Market Trends of Radiation Detection, Monitoring, And Safety Industry
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.
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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.
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