Accord, the countries are using radiation to counter the emissions from various plants.
However, Asia-Pacific offers lucrative growth opportunities to marketers. It is owing to their ready usage in the field of agriculture. Plant seeds have been regularly exposed to radiation to have more robust growth and quality. Moreover, it is used in terms to control insect population growth. Lastly, in the application of medical treatments pertaining to cancer the gears and monitoring devices are used. Lately, India allocated a medical budget of INR 1,37,000 crore, which was 139% higher than the year before. The rollouts of favorable policies would help the following market in the projected period.
Radiation Detection, Monitoring and Safety Market Drivers
The increasing cases of cancer and the use of radiation therapy and radiology are driving the market forward
The cases of cancer have been prevalent globally. Globally, 19.3 million cases were diagnosed with cancer in 2020. Radiation therapy has been gaining traction owing to its results and cost-effectiveness. Cost-effectiveness is achieved as most of the treatments are given in the outpatient facility, and the turnout of patients per day can be 30 each day. The results are quicker and better and hence is widely adapted across the globe. Lastly, radiation therapy can be given in a maximum number of cancer treatments such as breast cancer, colorectal cancer, uterine cancer, and various others, and it also helps in reducing the cancer re-occurrence. Hence, with the growing numbers of cancer patients, the use of radiation therapy would multiply, and thereby the radiation detection, monitoring and safety market would be affected positively.
The indulgence and uprising of radiation-related expenditure in the military and homeland security application
The radiation exposure can be faced in multiple activities such as inside nuclear submarines and ships, via maintenance and handling of nuclear weapons, development of weapons related to uranium, and lastly, transporting the radioactive wastes and storage. Hence, any person involved in such activities needs to have monitors and detectors to observe any radiation levels which exceeds the permitted levels set by the federal governments. For example, in 2021, homeland security observed a rise of 4.4% in its defense budgetary allocation. Regardless, various portal monitors and safety products were approved, which were higher than the previous year.
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Radiation Detection, Monitoring and Safety Market Challenges
The rising cost of ancillary products has increased the overall cost of products which has negatively affected the market and is a grave challenge
Lead has been one of the most common elements used for making safety accessories such as gloves, aprons, and other accessories. Lately, lead demand has increased from various other end-user industries such as in the making of car batteries, ammunition, and cable sheathing application. With an increase in its demand and limited supply, the cost has been rising. For example, a rise of 30% in price YoY was recorded in the lead. Moreover, in March 2021, the cost was trailing at $ 1891, and on August 19, 2021, it was trailing at $2506. The following increment in prices make the end product expensive, and the consumption takes a blow hit.
Radiation Detection, Monitoring and Safety Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Radiation Detection, Monitoring, and Safety Market. The top 10 Radiation Detection, Monitoring, and Safety Market companies include:
Thermo Fisher ScientificMirion TechnologiesFortiveAMETEKFuji ElectricLudlum MeasurementsArktis Radiation DetectorsPolimasterAmRayInfab Corporation
Recent Developments
In January 2021, AMETEK released a new scintillation handheld radioisotope identification device by the name of RADIAGLET-R RIIDs. The following is a highly portable and rugged device specifically curated for the military, first responders, customer agents, and lastly, intelligence companies. The product is a culmination of previous models with advanced construction, ergonomics, and better operating time. Lastly, its user interface is easy to comprehend.
In May 2021, Belgium Nuclear Research Center and aeronautical specialist, SABCA launched a technology that can carry out radiological measurements with the help of drones. A scintillation counter is attached to the drone, which emits flashes of light as and when the ionizing radiation strikes. Additionally, it is one of the inventions which allow flexibility in carrying out operations.
Key Takeaways
Geographically, North America’s Radiation Detection, Monitoring, and Safety Market held a dominant market share in the year 2020. It is owing to the region’s predominant position in using radiation as the primary element in healthcare, technological developments, and other defense-related projects. However, Asia-Pacific is set to offer lucrative growth opportunities to the marketers, as the region is observing new development and applications where the radiation can provide better and faster results.
The increase in cancer patients worldwide and their dependency on using radiation as a definitive treatment is one of the market drivers. However, the high cost of acquiring such instruments and devices poses a grave market challenge.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Radiation Detection, Monitoring, and Safety Market report.
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