The study involved four major activities in estimating the current size of the Medical Radiation Detection Market. Exhaustive secondary research was done to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to identify and collect information for this study.
GROWTH DRIVER: Increasing use of nuclear medicine and radiation therapy for diagnosis and treatment;
According to the World Nuclear Association, more than 40 million nuclear medicine procedures are performed every year, and the demand for radioisotopes is increased at a rate of 5% annually (data as of May 2020). Radioisotopes are used by nearly 10,000 hospitals across the globe. In the US alone, annually, more than 20 million nuclear medicine procedures are performed. According to the World Nuclear Association, North America dominates the diagnostic radioisotopes market and accounts for ~50% of the market share (the US is the largest contributor to the North American diagnostic radioisotopes market), followed by Europe which accounts for a share of ~20%.
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Expected Revenue Surge: The global medical radiation detection, monitoring and safety market size is projected to reach USD 1,207 million by 2025 from USD 949 million in 2020, at a CAGR of 4.9% during the forecast period.
Geographical Scenario in Depth:
The medical radiation detection market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the medical radiation monitoring and safety market. The large share of North America can be attributed to factors such as increasing awareness about radiation safety, growing number of radiodiagnostic procedures performed, and ongoing research aimed at the development of new and advanced radiation detection, monitoring, and safety products.
The major players in the medical radiation detection, monitoring and safety market are Fortive Corporation (US), Mirion Technologies (US), IBA Worldwide (Belgium), Thermo Fisher Scientific (US), and Sun Nuclear Corporation (US).
Fortive Corporation (US) held the leading position in the medical radiation detection, monitoring and safety market in 2019. The company is a provider of technical and analytical services that determine the exposure of environmental and occupational radiation hazards. Fortive Corporation derives a majority of its revenue from the North American market. The company focuses on introducing radiology products that reduce radiation exposure to physicians and patients as well as products that increase the accuracy of imaging by using reference markets. Fortive Corporation consistently invests in research and development to introduce innovative products. Although the company has not been involved in any major developments in the last few years, its strong focus on brand management and efficient distribution will help it to maintain its position in the market.