Radiation Detection, Monitoring and Safety Market Expected to grow at a Lucrative CAGR of above 6.0%: Radiant Insights

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Radiation Detection, Monitoring and Safety Market Analysis By Product (Personal Dosimeters, Area Process Monitors, Radioactive Material Monitors), By Detection Type, By Safety Type By End-use, And Segment Forecasts, 2013 – 2024

The radiation detection, monitoring & safety market is expected to reach USD 1.6 billion by 2024, according to a new report by Radiant Insights, given the contentious nature of radioactive material, employed in varied spheres including consumer products, such as fluorescent lamps and radio luminous products, and in the field of nuclear medicine, there is an urging need for caution in their use.

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Furthermore, increasing adoption of radioactive material in manufacturing industries combined with the rising awareness of radiation safety is anticipated to provide this market with lucrative growth opportunities in near future. Dosimeters that furnish radioactivity measurements serve as effective tools to maintain prescribed levels, laid down by international authorities. As a consequence, a high demand for these measuring instruments is anticipated and consequentially, the radiation detection, monitoring, and safety market is set to witness profitable growth.

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Increasing adoption of protective gear is a major growth booster for safety devices market, thereby propelling growth of overall industry. the protective gear considered in the segment hand and face protection comprised of eyewear, face masks, gloves, and attenuating sleeves. The need for safety wear arises due to the deleterious effects associated with exposure to ionizing rays, which at best, include burns and at worst, cause cancer as a result of genomic damage. The full body protection devices are more used owing to effective coverage of the entire body, shielding work personnel from long-term radioactive emission exposure and the high-cost attached to these protective garments.

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Further Key Findings from the Study Suggest:

  • The area process monitors category of the product segment is expected to grow at a lucrative CAGR of above 6.0% owing to the wide range of commercially available solutions for varied purposes that include iodine monitors, irradiation monitors, spectroscopic monitors, and environmental monitors
  • The hospitals category in the end-use segment is anticipated to exhibit at a significant pace, owing to the rising adoption of cancer diagnostics
  • The industry players are adopting strategies, such as technological innovation initiatives, new product launches, and collaborations including mergers and acquisitions to capitalize on their industry share
  • The scintillators segment falling under the detection type category is anticipated to grow at a significant CAGR, attributable to applications in non-destructive inspection, security, astrophysics, mineral resource hunting, and nuclear medicine
  • The face and hand protection safety type segment is anticipated to grow substantially, due to the need for safety measures where radioactive emissions are involved

Read more related reports by Radiant Insights:

•         Pulse Oximeters Market- http://www.radiantinsights.com/research/pulse-oximeters-market

•        Quality Management Software Market-       http://www.radiantinsights.com/research/quality-management-software-market

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