The Road Ahead for the Medical Radiation Detection, Monitoring & Safety Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the Medical Radiation Detection, Monitoring & Safety Market During the Forecast Period, and Why?
There has been robust growth in the dimension of the medical radiation detection, monitoring & safety market in previous years. It is set to expand from $2.02 billion in 2024 to $2.2 billion in 2025, with a compound annual growth rate (CAGR) of 9.1%. Regulatory compliance, growth in radiation therapy, the expansion of nuclear medicine, patient safety measures, and emergency preparedness are the reasons for the growth seen in the historical period.
The market for medical radiation detection, monitoring, and safety is predicted to experience a swift expansion in the upcoming years. Its growth is projected to reach $3.23 billion by 2029, with a compound annual growth rate (CAGR) of 10.1%. The escalation during the forecast period can be ascribed to factors such as personalized radiation therapy, diagnostic radiology, worker safety, patient safety, and radiation dose deduction. Key trends during the conjectured time frame encompass advancements in x-ray and imaging, relentless technological innovation, sophisticated imaging techniques, the adoption of artificial intelligence (AI) in radiation monitoring, and progression in dosimetry.
Which Macro and Microeconomic Factors Are Accelerating the Growth of the medical radiation detection, monitoring & safety Market?
The surge in cancer cases is anticipated to stimulate the expansion of the medical radiation detection, monitoring, and safety market. Cancer is a medical condition that leads to certain cells in the body proliferating uncontrollably and invading other body areas. Given that radiation therapy and nuclear medicine expose cancer patients to hazardous radioactive particles or radiation, it becomes essential to employ medical radiation detection, monitoring, and safety equipment to safeguard the patient from harmful radiation and to keep an eye on the radiation levels. For example, the American Cancer Society Inc., a non-profit health organization in the U.S., indicates that, in 2023, 1,958,310 new cancer diagnoses are projected in the U.S., a growth from over 1,918,030 new cancer cases reported in 2022. Therefore, the rise in cancer prevalence is accelerating the expansion of the medical radiation detection, monitoring, and safety market.
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Which Companies Are Poised to Shape the Future of the Medical Radiation Detection, Monitoring & Safety Market?
Major companies operating in the medical radiation detection, monitoring & safety market include:
• Fortive Corp.
• Mirion Technologies Inc.
• Thermo Fisher Scientific Inc.
• Ludlum Measurements Inc.
• Radiation Detection Company (RDC) Inc.
What Are the Latest Innovations and Trends Influencing the Medical Radiation Detection, Monitoring & Safety Market?
Major players in the medical radiation detection, monitoring, and safety sector are focusing on creating highly advanced products, like real-time radiation monitoring equipment, to enable immediate identification of radiation exposure risk. These real-time monitors consistently gauge and highlight radiation levels in a particular environment, offering immediate alerts to possible dangerous exposure to ionizing radiation. For instance, Thermo Fisher Scientific, a biotech firm based in the US, released the NetDose Pro digital dosimeter in June 2024. This compact device is engineered to oversee radiation exposure for workers in a broad range of sectors, such as healthcare, thereby aiding businesses adhere to rigid regulatory standards. It incessantly monitors radiation levels and securely relays information to a personal mobile application or a web-based portal, ensuring personal and customer data safety. Through Bluetooth 5.0 wireless tech, the dosimeter connects with a gateway data router or the NetDose mobile app, enabling users to keep tabs on radiation levels in real-time, generate reports, allocate devices to wearers, and manage the whole dosimetry system effectively.
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Which Segments of the Medical Radiation Detection, Monitoring & Safety Market Hold the Most Potential for Future Development?
The medical radiation detection, monitoring & safety market covered in this report is segmented –
1) By Medical Radiation Detection and Monitoring Product: Personal Dosimeters, Area Process Monitors, Environment Radiation Monitors, Surface Contamination Monitors, Radioactive Material Monitors, Other Medical Radiation Detection and Monitoring Product
2) By Safety: Full-body Protection, Face Protection, Hand Safety, Other Medical Radiation Safety Products
3) By Detector Type: Gas-Filled Detectors, Scintillators, Solid-State Detectors
4) By End User: Hospitals, Non-Hospitals
Subsegments:
1) By Personal Dosimeters: Thermoluminescent Dosimeters (TLD), Electronic Personal Dosimeters (EPD), Film Badge Dosimeters
2) By Area Process Monitors: Continuous Area Radiation Monitors, Portable Area Radiation Monitors
3) By Environmental Radiation Monitors: Ambient Radiation Monitors, Fixed Environmental Radiation Monitors
4) By Surface Contamination Monitors: Handheld Surface Contamination Monitors, Fixed Surface Contamination Monitors
5) By Radioactive Material Monitors: Radiation Portal Monitors, Transportable Radiation Monitors
6) By Other Medical Radiation Detection And Monitoring Products: Spectroscopic Radiation Detectors, Alarm Systems For Radiation Detection
What Regions Are Contributing Significantly to the Growth of the Medical Radiation Detection, Monitoring & Safety Market?
North America will be the largest region in the medical radiation detection, monitoring, and safety market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical radiation detection, monitoring & safety market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
How Is the Scope and Reach of the Medical Radiation Detection, Monitoring & Safety Market Defined?
Medical radiation detection, monitoring, and safety equipment are designed for detecting and monitoring the intensity of radiation and also protecting the users from the harmful effects of radiation. The medical radiation detection, monitoring, and safety equipment are used for radiation monitoring and detection during medical procedures.
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