Medical Radiation Detection Market is Generating Revenue of $2.55 Billion by 2030, at CAGR 8.4% Growth Rate

Medical Radiation Detection market

The growth of the medical radiation detection market is attributed to surge in R&D related to medical radiation detection.

PORTLAND, OR, UNITED STATES, September 14, 2021 /EINPresswire.com/ — Medical radiation detectors are a range of medical equipment that is primarily designed for detecting the presence of radiation. When an individual is experiencing radiation for a prolonged duration, it is most susceptible to cause various lethal diseases. This surges the demand for devices that can be used in the introduction of the devices that can easily detect the amount of radiation deposition in the body.

The global medical radiation detection market size was valued at $1.17 billion in 2020, and is projected to reach $2.55 billion by 2030, registering a CAGR of 8.4% from 2021 to 2030.

Major detectors available to be used to identify radioactive materials and ionizing radiation include Handheld Survey Meter (HSM), personal radiation detector (PRD), Radiation Portal Monitor (RPM) and Radiation Isotope Identification Device (RIID). With advancement in technologies, several radiation detection devices can be available to be used at home. Dosimeters are among medical radiation detection devices used at home, and can detect the presence of Gamma ray, which is the most harmful external radioactive hazard.

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Covid-19 scenario:

• Medical radiation detection can be used for prevention of excessive radiation exposure due to imaging equipment while treating the patients suffering from Covid-19. However, lack of skilled workers hampered the market.
• The prolonged lockdown and regulations on manufacturing facilities created a huge gap between supply and demand.

The market growth is driven mainly by the increasing prevalence of cancer, which requires medical radiation detectors. In addition, surge in usage of nuclear medicine and radiation therapy for diagnosis and treatment of acute radiation disease would contribute toward the market growth in the coming years. Furthermore, there has been a huge rise in number of diagnostic imaging centers that requires medical radiation detectors to avoid excessive exposure to the radiations, thereby fueling the growth of the market during the forecast period. Rising awareness regarding safety from prolonged exposure to radiation especially in radiation-prone settings as well as an increase in number of individuals having medical insurance would propel the growth of the medical radiation market during the forecast period. However, higher price of medical radiation detection will hinder the growth of the market. In addition, increase in potential of medical radiation detection in emerging countries is expected to help the market generate greater opportunities in the next few years.

The global medical radiation detection market is segmented on the basis of detection type, product, end user, and region.

1) On the basis of detection type, the market is categorized into gas-filled detectors, scintillators, and solid-state.
2) By product, it is classified into personal dosimeters, area process dosimeters, surface contamination monitors, and others.
3) By end user, it is divided into hospitals, ambulatory surgical centers, clinics, and others.
4) Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of detection type, the market is categorized into gas-filled detectors, scintillators, and solid-state. In addition, the gas-filled detectors segment is expected to gain highest revenue during the forecast period. This is attributed to the surge in demand for gas-filled detectors to help in the management of extreme exposure of radiation. In addition, the boost in usage of nuclear medicines would propel the market growth in the next few years. However, scintillators are expected to generate significant revenue shares in the medical radiation detection market.

Based on product, the market is categorized into personal dosimeters, area process dosimeters, surface contamination monitors, and others. The personal dosimeters segment is anticipated to gain the highest revenue during the forecast period, owing to higher advantages of personal dosimeters such as alarming system for radiation exposure throughout the day and availability of indicators that helps detect the higher susceptibility to harmful radiation. However, area process dosimeters are expected to gain significant share during the forecast period. This is attributed to the growing demand for such dosimeters for the detection of harmful radiation in the commenced period.

Based on end user, the market is divided into hospitals, ambulatory surgical centers, clinics, and others. The hospitals segment is anticipated to gain the fastest CAGR during the forecast period, owing to surge in flow of number of both outpatients and inpatients in hospitals and rise in patient population during the forecast period. In addition, the clinics segment is expected to gain significant share, owing to the ease in accessibility of clinics in remote areas, thereby propelling the market growth.

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North America is projected to account for a significant share of the global medical radiation detection market during the forecast period. The market growth is attributed to surge in healthcare expenditure and rise in patient population in the region. In addition, Asia-Pacific is projected to gain the fastest CAGR during the forecast period, owing to the presence of large patient population and rapid infrastructural development in the region. In addition, rise in government investment over R&D of medical radiation detectors is expected to propel the growth of the market in the region.

The Major Key Players Are:

• Mirion Technologies, Inc.
• Sun Nuclear Corporation
• Fortive Corporation
• Biodex Medical Systems, Inc.
• Thermo Fisher Scientific
• Polimaster, Inc.
• IBA Worldwide
• AmRay Group
• PTW Freiburg GmbH
• Infab Corporation.

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Source: EIN Presswire