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$3.75+ Bn Radiation Detection, Monitoring, and Safety Markets, 2025 - ResearchAndMarkets.com

·6-min read

The "Radiation Detection, Monitoring, and Safety Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The radiation detection, monitoring, and safety market was valued at USD 2.69 billion in 2019 and is expected to reach USD 3.78 billion by 2025, registering a CAGR of 6.29% during the forecast period (2020-2025).

The market is constantly driven by regulatory requirements and evolving customer needs. The increased use of radioactive materials in areas, such as power production, industrial processing, research and processing, and the security sector, intensified the need for equipment offering protection against radioactive radiations.

Radiation sources are used to power spacecraft and satellites and can be used to generate electrical power for consumer use, as it is done in a nuclear reactor. There are between 400 and 500 nuclear reactors producing around 10% of the world's electricity in 2019. According to the World Nuclear Association, the United States has the highest number of nuclear power reactors in operation as of June 2019, i.e., 97, followed by France with 58 and China with 45.

Thus, the increased use of radioactive materials in areas, such as power production, industrial processing, medical research and processing, and the security sector, intensified the need for equipment offering protection against radioactive radiations.

Moreover, increasing incidence of cancer is leading to high awareness, related to the harmful effect of radiation. Government and environmental protection agencies are introducing rules and regulations and imposing limitations on radiation levels.

Furthermore, countries spend significantly in the development of nuclear weapons and facilities, which is expected to boost the adoption of radiation detection, monitoring, and safety equipment. According to the Federation of American Scientists, the United States and Russia are among the countries with the maximum number of nuclear weapons as of May 2019. Increased use of radioactive materials across areas, such as diverse industrial processes, power production, and the defense sector, coupled with the heightened global threat of terrorist-operated nuclear weapons, has intensified the need for reliable equipment that offers protection from radioactive radiation.

With multiple regions at different trajectories of the COVID-19 impact, certain aspects of radiation protection have been witnessed remaining in need. One such is the power plants' engagement to keep up with the increasing electricity demand. The allied hospitals in need of diagnostic and therapeutic procedures have depicted requirements for radiation monitoring systems, and likewise, the nuclear medicine to be produced and safely transported to pharmacies have remained significant.

Radioactive source gauges, thus, have been busy for quality assurance and quality control across multiple industrial processes. Industrial radiographers and engineers were required to test the integrity of structures at production plants and were unaffected by COVID-19. However, a time frame to safely work with or around radiation emitting devices was important and depicted a halt in the industry toward adoption of detection/monitoring devices.

Key Market Trends

Medical and Healthcare Segment Occupies the Largest Market Share

  • The medical and healthcare industry accounts for one of the largest market share, owing to the increasing adoption of dosimeters and detectors in radiology, emergency care, dentistry, nuclear medicine, and therapy applications. Various forms of radiation are used in medical diagnostics and treatment. All forms are potentially dangerous, and exposure must be carefully controlled to ensure that the benefit to patients outweighs the risks from exposure.

  • X-ray diagnostics (general and dental radiography) and therapies, which make use of radioisotopes in oncology and some other serious diseases, attribute to the primary contribution to the dose absorbed by a person from human-made radiation sources. The upcoming diagnostic and therapeutic methods, based on the use of radioactive elements, are also being adopted.

  • Radiation (radioisotope) therapy remains one of the main approaches to fight cancer. To reduce the negative impact of radiation on the personnel of healthcare facilities, the market vendors are offering personal dosimeters and automated systems of personal dosimetry control.

  • Moreover, increasing investments in cancer therapy within the regions that are witnessing an increase in the number of diagnosed patients are further expected to increase the demand for radiation therapy and medical devices.

  • According to the data by the American cancer Society Inc., in 2019, 1,762,450 new cases of cancer were reported, and 606,880 people died of cancer in the United States. The federal expenditure for cancer in the United States is expected to reach nearly USD 156 billion, by 2020.

Competitive Landscape

The radiation detection, monitoring, and safety market is moderately concentrated moving towards the fragmented stage and features a significant amount of innovation derived from basic scientific research. Major players with a prominent share in the market are focusing on expanding their customer base across the served end-user industries.

The companies leverage on strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on Radiation Detection, Monitoring, and Safety technologies to strengthen their product capabilities.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview (Covers Assessment of impact of Covid-19 on the Market)

4.2 Industry Attractiveness - Porter's Five Forces Analysis

4.3 Industry Value Chain Analysis

4.4 Technology Snapshot

4.5 Market Drivers

4.5.1 Increasing Incidence of Cancer and Other Chronic Diseases

4.5.2 Growing Use of Drones for Radiation Monitoring

4.6 Market Challenges

4.6.1 Stringent Government Regulations

4.6.2 Lack of Skilled Radiation Professionals

4.6.3 Growth in Renewable Energy Projects

5 MARKET SEGMENTATION

5.1 Product Type

5.1.1 Detection and Monitoring

5.1.2 Safety

5.2 End-user Industry

5.2.1 Medical and Healthcare

5.2.2 Industrial

5.2.3 Homeland Security and Defense

5.2.4 Energy and Power

5.2.5 Other End-user Industries

5.3 Geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 AmRay Radiation Protection

6.1.2 Arktis Radiation Detectors Ltd

6.1.3 Bar-Ray Products Inc.

6.1.4 Centronic Ltd

6.1.5 ECOTEST Group

6.1.6 General Electric Company

6.1.7 Landauer Inc.

6.1.8 Mirion Technologies Inc.

6.1.9 Radiation Detection Company Inc.

6.1.10 RAE Systems Inc.

6.1.11 Thermo Fisher Scientific Inc.

6.1.12 Unfors RaySafe AB

6.1.13 ORTEC (Ametek Inc.)

6.1.14 Fuji Electric Co. Ltd

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/omfhza

View source version on businesswire.com: https://www.businesswire.com/news/home/20201124005791/en/

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