Radiation Detection, Monitoring, & Safety Market Overview:
The global radiation detection, monitoring, and safety market is expected to grow at a CAGR of 6.9% during the forecast period to reach USD 3.1 billion by 2026 from an estimated USD 2.2 billion in 2021. The key factors propelling the growth of this market are growing security threats, the growing prevalence of cancer worldwide, increasing radiation safety awareness, growth in the number of PET/CT scans, and the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment.
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COVID -19 IMPACT ON RADIATION DETECTION, MONITORING, AND SAFETY MARKET
COVID-19 has disrupted healthcare services in most countries worldwide; the worst affected are the US, Russia, Spain, Italy, the UK, India, Germany, and Iran. Many countries across the globe have seen non-urgent diagnostic imaging surgeries being postponed due to the pandemic.
The COVID-19 pandemic has significantly impacted the buying capacity of hospitals, especially small-scale hospitals and scanning centers. According to an article in Livemint, private hospitals in India have faced revenue losses of up to 90% due to the COVID-19 pandemic. The pandemic has also impacted the operation of manufacturing companies. Companies are functioning with a limited workforce. Moreover, the turnaround time for delivering products and services has been affected due to newer packaging protocols and lockdown measures imposed by countries.
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Segmentation:
Radiation Detection & Monitoring products accounted for the largest share of global radiation detection, monitoring, and safety market in 2020.
Based on products, the radiation detection, monitoring, and safety market is segmented into radiation detection & monitoring products and radiation safety products. In 2020, the radiation detection & monitoring products segment accounted for the largest share of the global market. The larger share of this segment can be attributed to the extensive usage of radiation detection & monitoring products for various applications.
Personal Dosimeters segment accounted for the highest CAGR
The radiation detection & monitoring products market is segmented into personal dosimeters, area process monitors, environmental radiation monitors, surface contamination monitors, radioactive material monitors, and other radiation detection & monitoring products. The personal dosimeters segment accounted for the highest CAGR during the forecast period. The increasing prevalence of cancer, the growing healthcare workforce, and the growing use of radiotherapy for cancer treatment are the major factors driving the growth of the personal dosimeters segment.
By Radiation Safety, full-body protection products accounted for the largest market share in 2020
The radiation safety products market is segmented into full-body protection products, face protection products, hand safety products, and other radiation safety products. The full-body protection products segment accounted for the largest share of the global market in 2020. The increasing volume of radiological procedures conducted in hospitals and the growing awareness among physicians, radiologists, and patients on radiation safety drive the growth of the full-body protection products market
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Key Players:
the major players operating in this market are Thermo Fisher Scientific (US), Mirion Technologies, Inc. (US),Fortive (US). In 2020, Thermo Fisher Scientific held the leading position in the radiation detection, monitoring, and safety market. The company offer radiation detection & monitoring products which are widely used by people across globe across various industries. Mirion Technologies, Inc. held the second position in the radiation detection, monitoring, and safety market in 2020.
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