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The growing adoption of modern radiation monitoring equipment in hospitals to ensure proper safety while performing radiation therapies is driving the market growth. This can be attributed to the increasing concerns pertaining to the hazards of exposure to radiation, thereby propelling the demand for detectors and dosimeters. Meanwhile, the increasing demand for radiation detection and monitoring instruments in the military and defence sector, owing to the advancements in nuclear technology, is likely to be a major driving factor for the market. In addition to this, the growing research and development activities aimed towards expanding the nuclear arsenal and warheads of sovereign nations are anticipated to invigorate the market growth in the forecast period.
The market is likely to be aided by the rising research activities by the major market players to develop more accurate radiation detection equipment, which, in turn, is leading to increased cross-industry collaborations. In December 2021, Mirion Technologies Inc. (NYSE: MIR) announced the acquisition of Computerized Imaging Reference Systems, Inc. (CIRS), a renowned medical imaging and radiation therapy provider. The deal closed at approximately $54 million and the aim of this acquisition was to enhance the expertise of Mirion in the field of ionising radiation in order to improve patient outcomes by integrating CIRS expertise into the company’s medical segment.
In terms of region, North America is likely to account for a significant share of the market owing to a high number of active nuclear plants in the United States, coupled with the favourable government initiatives aimed towards bolstering the safety of the staff working in an environment exposed to nuclear radiation.
Market Breakup by Product, Detection Type, Type, End Use, and Region:
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The major players in the global radiation detection, monitoring, and safety market are Landauer, Inc., Mirion Technologies, Inc., Ludlum Measurements, Inc., Radiation Detection Company, Inc., and AMETEK Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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