The study conducted by Astute Analytica foresees a phenomenal growth in revenue of the global radiation detection market from US$ 1,703.0 Mn in 2021 to US$ 2,649.2 Mn by 2030, registering a compounded annual growth rate (CAGR) of 5% during the forecast period 2022-2030. The severity of the effects of medical radiation on human body is determined by the amount of exposure, ability of the radiation to harm the organ tissue, organ that is affected, etc.
Advanced technologies that play a vital role in the detection, diagnosis, and treatment of major human diseases, including heart disease and cancer boost the adoption of radiation detection technology. However, growing use of nuclear energy alternatives such as renewable resources act as a restraint to the growth of the radiation detection market.
Radiation detection devices must have to be highly reliable. There are ongoing technological developments in these devices which have mostly targeted the lighter weight, smaller size, longer useful life, high reliability, and cost-effectiveness.
Significance of the market for radiation detection
According to the World Energy Outlook (WEO) report, in 2021, the IEA's 'Stated Policies Scenario' sees installed nuclear capacity growth of over 26% from 2020 to 2050 (reaching about 525 GWe). The increasing use of radioactive materials in various sectors like medical research, medical imaging, power production, industrial processes and the defense has led to an increase in demand for medical radiation detectors which detects the presence of radiation.
The Fukushima Dai-Ichi accident in 2011 has affected many aspects of the nuclear society globally. Furthermore, use of radioactive materials by terrorists has raised serious concerns. In the defense sector, the common sources of radiation exposure to personnel include nuclear ships and submarines; depleted uranium-made weapons and military equipment; handling, detonation, and maintenance of nuclear weapons; and during nuclear waste transport and storage. Such events may cause a significant number of personnel to be exposed to harmful levels of radiation, the radiation detectors devices and services are majorly used in the defense sector to monitor the radiation exposure and limit the impact of radiation on personnel health.
Challenges Ahead
Challenges posed by alternative energy sources such as hydrogen, solar power, natural gas, and thorium are a big concern for the radiation detection market. Countries such as Turkey, India, Australia, and United States holds 59% of the world’s thorium reserves. Thorium that is mined can be used as a fuel, whereas, only 1% of the mined uranium (primary element used in nuclear energy) is used as a fuel. Thorium produces less waste and is safer than uranium.
Impact of COVID-19
Healthcare entities are increasingly leveraging medical imaging and imaging analytics to improve COVID-19 detection and prevention. However, the restrictions imposed due the coronavirus pandemic somewhat 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. The nuclear power industry is currently witnessing a truly challenging environment, still, a high demand for nuclear energy is projected in the coming years due to rising energy demands across the globe. However, radiation detection can be used for prevention of excessive radiation exposure due to imaging equipment when suffering from COVID-19.
Healthcare segment estimated to have the highest market share in 2021
By end user, healthcare segment is estimated to have the highest market share of 44.9% in 2021. The importance of medical imaging is resulting in high market share of the healthcare segment. Homeland Security and Defense segment is estimated to exhibit highest CAGR of 5.3% during forecast year. The high growth opportunity in the segment is due to increasing concerns regarding national security and rise in territorial tension between nations.
Scintillators segment is estimated to exhibit the highest CAGR of 5.6% by 2030
Scintillators segment is estimated to exhibit the highest CAGR of 5.6% during the forecast period and is expected to reach US$ 730.6 Mn by 2030. Gas-filled Detectors segment holds highest market share of 55.3% in 2021, where the market was valued at US$ 941.6 Mn. The Scintillators are reliable, efficient and competitive technology for contamination monitoring as compared to gas-filled detectors. This coupled with lighter weight and unlimited temperature range is creating high growth opportunity in the market.
North America holds the highest market share in 2021
North America holds the highest market share of 35.2% in 2021. The region’s market is valued at US$ 598.9 Mn in 2021. Despite the huge market share held by North America, Asia Pacific is estimated to grow at highest CAGR of 5.7% during forecast period. The growth opportunity in the region is estimated at US$ 270.6 Mn during the forecast period, this is due to countries such as China and Japan. For instance, in China, several independent government departments related to nuclear medicine are emerging like the China Society of Nuclear Medicine.
Key Market Players
The main competitors are Fuji Electric, HORIBA, Ltd., Hamamatsu Photonics, Mitsubishi Electric group, Fortive Corporation, Thermo Fisher Scientific, IBA Worldwide and others.
Segmentation Overview
Global Radiation Detection Market is categorized based on product type, end user, detection type and region. These segments are sub-divided to get a holistic picture of the market.
Following are the different segments of the global radiation detection market:
By Product
By End User
By Detection Type
By Region
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