LONDON--(BUSINESS WIRE)--The global radiation detection and monitoring market is expected to grow at a CAGR of more than 5% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global radiation detection and monitoring market for 2017-2021. Based on product type, Technavio analysts segment this market into dosimeter, area monitor, and survey meter.
The global radiation detection and monitoring market is expected to be worth USD 1.51 billion by 2021. The healthcare sector is the most important end-user segment of the market, driven by increasing use of radiation therapy in cancer patients.
Technavio’s research study segments the global radiation detection and monitoring market into the following regions:
- Americas
- EMEA
- APAC
Americas: largest radiation detection and monitoring market
“The Americas dominate the radiation detection and monitoring market, driven by the high demand for radiation detection and monitoring devices from homeland security, military, and defense sectors in the US,” says Sarah Haque, one of the lead analysts at Technavio.
Apart from homeland security, the healthcare sector in the US offers high-quality professional care, many of which involve radiation medicine. Therefore, it becomes the responsibility of healthcare providers to ensure a safe atmosphere for physicians and technicians exposed to radiation. This creates a high demand for radiation detection and monitoring equipment, thereby driving market growth.
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EMEA: demand from Western European countries drives market segment
Western Europe generates the highest demand for radiation detection and monitoring equipment from EMEA. The national security and healthcare sector in the countries in Western Europe are well established, making radiation measurement critical. Additionally, the rising awareness about radiation hazards has contributed to the increased adoption of radiation detection and monitoring devices in this region. Africa will show relatively slower growth and is expected to pick up the pace once radiation therapy becomes widely adopted.
APAC: fastest growing market segment
“APAC will show the highest growth rate, with a CAGR of close to 6% through the forecast period. Most of this growth will be driven by the increase in nuclear power consumption in the developing countries of the region and the increased use of radiation in the pharmaceutical industry,” says Sarah.
The manufacturing sector is another key area that is driving the radiation detection and monitoring market in the region. Industries such as textile mills, food processing, tools manufacturing, chemical processing, and wood and paper industries use radioactive substances for tracing, irradiation, and mapping purposes. The need to measure the amount of radiation used in processes for the safety of employees in these industries drives the demand for radiation detection and monitoring devices.
The top vendors in the global radiation detection and monitoring market highlighted in the report are:
- Mirion Technologies
- Thermo Fisher Scientific
- LANDAUER
- Ludlum Measurements
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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