The global medical radiation detection market is projected to reach USD 1.4 billion by 2027 from USD 1.0 billion in 2022, at a CAGR of 6.8% during the forecast period. Growth in this market is mainly driven by factors such as the high prevalence of cancers, the growing geriatric population, the growing number of radio diagnostic procedures performed, the rising adoption of radiation therapy, and the implementation of favorable government initiatives.
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Opportunity: R&D for technological advancement
Extensive research is being conducted in premier institutes, focusing on developing new techniques for detecting and measuring radiation exposure during medical procedures. Some notable examples in this regard have been listed below:
According to an article published at Eureka Alert in April 2020, researchers at the Los Alamos National Laboratory and Argonne National Laboratory developed a new X-ray detector prototype which will revolutionize medical imaging, with a considerable reduction in radiation exposure and related health risks while also improving resolution in security scanners and research applications.
Challenge: Stringent regulatory requirements
Each country has a standard set of regulations for medical radiation, which are defined by regulatory bodies/departments. For example, the US Department of Labor has defined standards through the Nuclear Regulatory Commission (NRC), International Commission on Radiological Protection (ICRP), National Council on Radiation Protection (NCRP), Food and Drug Administration (FDA), and the US Department of Energy (DOE) for protection against radiation. These departments have implemented several guidelines for the approval of medical radiation detection, monitoring, & safety products. However, these stringent regulations extend the timelines involved in the product approval process.
The key players in this market are Fortive (US), Mirion Technologies, Inc. (US), Thermo Fisher Scientific Inc. (US), Ludlum Measurements, Inc. (US), IBA Worldwide (Belgium), AliMed, Inc. (US), Polimaster Ltd. (Republic of Belarus), AmRay Group (Ireland), Infab, LLC (US), Burlington Medical (US), Bertin Instruments (France), Radiation Detection Company (RDC) Inc. (US), Arrow-Tech, Inc. (US), Centronic (UK), SE International, Inc. (US), ATOMTEX (Belarus), Nucleonix Systems (India), Alpha Spectra, Inc. (US), LND (US), Bar·Ray Products (US), Trivitron Healthcare (India), Micron Technology, Inc. (UK), Scionix Holland (Netherland), Lite Tech Industries, LLC (US), BLOXR Solutions, LLC (US).
In 2020, Fortive held the leading position in the medical radiation detection market. The company’s leading position in this market can be attributed to its strong global sales and distribution network, enabling it to market its products in various countries effectively. In addition, Fortive 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 and products that increase the accuracy of imaging by using reference markets. Fortive consistently invests in R&D 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.
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North America is the largest regional market for medical radiation detection market
The global medical radiation detection market has been segmented into four major regions—North America, Europe, the Asia Pacific, and Rest of the World. In 2021, North America accounted for the largest share of the medical radiation detection, monitoring, & safety market. The North American medical radiation detection market growth can be attributed to the increasing awareness about radiation safety and the growing number of radio diagnostic procedures performed.
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