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Global Radiation Detection, Monitoring, And Safety Market to Grow at a CAGR of 6.73% During 2022-2027, Aided by the Growing Adoption across Healthcare Units to Prevent the Risks of Exposure to Radiation

According to a new report by EMR titled, ‘Global Radiation Detection, Monitoring, and Safety Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 2.98 billion in 2021. The market is further expected to grow at a CAGR of 6.73% between 2022 and 2027 to reach nearly USD 4.41 billion by 2027.

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:

  • The market is segmented based on product into personal dosimeters, area process monitors, environmental radiation and surface contamination monitors, and radioactive material monitors.
  • Based on detection type, the market is divided into gas-filled detectors, scintillators, and solid-state detectors.
  • By type, the market can be bifurcated into full-body protection and face and hand protection.
  • The significant end uses of radiation detection, monitoring, and safety include hospitals and non-hospitals.
  • Region-wise, the global market for radiation detection, monitoring, and safety can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for radiation detection, monitoring, and safety is being driven by the rising utilisation of radiation detection equipment in healthcare units. 
  • The favourable government initiatives aimed towards ensuring proper safety and security of workers serving across industries with the risks of exposure to radiation are anticipated to augment the market in the coming years.
  • The market is likely to be aided by the rapid advancements in radiation detection and monitoring techniques. 
  • The growing R&D activities by the major market players to develop more accurate detection equipment are likely to invigorate the market in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for radiation detection, monitoring, and safety for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the products, detection types, types, end uses, and major regions of radiation detection, monitoring, and safety.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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