The radiation detection, monitoring, and safety market is projected to grow at a CAGR of 5.7%
The radiation detection, monitoring, and safety market is projected to grow at a CAGR of 5.7%
The radiation detection, monitoring, and safety market is projected to grow at a CAGR of 5.7% during the forecast period.
NEW YORK, May 31, 2018 /PRNewswire/ --
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The global radiation detection, monitoring, and safety 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. The key factors propelling the growth of this 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.
On the other hand, the factors limiting market growth include nuclear energy alternatives such as renewable energy, nuclear power phase-out, and shortage of nuclear power workforce.
By product, the radiation detection and monitoring products segment is expected to grow at the highest CAGR during the study period.
The market based on products, 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 radiation detection, monitoring, and safety products market.
The larger share of this segment can be attributed 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 is expected to grow at the highest CAGR during the study period.
The radiation detection, monitoring, and safety market, based on applications, 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 uniformities in their detection over other detectors and user-friendly nature of these detectors such as durable, portable, and economical.
By application, the healthcare segment accounted for the largest share of the radiation detection, monitoring, and safety market in 2017.
Based on applications, the radiation detection, monitoring, and safety market is segmented 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 radiation detection, monitoring, and safety market.
The large share of this application segment can be attributed to 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. The homeland security & defense segment is expected to grow at the highest CAGR from 2017 to 2022 owing to the increased spending on internal security and military expenditure.
The North American radiation detection, monitoring, and safety market is expected to grow at the highest CAGR during the forecast period.
North America is expected to witness the highest growth during 2017 to 2022. The highest growth rate of the North American market is attributed to the factors such as favorable government initiatives, increasing number of nuclear power plants, rising prevalence of cancer, and increasing awareness of radiation safety.
Break of primary participants was as mentioned below:
-- By Company Type - Tier 1-55%, Tier 2-25% and Tier 3-20%
-- By Designation - C-level-43%, Director Level-32%, Others-25%
-- By Region - North America-38%, Europe-23%, Asia Pacific-29%, RoW-10%
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).
Research Coverage:
The report analyzes the radiation detection, monitoring, and safety market and aims at estimating the market size and future growth potential of this market based on various segments such as by product, composition, application, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater share. Firms purchasing the report could use one or any combination of the below mentioned five strategies.
This report provides insights into the following pointers:
-- Market Penetration: Comprehensive information on the product portfolios of the top players in the radiation detection, monitoring, and safety market. The report analyzes the market based on product, composition, application, and region
-- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the radiation detection, monitoring, and safety market
-- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various radiation detection, monitoring, and safety products across regions
-- Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in the radiation detection, monitoring, and safety market
-- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the market
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