Radiation Detection Monitoring and Safety Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.44 Billion |
| Market Size (2029) | USD 4.44 Billion |
| CAGR (2024 - 2029) | 5.21 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Radiation Detection Monitoring and Safety Market Analysis
The Radiation Detection, Monitoring, And Safety Market size is estimated at USD 3.44 billion in 2024, and is expected to reach USD 4.44 billion by 2029, growing at a CAGR of 5.21% during the forecast period (2024-2029).
Radiation monitoring equipment is used to control exposure to radiation or radioactive substances by measuring radiation dose or contamination levels.
- The market is constantly driven by regulatory requirements and evolving customer needs. The increased use of radioactive materials in areas such as power production, industrial processing, research and processing, and the security sector intensified the need for equipment offering protection against radioactive radiation.
- With multiple regions facing the COVID-19 impact at varying intensities, certain aspects of radiation protection are witnessed to be in demand. One of them is the focus of the power plants to keep up with the increasing electricity demand. The hospitals in need of diagnostic and therapeutic procedures have stated their requirements for radiation monitoring systems. Likewise, the demand for nuclear medicine to be produced and safely transported to pharmacies has remained significant.
- The market is also witnessing the development of new monitoring technology using drones. For instance, in May 2021, a technology that enables drones to be used to carry out radiological measurements was developed by Belgium's Nuclear Research Centre (SCK-CEN) and the Belgian aeronautical firm Sabca. SCK-CEN and Sabca were awarded EUR 1 million in government funding, and they are investing additional funds into the project by themselves.
- Furthermore, countries spend significantly on the development of nuclear weapons and facilities, which is expected to boost the adoption of radiation detection, monitoring, and safety equipment. According to the Federation of American Scientists, the United States and Russia were among the countries with the maximum number of nuclear weapons as of May 2019. Increased use of radioactive materials across areas, such as diverse industrial processes, power production, and the defense sector, coupled with the heightened global threat of terrorist-operated nuclear weapons, has intensified the need for reliable equipment that offers protection from radioactive radiation.
- The occurrence of incidents, such as the disaster at the Fukushima Dai-Ichi nuclear plant, has emphasized the need for safety, environmental sustainability, and regulatory compliance. Radiation-testing equipment manufacturers need to adhere to all the standards mentioned by the regulatory bodies.
- There is a huge demand for skilled radiation professionals in the radiation monitoring and safety market. However, there has been a lack of personnel due to the high risks associated with harmful radiation and the lack of proper skills related to the industry.
Radiation Detection Monitoring and Safety Market Trends
Medical and Healthcare Industry has the Largest Market Share
- The medical and healthcare industry accounts for one of the largest market shares due to the increasing adoption of dosimeters and detectors in radiology, emergency care, dentistry, nuclear medicine, and therapy applications. Several forms of radiation are being used in medical diagnostics and treatment. However, all forms are potentially dangerous, and exposure must be carefully controlled to ensure that the benefit to patients outweighs the risks from exposure.
- X-ray diagnostics (general and dental radiography) and therapies, which make major use of radioisotopes in oncology and some other serious diseases, are attributed to the primary contribution to the dose absorbed by a person from human-made radiation sources. The upcoming diagnostic and therapeutic methods, which are based on the use of radioactive elements, are also being adopted.
- Radiation (radioisotope) therapy remains one of the vital approaches to fight cancer. To reduce the negative impact of radiation on the personnel of healthcare facilities, market vendors are offering personal dosimeters and automated systems of personal dosimetry control.
- Moreover, increasing investments in cancer therapy within the regions witnessing an increase in diagnosed patients are further expected to increase the demand for radiation therapy and medical devices; according to the American Cancer Society, it was estimated that 299,010 men in the United States would develop prostate cancer by 2024. Therefore, increasing cancer treatment cases may also create an opportunity for the market vendors.
North America to Account for the Most Significant Share
- The massive share of the radiation detection, monitoring, and safety market in North America is attributed to the favorable government initiatives, a higher number of active nuclear power plants, increasing prevalence of cancer, and growing awareness of radiation safety, driving the market in this region. Moreover, the fact wherein major vendors (Thermo Fischer Scientific, Mirion Technologies, Ludlum Measurement, Ametek, Ultra Electronics, and Landauer) of this market are based in the United States is expected to boost market growth during the forecast period.
- The EIA estimated that the United States' nuclear electricity generation capacity increased by 4.4 gigawatts in 2020. Multiple new nuclear power plants are under construction in Georgia (for instance, according to the EIA, two new nuclear reactors are under construction in Geodia with a capacity of 1100 MW) and South Carolina, and they indicate the opportunity for the demand for radiation monitoring and detection products. Strict regulations for workers' safety in the nuclear industry are supposed to give momentum to the market for radiation detection, monitoring, and safety devices in the country.
- Recently, it has been seen that there has been a shift toward mechanized radiation monitoring and inspection of oil and gas pipelines from the manual method of ultrasound application. These trends reflect that more focus is being placed on making the test increasingly automated, as some of the test sites require technicians to work in extreme site conditions, which can be carried out through drone application, consequently fostering the growth of the market.
- The increasing adoption of nuclear medicine and radiation therapy as a consequence of the increasing incidence of cancer may drive the market growth over the forecast period. For instance, according to the American Cancer Society, the number of new cancer cases in 2020 was estimated to be over 1.81 million people in the United States, out of which almost 0.61 million people were estimated to succumb to the disease. By 2020, it was estimated that there would be nearly 913 thousand new cancer cases among women in the United States.
- According to the National Oncology PET Registry, as 85% of more than 1,600 PET facilities in the United States have PET/CT systems, the emergence of molecular imaging with new radiopharmaceuticals and new technologies is expected to result in continued growth in the coming decades, which may give momentum to the demand for radiation detection, monitoring, and safety devices.
Radiation Detection Monitoring and Safety Industry Overview
The radiation detection, monitoring, and safety market is fragemented as companies are investing in upcoming technological advancements, hence increasing their portfolio. Several startups are innovating with drones and mini-planes, providing equal competition to the existing players. The companies Arktis Radiation Detectors Ltd, Amray Group Limited, Burlington Medical Llc, Centronic Ltd, and Teledyne FLIR Systems INC such as leverage strategic collaborative initiatives to increase their market share and profitability.
- In December 2023, A contract was signed to seal the exclusive partnership between Thermo Fisher Scientific and RDC to offer NetDose, a digital dosimeter, to North American customers in the healthcare, dental, and veterinary fields. The digital technology of NetDose allows radiation to be monitored with Bluetooth technology and eliminates the need for reshipments from dosimeters every time they are processed in a laboratory.
- In December 2023, Radiation Detection Company (RDC), a dosimetry service company focused on making radiation safety in the healthcare, veterinary, dental, and industrial fields affordable, reliable, and easy to use, signed an agreement with Thermo Fisher Scientific to distribute and service Thermo Fisher Scientific’s digital dosimetry solution, NetDose.
Radiation Detection Monitoring and Safety Market Leaders
AmRay Radiation Protection
Arktis Radiation Detectors Ltd.
Bar-Ray Products, Inc.
Centronic Ltd.
ECOTEST Group
*Disclaimer: Major Players sorted in no particular order
Radiation Detection Monitoring and Safety Market News
- January 2024 - The US military made the decision to upgrade its radiation detection equipment by adopting the new "Radiological Detection System" produced by D-Tect Systems, a division of Ludlum based in Utah. This system is modular, allowing for customization with various external probes to meet specific detection needs, such as alpha or neutron detection. The outdated AN/PDR-77 and AN/VDR-2 radiation detectors, which had been in use for 35 years, were replaced with this new technology.
- October 2023 - Honeywell launched an infrared-based FS24X Plus Flame Detector to detect and stop hydrogen flames from growing into major fires. It protects workers and facilities from risks associated with hydrogen production and use. Honeywell's FS24X Plus can detect rainy, foggy, or smoky flames. To be specific, infrared radiation is electromagnetic radiation with wavelengths extended beyond visible light and shorter than radio waves, and it is often used to transmit information.
Radiation Detection Monitoring and Safety Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
4.5 Technology Snapshot
4.6 Market Drivers
4.6.1 Increasing Incidence of Cancer and Other Chronic Diseases
4.6.2 Growing Use of Drones for Radiation Monitoring
4.7 Market Restraints
4.7.1 Stringent Government Regulations
4.7.2 Lack of Skilled Radiation Professionals
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Detection and Monitoring
5.1.2 Safety
5.2 By End-user Industry
5.2.1 Medical and Healthcare
5.2.2 Industrial
5.2.3 Homeland Security and Defense
5.2.4 Energy and Power
5.2.5 Other End-user Industries
5.3 By Geography***
5.3.1 North America
5.3.2 Europe
5.3.3 Asia
5.3.4 Australia and New Zealand
5.3.5 Latin America
5.3.6 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Amray Group Limited
6.1.2 Arktis Radiation Detectors Ltd
6.1.3 Burlington Medical Llc
6.1.4 Centronic Ltd
6.1.5 Teledyne FLIR Systems INC
6.1.6 Landauer Inc. (Fortive Corporation)
6.1.7 Mirion Technologies Inc.
6.1.8 Radiation Detection Company
6.1.9 RAE Systems Inc. (Honeywell International Inc.)
6.1.10 Thermo Fisher Scientific Inc.
6.1.11 Unfors RaySafe AB
6.1.12 ORTEC (Ametek Inc.)
6.1.13 Fuji Electric Co. Ltd
6.1.14 ATOMTEX SPE
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Radiation Detection Monitoring and Safety Industry Segmentation
Radiation detection, monitoring, and safety equipment reduce the effects of harmful radiation. Radiation monitoring is carried out to assess workplace conditions and individual exposures to ensure acceptably safe radiological conditions in the workplace. These equipment are used all around the world and in different types of industries.
The radiation detection monitoring and safety market is segmented by product type (detection and monitoring, safety), end user industry (medical and healthcare, industrial, homeland security and defense, energy and power) and geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa)). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Product Type | |
| Detection and Monitoring | |
| Safety |
| By End-user Industry | |
| Medical and Healthcare | |
| Industrial | |
| Homeland Security and Defense | |
| Energy and Power | |
| Other End-user Industries |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Radiation Detection Monitoring and Safety Market Research FAQs
How big is the Radiation Detection, Monitoring, and Safety Market?
The Radiation Detection, Monitoring, and Safety Market size is expected to reach USD 3.44 billion in 2024 and grow at a CAGR of 5.21% to reach USD 4.44 billion by 2029.
What is the current Radiation Detection, Monitoring, and Safety Market size?
In 2024, the Radiation Detection, Monitoring, and Safety Market size is expected to reach USD 3.44 billion.
Who are the key players in Radiation Detection, Monitoring, and Safety Market?
AmRay Radiation Protection, Arktis Radiation Detectors Ltd., Bar-Ray Products, Inc., Centronic Ltd. and ECOTEST Group are the major companies operating in the Radiation Detection, Monitoring, and Safety Market.
Which is the fastest growing region in Radiation Detection, Monitoring, and Safety Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Radiation Detection, Monitoring, and Safety Market?
In 2024, the North America accounts for the largest market share in Radiation Detection, Monitoring, and Safety Market.
What years does this Radiation Detection, Monitoring, and Safety Market cover, and what was the market size in 2023?
In 2023, the Radiation Detection, Monitoring, and Safety Market size was estimated at USD 3.26 billion. The report covers the Radiation Detection, Monitoring, and Safety Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Radiation Detection, Monitoring, and Safety Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Radiation Detection Monitoring Safety Industry Report
Statistics for the 2024 Radiation Detection Monitoring Safety market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Radiation Detection Monitoring Safety analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
