Radiation Detection, Monitoring, and Safety Market: Industry Analysis and Forecast (2023-2029) by Product, Composition, Application and Region

Radiation Detection, Monitoring, and Safety Market size was valued at US$ 2.34 Bn. in 2022 and the total revenue is expected to grow at 6.9% through 2023 to 2029, reaching nearly US$ 3.74 Bn.
Global Radiation Detection, Monitoring, and Safety Market Overview:
Radiation levels are rising over the world, posing a threat to human health. According to the United States Environmental Protection Agency (US EPA), radioactive materials emit ionizing radiation when they decay, which can harm living tissues in the human body. The human body strives to repair the damage, but in some cases of extreme severity, it is unable to do so, leading to diseases such as cancer. Alpha, beta, and gamma are the most prevalent types of ionizing radiation.To know about the Research Methodology :- Request Free Sample Report

Nuclear disasters force governments and businesses that are exposed to radiation to enhance their radiation detection and monitoring systems. The Fukushima nuclear disaster in Japan in 2011 resulted in the meltdown of three nuclear reactors and the emission of a large amount of hazardous material.

Radiation detection, monitoring, and safety equipment are used to reduce the detrimental effects of radiation. Radiation protection equipment and instruments are included in radiation detection, monitoring, and safety equipment. Nuclear power plants, defence and homeland security, occupational safety, oil and resource exploration, and manufacturing are among the six key applications that the radiation detection, monitoring, and safety equipment market may be divided into. Radiation safety equipment, such as complete body radiation protection and hand safety equipment, is also used at nuclear power plants.
Radiation Detection, Monitoring, and Safety Market Dynamics:
Regulatory regulations and changing customer needs are continually driving the Radiation Detection, Monitoring, and Safety market. The rising usage of radioactive materials in industries such as power generation, industrial processing, research and processing, and the security sector has raised the demand for radioactive radiation protection equipment.

Drones are also being used to produce new monitoring technology on the market. For example, in May 2021, Belgium's Nuclear Research Centre (SCK-CEN) and Belgian aeronautical manufacturer Sabca created a device that allows drones to carry out radioactive assessments.

Furthermore, countries spend a lot of money developing nuclear weapons and facilities, which is predicted to increase the use of radiation detection, monitoring, and safety technology. The increased usage of radioactive materials in fields such as different industrial processes, power production, and the defence sector, combined with the increased worldwide threat of terrorist-operated nuclear weapons, has increased the demand for Radiation Detection, Monitoring, and Safety Market.

In the radiation monitoring and safety business, there is a great demand for competent radiation professionals. However, because of the high hazards linked with damaging radiation and a lack of adequate industry skills, there has been a shortage of workers.

Radiation Detection, Monitoring, and Safety Market is being propelled forward by the rising number of cancer patients and the use of radiation therapy and radiology.

Cancer instances have been reported all across the world. In 2020, 19.3 million people were diagnosed with cancer worldwide. Because of its efficacy and low cost, radiation treatment is gaining popularity. The majority of the therapies are administered in an outpatient setting, with a daily patient turnout of up to 30 patients. As a result of the faster and better results, it has been widely adopted around the world. Finally, radiation therapy can be used to treat a wide range of cancers, including breast cancer, colorectal cancer, uterine cancer, and others, and it can also help to prevent cancer recurrence.

The rise in radiation-related spending in military and homeland security applications.

Radiation exposure can occur in a variety of settings, including nuclear submarines and ships, nuclear weapons maintenance and handling, uranium weapons development, and finally, transporting and storing radioactive waste. As a result, anyone engaging in such operations should have monitors and detectors to keep an eye on any radiation levels that exceed the federal government's permissible limits. For example, the defence budgetary allocation for homeland security increased by 4.4 percent in 2022.

Alternatives to nuclear energy, such as renewable energy

While nuclear power has the potential to meet the world's energy needs, there are worries about its safety, including the risk of a nuclear meltdown and the difficulties in storing radioactive waste. Cities and countries are constructing modest and large-scale renewable power sources due to human health and safety concerns. Renewable energy sources (energy from the sun, wind, rain, tides, waves, and geothermal heat) are predicted to pose a major threat to nuclear energy production, which could stifle the expansion of the Radiation Detection, Monitoring, and Safety Market.

COVID-19 Impact on Radiation Detection, Monitoring, and Safety Market

The pandemic has caused non-urgent diagnostic imaging surgeries to be postponed in many places around the world. The COVID-19 pandemic has had a substantial influence on hospital purchasing power, particularly for small-scale hospitals and scanning facilities. According to a Livemint story, the COVID-19 pandemic has resulted in revenue losses of up to 90% for private hospitals in India. Manufacturing companies have also been affected by the pandemic. Businesses are working with a little workforce. Furthermore, due to modern packaging regulations and country-imposed lockdown measures, the turnaround time for delivering products and services has been impacted.
Radiation Detection, Monitoring, and Safety Market Segment analysis:
Based on Product, The Radiation Detection, Monitoring, and Safety Market is segmented into Detection & Monitoring and Safety. The segment of radiation detection and monitoring products held the highest proportion of the market in 2022. The extensive use of radiation detection and monitoring products for diverse applications accounts for the segment's bigger share.

Based on Composition: The Radiation Detection, Monitoring, and Safety Market is segmented into Gas-Filled Detectors, Scintillators and Solid-State Detectors.

In the year 2022, gas-filled detectors had the largest Radiation Detection, Monitoring, and Safety market share. It is due to the ease with which it may be used in various settings. The theory is based on the fact that when a gas comes into contact with radiation, it becomes ionised, resulting in an electronic charge that can be detected with a metre. Ionization chambers, proportional counters, and Geiger-Muller Tubes are the various forms of gas-filled detectors.

The scintillators segment, on the other hand, is expected to increase at the fastest rate, with a CAGR of 7.1 percent from 2023 to 2029. Scintillation's method is based on its cross-reactivity with radiation, as well as its great sensitivity and ability to create a flash of light.



Based on Application, The Radiation Detection, Monitoring, and Safety Market is segmented into Healthcare, Homeland Security and Defence, Nuclear Power Plants, Industrial Applications and Others. The healthcare segment held a dominant market share in the year 2020. It is due to the application's extensive use of radiation. Radiation therapy and other radio oncological procedures necessitate the use of radiation safety and monitoring. Furthermore, the operation is mitigated if the radiation exceeds the standard limit, and both the patients and medical professionals employ the same throughout the process.

The Industrial applications segment, on the other hand, is expected to increase at the fastest rate, with a CAGR of 6.8% from 2023 to 2029. It is due to the widespread use of radiation as an auxiliary in various operations. Foods and medical equipment are passed through various types of radiation to extend their shelf life, and radiation is commonly employed to remove hazardous contaminants from coal-fired power plants. Finally, it is used in all aspects of agricultural and food production. The detection, monitoring, and safety components would all benefit from an increase in radiation processing.

Radiation Detection, Monitoring, and Safety Market Regional insights:

North America held a dominant share in the Radiation Detection, Monitoring, and Safety market. It is due to the multiplicative use of radiation in numerous industries. Furthermore, according to current data, 1.8 million new cancer cases were detected in the United States. Because of sedentary lifestyles and obesity, the numbers are only expected to climb. Finally, governments are employing radiation to offset emissions from various plants as part of the Paris Climate Accord.

Marketers, on the other hand, are finding Asia-Pacific to be a lucrative growing market. It is due to their widespread application in agriculture. Plant seeds have been treated to radiation on a regular basis in order to improve their growth and quality. It is also used to restrict the expansion of insect populations.

The objective of the report is to present a complete picture of global Radiation Detection, Monitoring, and Safety Market. Data from past years is compiled to anticipate the future prospects of this market. Porter's five forces help to identify where power lies in a business situation. This is useful both in understanding the strength of an organisation's current competitive position, and the strength of a position that an organisation may look to move into. The report helps in identifying competitive rivalry currently running in the Radiation Detection, Monitoring, and Safety Market. It also helps to understand bargaining power of suppliers and consumers.

The report also presents PESTLE analysis which helps to gain a macro picture of Radiation Detection, Monitoring, and Safety Market. Political factors help to identify the influence of government over market. Economic factors a have direct impact on a company’s long-term prospects in a market. The economic environment may affect how a company dealing in Radiation Detection, Monitoring, and Safety price their products or influence the supply and demand model. Social factors, such as demographics and culture can impact the Radiation Detection, Monitoring, and Safety Market by influencing peak buying periods, purchasing habits, and lifestyle choices. Technological factors may have a direct or an indirect influence on an industry. The legal and regulatory environment can affect the policies and procedures of an industry, and can control employment, safety and regulations. Environmental factors include all those relating to the physical environment and to general environmental protection requirements.
Radiation Detection, Monitoring, and Safety Market Scope: Inquiry Before Buying



Radiation Detection, Monitoring, and Safety Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.34 Bn.


Forecast Period 2023 to 2029 CAGR:
6.9 %
Market Size in 2029:
US $ 3.74 Bn.


 Segments Covered:
by Product
Detection & Monitoring Products
Safety products


by Composition
Gas-Filled Detectors
Scintillators
Solid-State Detectors


by Application
Healthcare
Homeland Security and Defence
Nuclear Power Plants
Industrial Applications
Others



Radiation Detection, Monitoring, and Safety Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Radiation Detection, Monitoring, and Safety Market Key Players
1.Thermo Fisher Scientific (US)
2.Mirion Technologies (US)
3.Fortive (US)
4.AMETEK (US)
5.Fuji Electric (Japan)
6.Ludlum Measurements (US)
7.Arktis Radiation Detectors (Switzerland)
8.Polimaster (Belarus)
9.AmRay (Ireland)
10.Infab Corporation (US)
11.IBA Worldwide (Belgium)
12.Bertin Instruments (France)
13.RDC (US)
14.Arrow-Tech (US)
15.Centronic Limited (UK)
16.S.E. International (US)
17.ATOMTEX (Belarus)
18.Nucleonix Systems (India)
19.Alpha Spectra (US)
20.LND (US)
21.Bar-Ray (US)
22.Trivitron Healthcare (India)
23.Micron Semiconductor (UK)
24.Scionix Holland (Netherlands)
25.Radcomm Systems (Canada)

Frequently Asked Questions:

1. What is the CAGR of the Radiation Detection, Monitoring, and Safety Market in the forecast period (2023-2029)?
Ans. Global Market revenue is expected to grow at 6.9% through 2023 to 2029

2. Who are the key players in the Radiation Detection, Monitoring, and Safety Market?
Ans. Thermo Fisher Scientific (US), Mirion Technologies (US), Fortive (US), AMETEK (US), Fuji Electric (Japan), Ludlum Measurements (US), Arktis Radiation Detectors (Switzerland), Polimaster (Belarus), AmRay (Ireland), Infab Corporation (US), IBA Worldwide (Belgium), Bertin Instruments (France), RDC (US), Arrow-Tech (US), Centronic Limited (UK), S.E. International (US), ATOMTEX (Belarus), Nucleonix Systems (India), Alpha Spectra (US), LND (US), Bar-Ray (US), Trivitron Healthcare (India), Micron Semiconductor (UK), Scionix Holland (Netherlands) and Radcomm Systems (Canada) are the key players in Radiation Detection, Monitoring, and Safety Market.

3. Which product is dominating the Radiation Detection, Monitoring, and Safety Market?
Ans. Detection and monitoring products is dominating the market.

4. What segments are covered in the Radiation Detection, Monitoring, and Safety Market report?
Ans. The segments covered in market report are based on product, composition, application and region.

5. What is the forecast period for the Radiation Detection, Monitoring, and Safety Market?
Ans. The forecast period for the market is 2023-2029.