The global medical radiation detection, monitoring & safety market is expected to leap from a market valuation of 961 million in 2017 with a 7.1% CAGR during the forecast period (2018-2027). Medical radiation detection, monitoring & safety is essential to check safety standards of surroundings in healthcare settings. It becomes all the more necessary due to the radiation associated with it as it could trigger complications in people who are not affected by any chronic diseases.
Major factors to influence the medical radiation detection, monitoring & safety market in coming years are increasing cases of cancer and other chronic diseases. The growing demand for better patient care service is also triggering a growth in the number of diagnostic imaging centers which can trigger the market growth. However, the lack of trained professionals and high installation costs can bring down the current predicted growth rate.
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MRFR segments the global medical radiation detection, monitoring & safety market into detector type, monitoring type, and safety type, and end-user to get a closer look at the possibilities that the market is set to offer in coming years.
By detector type, the medical radiation detection, monitoring & safety market includes inorganic scintillators, organic scintillators, gas-filled detectors, and solid-state detectors. The gas-filled detectors segment was held the largest market share in 2017.
By monitoring type, medical radiation detection, monitoring, and safety market comprises radiological material monitors, personal dosimeters, area monitors, environmental monitors, and others.
On the basis of the safety type, medical radiation detection, monitoring, and safety market includes face protection products, full-body protection products, and others.
By end-user, the medical radiation detection, monitoring, and safety market consists ambulatory surgical centers, hospitals, clinics, and others. The hospitals segment is substantially growing owing to the infrastructural benefits and scope of investment.
The region-specific segmentation of the global medical radiation detection, monitoring & safety market, as specified in MRFR report, includes the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The growth of the market depends on the backup provided by structural excellence and technological superiority, along with investment capacity and market reach. The Americas has all the above features owing to which the regional market is at the top. At the same time, investment in research and development is tactical moves owing to which the market is gaining much prominence.
Europe follows the footstep of the Americas in providing the market with similar features. At the same time, the region harbors several market titans who fetch much of the global revenues. These have helped the region in securing the second spot.
The APAC region is expecting high traction from countries such as Japan, China, Republic of Korea, India, and Australia. These companies are revamping their healthcare sector owing to which both governments and private organizations are investing substantially. In addition, the region is a perfect hub for the various global players expansion plan. The region is expected to emerge as the fastest growing region during the forecast period.
Lack of infrastructure and poor economies are hurting the prospect of the MEA region.
Several players of the global medical radiation detection, monitoring, & safety market are influencing the market with their strategic moves. These companies are Infab Corporation, Thermo Fisher Scientific Inc., Mirion Technologies, Inc., IBA Worldwide, Sun Nuclear Corporation, Biodex Medical Systems, Inc., Radiation Detection Company Inc., Amray Medical, Ludlum Measurements, Inc., and Fluke Biomedical. These strategies include merger, acquisition, product launch, innovation, collaboration, and other methods that help in taking both the company and the market ahead.
In April 2019, Qaelum NV of Belgium and TOYO Corporation of Japan announced their joint venture regarding dose monitoring solutions. Japan came up with new regulations to monitor patient radiation dose. The collaboration would help these companies widen their market prospect and introduce their DOSE solution.
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