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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.
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.
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.
A glance at the competitors
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 Detection Type
|Market Size Value in 2021||US$ 1,703.0 Mn|
|Expected Revenue in 2030||US$ 2,649.2 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Product, By End-users, and Region|
|Key Companies||Fuji Electric, HORIBA, Ltd., Hamamatsu Photonics K.K., Azbil Corporation, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Radiation detectors are a type of equipment that detects the presence of radiation which is harmful for an individual. It is used to aid in preventing exposure to radiation.
The radiation detection market is valued at US$ 1,703 Mn in 2021.
The radiation detection market is estimated to experience a phenomenal growth in revenue of US$ 946.2 during 2021-2030.
The radiation detection market is segmented into four broad categories namely by product type, by end user, by detection type and by region.
The study period for the radiation detection market is 2017-2030.
Portable radiation survey meters segment is the leading product type segment in the radiation detection market.
Two key factors driving the global radiation detection market are: - 1) Increasing security threats and growing government spending 2) Increasing safety concerns post nuclear disaster
Growing use of nuclear energy alternatives such as renewable energy is challenging the radiation detection market.
Proposed growth in the number of nuclear power plants will drive the future growth of the radiation detection market.
North America hold the highest market share of 35.2% in 2021.
Asia Pacific is estimated to grow highest with a CAGR of 5.7% by 2030.
Fuji Electric, HORIBA, Ltd., Hamamatsu Photonics, Mitsubishi Electric group, Fortive Corporation, Thermo Fisher Scientific and IBA Worldwide among others.
Restrictions imposed due the coronavirus pandemic somewhat impacted the supply chain of the global radiation detection market. Travel restriction and shortages of raw materials, including plastics, metals, glass, and electronics, hampered production.
Primary and secondary research was undertaken, and further PESTLE Analysis and Porter’s Five Forces Analysis were conducted to identify strengths, weaknesses and potential threats.