Radiation Detection, Monitoring & Safety Market Worth 2.26 Billion USD by 2022
PUNE, India, May 8, 2018 /PRNewswire/ --
According to a new market research report "Radiation Detection, Monitoring, & Safety Market by Product (Detection & Monitoring, Safety), Composition (Gas-filled detectors, Scintillator, Solid-state detector), Application (Healthcare, Homeland Security & Defence, Industrial) - Global Forecast to 2022", published by MarketsandMarkets(TM), the global market is expected to reach USD 2.26 Billion by 2022 from USD 1.71 Billion in 2017, at a CAGR of 5.7% during the forecast period (2017-2022).
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The key factors propelling the growth of Radiation Detection, Monitoring and Safety Market are growing security threats, growing prevalence of cancer worldwide, increasing safety awareness among people working in radiation-prone environments, growing safety concerns post the Fukushima disaster, growing security budgets of global sporting events, growth in the number of PET/CT scans, increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, and use of drones for radiation monitoring.
The radiation detection and monitoring products segment accounted for the largest share of the market in 2017
On the basis of products, the Radiation Detection, Monitoring and Safety Market is segmented into radiation detection and monitoring products and radiation safety products. In 2017, the radiation detection and monitoring products segment accounted for the largest share of the global market due to the extensive usage of radiation detection and monitoring products for various applications such as in diagnostic medical imaging, homeland security, nuclear power plants, and industrial applications.
By composition, the gas-filled detectors segment accounted for the largest share of the market in 2017
On the basis of composition, the Radiation Detection, Monitoring and Safety Market is segmented into gas-filled detectors, scintillators, and solid-state detectors. In 2017, the gas-filled detectors segment accounted for the largest share of the global market owing to their uniformities in the detection over other detectors and user-friendly nature of these detectors such as durable, portable, and economical.
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The healthcare segment dominated the market on the basis of applications in 2017
The Radiation Detection, Monitoring and Safety Market is segmented on the basis of applications into healthcare, homeland security and defense, industrial applications, nuclear power plants, and other applications (environmental monitoring and academic research). In 2017, the healthcare segment accounted for the largest share of the global market. Factors such as the growth in the number of PET/CT scans and increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, increasing research activities, and growing incidence of cancer are driving the growth of this segment.
North America held the largest share of the market in 2017
In 2017, North America accounted for the largest share of the Radiation Detection, Monitoring and Safety Market, followed by Europe. Factors such as favorable government initiatives, increasing number of nuclear power plants, rising prevalence of cancer, and increasing awareness of radiation safety are contributing to the large share of this geographical segment.
The key players in the global Radiation Detection, Monitoring and Safety Market are Thermo Fischer Scientific (US), Mirion Technologies (US), LANDAUER (US), Fuji Electric (Japan), Ludlum Measurement (US), Arktis Radiation Detection (Switzerland), Radiation Detection Company (US), AMETEK (US), Ultra Electronics (UK), Arrow-Tec (US), and Polimaster (Austria).
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