Emerging Economies in Asia are the New Revenue Pockets in the Medical Radiation Detection, Monitoring, and Safety Market

According to the new market research report “Medical Radiation Detection Market by Detector (Gas-Filled Detectors, Scintillators, Solid-State), Product (Personal Dosimeters, Passive Dosimeters), Safety (Full Body Protection), End User (Hospitals) – Global Forecast to 2025″, published by MarketsandMarkets™, the global Medical Radiation Monitoring, and Safety Market is projected to reach USD 1,207 million by 2025 from USD 949 million in 2020, at a CAGR of 4.9% during the forecast period.

GROWTH DRIVER: Increasing use of nuclear medicine and radiation therapy for diagnosis and treatment;

According to the World Nuclear Association, more than 40 million nuclear medicine procedures are performed every year, and the demand for radioisotopes is increased at a rate of 5% annually (data as of May 2020). Radioisotopes are used by nearly 10,000 hospitals across the globe. In the US alone, annually, more than 20 million nuclear medicine procedures are performed. According to the World Nuclear Association, North America dominates the diagnostic radioisotopes market and accounts for ~50% of the market share (the US is the largest contributor to the North American diagnostic radioisotopes market), followed by Europe which accounts for a share of ~20%.

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Medical Radiation Detection, Monitoring & Safety Market
Medical Radiation Detection, Monitoring & Safety Market

North America Dominates the Global Medical Radiation Monitoring Market

The Medical Radiation Detection, Monitoring, and Safety Market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest share of the medical radiation detection, monitoring and safety market. The large share of North America can be attributed to factors such as the increasing awareness about radiation safety, growing number of radiodiagnostic procedures performed, and ongoing research aimed at the development of new and advanced radiation detection, monitoring, and safety products are driving the growth of the North American radiation detection market.

The major players in the medical radiation safety market are Fortive Corporation (US), Mirion Technologies (US), IBA Worldwide (Belgium), Thermo Fisher Scientific (US), and Sun Nuclear Corporation (US).

Fortive Corporation (US) held the leading position in the medical radiation detection, monitoring and safety market in 2019. The company is a provider of technical and analytical services that determine the exposure of environmental and occupational radiation hazards. Fortive Corporation derives a majority of its revenue from the North American market. The company focuses on introducing radiology products that reduce radiation exposure to physicians and patients as well as products that increase the accuracy of imaging by using reference markets. Fortive Corporation consistently invests in research and development to introduce innovative products. Although the company has not been involved in any major developments in the last few years, its strong focus on brand management and efficient distribution will help it to maintain its position in the market.

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The full-body protection products segment accounted for the largest market share in 2019

Based on products, the medical radiation safety market is segmented into full-body protection, face protection, hand safety, and other medical radiation safety products. In 2019, the full-body protection products segment accounted for the largest market share of market . The growing number of radiological procedures performed and increasing awareness among physicians, radiologists, and patients are driving the growth of the full-body protection products segment.

Hospitals are the largest end-users of the medical radiation detection, monitoring and safety market

Based on end-users, the Medical Radiation Detection Market segmented into hospitals and non-hospitals. The hospital segment accounted for the largest market share in 2019 due to the increasing number of hospitals across the globe is the major factor driving the growth of this end-user segment