The growth of the medical radiation detection market is attributed to surge in R&D related to medical radiation detection and increase in incidences for cancer and other diseases that require nuclear medicine for management of disease.
The growth of the medical radiation detection market is attributed to surge in R&D related to medical radiation detection and increase in incidences for cancer and other diseases that require nuclear medicine for management of disease.
Medical radiation detection is essential for detecting the presence of radiation and preventing the harmful effects on a human body. Surge in utilization of radiation therapies, prevalence of different types of cancer, and new product developments drive the growth of medical radiation detection market. Moreover, market players that possess different types of dosimeter in their product portfolio adopted the strategy of acquisition. This strategy helps them in raising profitability and overall market share. In addition, new product development activities are aimed at overcoming traditional challenges in terms of cost, environment-friendliness, and performance. New products developed by a team of researchers from a leading university overcome these challenges and open new avenues. The capabilities of medical radiation detection are expected to increase in the coming years. According to the report published by Allied Market Research, the global medical radiation detection market is estimated to reach $2.55 billion by 2030. Following are some of the activities taking place across the world.
Acquisition is one of the major strategies adopted by market players to raise their stake in the medical radiation detection industry by enhancing their capabilities. Mirion Technologies, Inc. acquired the U.S. based dosimeter service distributor CHP Dosimetry. Mirion offers the personal dosimeter platform named as Instadose. This platform provides an instant access to historic and present data regarding exposure and cumulative doses. Individuals can wear these dosimeters while working around the ionizing radiation sources and note down radiation doses from exposure. The acquisition of the distribution channels of CHP Dosimetry helps the company in progression of its business. The company can direct sell its services to customers of CHP and raise profitability. In addition, it will help the company in raising its total market share.
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Along with the trend of acquisition, market players and researchers adopted the strategy of new product developments to raise their stakes in the market. Researchers from the Florida State University developed an eco-friendly scintillating material for detection of X-ray radiation. As there have been challenges in development of eco-friendly and low-cost scintillators, researchers utilized organic components for creating scintillators that can be utilized with polymers to develop flexible composites. The lead researcher of the study Dr. Biwu Ma highlighted that the development offers low-cost and high performance material made from organic compounds. The new material enables healthcare institutes in creating flexible scintillators for imaging and other avenues that can be explored further. This technology has a major application in the field of dentistry.
Major Highlights of the Market Globally-
- Depending on detection type, the gas-filled detectors segment held the largest share in the global market in 2020.
- On the basis of product, the personal dosimeters segment experienced the highest revenue in 2020, and is expected to continue to growth during the forecast period.
- By end user, the hospital segment garnered the largest market share in 2020, and is expected to remain dominant segment the forecast period.
- Region-wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 9.7% during the forecast period.
The Major Key Players are:
- Mirion Technologies, Inc.
- Sun Nuclear Corporation
- Fortive Corporation
- Biodex Medical Systems, Inc.
- Thermo Fisher Scientific
- Polimaster, Inc.
- IBA Worldwide
- AmRay Group
- PTW Freiburg GmbH
- Infab Corporation.