Medical Radiation Detection Market worth $1,207 million by 2025 – Increasing Use of Nuclear Medicine for Diagnosis

PUNE, India, 2021-Jul-21 — /EPR Network/ —

The growth in Medical Radiation Detection, Monitoring and Safety Market is attributed to the increasing use of nuclear medicine and radiation therapy for diagnosis and treatment, growing number of diagnostic imaging centers, rising prevalence of cancer, increasing safety awareness among people working in radiation-prone environments, and the growing number of people covered by insurance.

According to the new market research report “Medical Radiation Detection, Monitoring and Safety 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 size 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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Geographically; 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 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 medical radiation detection, monitoring, and safety market.

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

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Market Segmentation in Detailed:

Gas-filled detectors accounted for the larger share of the medical radiation detection and monitoring market in 2019

Based on the detector type, the medical radiation detection and monitoring market is segmented into gas-filled detectors, solid-state detectors, and scintillators. In 2019, the gas-filled detectors segment accounted for the largest market share of medical radiation detection and monitoring market . The large share of this segment can be attributed to the favorable performance-to-cost ratio of gas-filled detectors coupled with their wide application in the medical imaging field.

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

Based on end-users, the medical radiation detection safety market is 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