DUBLIN--(BUSINESS WIRE)--The "Global Radiation Detection, Monitoring, & Safety Market by Product (Detection & Monitoring (Personal Dosimeters), Composition (Gas-filled detectors, Scintillator, Solid-state detector), Application (Healthcare, Industrial Application) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global radiation detection, monitoring, and safety market is expected to grow at a CAGR of 6.9% during the forecast period to reach USD 3.1 billion by 2026 from an estimated USD 2.2 billion in 2021.
The key factors propelling the growth of this market are growing security threats, the growing prevalence of cancer worldwide, increasing radiation safety awareness, growth in the number of PET/CT scans, and the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment.
The radiation detection & monitoring products segment accounted for the highest growth rate in the radiation detection, monitoring, and safety market, byproduct, during the forecast period
Based on products, the radiation detection, monitoring, and safety market is segmented into radiation detection & monitoring products and radiation safety products. In 2020, the radiation detection & monitoring products segment accounted for the highest growth rate. This can be attributed to the rising radiation safety awareness among various end users.
Gas-filled detectors accounted for the highest CAGR
Based on composition, the global radiation detection & monitoring products market is segmented into gas-filled detectors, scintillators, and solid-state detectors. The gas-filled detectors segment accounted for the highest CAGR. Growth in this market segment is attributed to the favorable performance-to-cost ratio of gas-filled detectors.
Homeland security & defense accounted for the highest CAGR
Based on application, the radiation detection, monitoring, and safety market is segmented into healthcare, homeland security & defense, nuclear power plants, industrial applications, and other applications (academic research & environmental monitoring). The homeland security & defense segment is expected to grow at the highest CAGR from 2021 to 2026 due to increased spending on internal security and military expenditure.
Asia Pacific: The fastest-growing region in the Radiation detection, monitoring, and safety market
The radiation detection, monitoring, and safety market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is projected to register the highest CAGR during the forecast period. Factors such as high spending on homeland security in Asia, high expected growth in China's nuclear power industry, and the increasing number of nuclear power plants in India drive market growth in the APAC.
Market Dynamics
Drivers
- Rising Military Expenditure to Drive the Market for Homeland Security Applications
- Increasing Safety Awareness Among People Working in Radiation-Prone Environments
- Growth in the Number of Pet/Ct Scans
- Increasing Usage of Nuclear Medicine & Radiation Therapy Coupled with the Rising Incidence of Cancers
Restraints
- Nuclear Energy Alternatives Such as Renewable Energy
- Nuclear Power Phase-Out
Opportunities
- Technological Advancements in Radiation Detection
- Rising Focus on Nuclear Power in Developing Nations to Meet Energy Demands
Challenges
- High Cost of Lead in Manufacturing Radiation Accessories
- Shortage of Nuclear Power Workforce and Skilled Radiation Professionals & Medical Physicists
Companies Mentioned
- Alpha Spectra
- Ametek
- Amray Group
- Arktis Radiation Detectors
- Arrow-Tech
- Atomtex
- Bar-Ray
- Bertin Instruments
- Centronic
- Fortive
- Fuji Electric
- Iba Worldwide
- Infab Corporation
- Lnd
- Ludlum Measurements
- Micron Semiconductor
- Mirion Technologies
- Nucleonix Systems
- Polimaster
- Radcomm Systems
- Rdc.
- Scionix
- Se International
- Thermo Fisher Scientific
- Trivitron Healthcare
For more information about this report visit https://www.researchandmarkets.com/r/wpydux
