Radiation Detection Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Global Radiation Detection Market is projected to record a growth in revenue from US$ 1,703.0 Mn in 2021 to US$ 2,649.2 Mn by 2030, registering a CAGR of 5% during the forecast period 2022-2030. The increasing use of radioactive materials in various sectors like medical research, medical imaging, power production, industrial processes, and the defense has raised an alarm regarding the health issues for individuals who are exposed to radiation. This raises the requirement for technology that can detect the amount of radiation accumulating in the body. Medical radiation detectors are a type of medical equipment that detects the presence of radiation. 

The phenomenal growth in the market for radiation detection is attributed to increasing security threats and growing government spending. Furthermore, increasing safety concerns post-nuclear disaster is another factor driving the market growth. However, the growing use of nuclear energy alternatives such as renewable energy poses a challenge to the radiation detection market.

Market Scope

The study of the global radiation detection market considers various market determinants, emerging technologies in radiation detection, industry value chain analysis, and competitor analysis in the global market. The report discusses the analysis of the radiation detection market for the period 2017-2030, where the base year is 2021 and the forecast period is 2022-2030. The report provides a detailed analysis of the radiation detection market across 14 Chapters, 181 pages. 

Proposed growth in the number of nuclear power plants and increasing demand from the Asia Pacific region will accelerate the overall growth of the market during the forecast period. 

Impact of COVID-19

The report presents a quantitative and qualitative study on the impact of the COVID-19 pandemic on the global radiation detection market. Healthcare entities are increasingly leveraging medical imaging and imaging analytics to improve COVID-19 detection and prevention. However, the restrictions imposed during the COVID-19 pandemic impacted the medical supply chain of the global radiation detection market. Travel restriction and shortages of raw materials, including plastics, metals, glass, and electronics, hampered production of the radiation detection equipment. As the global medical supply chain is slowly coming back on track, both production and availability of the medical radiation detectors will increase with time and so is their usage.

Report Summary

The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The report also provides Porter’s five forces analysis wherein the bargaining power of buyers is reported to be high. Furthermore, the performances of the competitors were measured to understand the scope of the business in the market for radiation detection. To further double-check the data and results, a data triangulation technique was implemented. 

The subsequent sections provide details of the market analysis based on different segments such as product type, end-users, detection type, and region. In addition to this, the report also presents extensively the market analysis of the market for Radiation Detection for the ASEAN region and countries such as the UK, France, Germany, Japan, China, and others. 

The final section deals with the key competitors in the market for radiation detection. The main competitors are Fuji Electric, HORIBA, Ltd., Hamamatsu Photonics, Mitsubishi Electric Group, Fortive Corporation, Thermo Fisher Scientific, IBA Worldwide, and others.

Report Highlights

• The portable radiation survey meters segment is estimated to have the highest market share of around 30.2% in 2021, and a market valued at around US$ 514.5 million in 2021. The high market share is due to the mass availability of the product and ease of use associated with it.
• The gas-filled Detectors segment holds the highest market share of 55.3% in 2021 where the market was valued at US$ 941.6 million. The gas-filled Detectors segment is further divided into Geiger-Muller Counters, Ionization Chambers, and Proportional Counters, out of which Geiger-Muller Counters account for the majority of the share.
• The Healthcare segment is estimated to have the highest market share of 44.9% in 2021.
• North America holds the highest market share of 35.2% in 2021. The region’s market is valued at US$ 598.9 million in 2021. However, Asia Pacific is estimated to grow at the highest CAGR of 5.7% during the forecast period.
• Fuji Electric, HORIBA, Ltd., Hamamatsu Photonics, Mitsubishi Electric Group, Fortive Corporation, are the main competitors.

A glance at the competitors

• Fuji Electric is mainly engaged in the power electronics system and energy solutions business and other businesses. The company operates in six segments such as Power Electronics System and Energy Solutions segment includes energy management, transformer systems, power supply systems, and appliances.
• HORIBA, Ltd. is a Japan-based company engaged in the manufacturing and sale of measuring instruments. The company operates in five business segments.
• Hamamatsu Photonics K.K. is a Japan-based company mainly engaged in the electronic tube business, the optical semiconductor business, and the image measurement equipment business. The company operates in three business segments.
• Azbil Corporation is engaged in the manufacture of automation equipment. The company has three business segments. The Building Automation (BA) segment offers network building automation systems, wide area management systems, actuators, and control valves, as well as building and energy management, maintenance, and consulting services.
• Chiyoda Technol Corporation is a pioneer of radiation protection and established the first radiation monitoring service using film badges in 1954 in Japan.
• Mirion Technologies provides products, services, and software that allows customers to safely leverage the power of ionizing radiation for the greater good of humanity through critical applications in the medical, nuclear, defense markets as well as laboratories, scientific research, analysis, and exploration.
• Fortive Corporation is an American controlled over 20 businesses in the areas of field instrumentation, transportation, sensing, product realization, automation, and franchise distribution. It operates through three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions.

Insights in the Segmentation of the Global Radiation Detection Market

The portable radiation survey meters segment is estimated to have the highest market share of around 30.2% in 2021, and a market valued at US$ 514.5 Mn in 2021. The high market share is due to the mass availability of the product and ease of use associated with it.

The healthcare segment holds the highest market share in the end-user segment in 2021, valued at US$ 765.3 Mn, and is expected to reach US$ 1,189.9 Mn by 2030, exhibiting a CAGR of 5.0% during the forecast period. Asia Pacific Radiation Detection market is having the highest CAGR of 5.7% during the forecast period even though the North America market holds the highest market share in 2021.

By Product

• Radiation monitoring post
• RI monitors
• Radiation detector and analyzers
• Portable radiation survey meters
• Others

By End-User

• Healthcare
• Homeland Security and Defense
• Nuclear Power Plants
• Others

By Detection Type

• Gas-filled Detectors
  • Geiger-Muller Counters
  • Ionization Chambers
  • Proportional Counters
• Scintillators
  • Inorganic Scintillators
  • Organic Scintillators
• Solid-state Detectors
  • Semiconductor Detectors
  • Diamond Detectors

By Region 

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe 
    • Poland
    • Russia
    • Eastern Europe
• Asia Pacific 
  • China
  • India
  • Japan
  • South Korea
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• The Middle East and Africa 
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America