Medical Radiation Detection Market Expected to Reach $2,558.1 Million by 2030

According to a new report published by Allied Market Research, titled, “Medical Radiation Detection Market by Detection Type, Product, and End User: Opportunity Analysis and Industry Forecast, 2021–2030," 

The global medical radiation detection market size was valued at $1,173.0 million in 2020, and is projected to reach $2,558.1 million by 2030, registering a CAGR of 8.4% from 2021 to 2030.

Medical radiation detectors are a range of medical equipment that is primarily designed for detecting the presence of radiation. When an individual is experiencing radiation for a prolonged duration, it is most susceptible to cause various lethal diseases. This surges the demand for devices that can be used in the introduction of the devices that can easily detect the amount of radiation deposition in the body. Major detectors available to be used to identify radioactive materials and ionizing radiation include Handheld Survey Meter (HSM), personal radiation detector (PRD), Radiation Portal Monitor (RPM) and Radiation Isotope Identification Device (RIID). With advancement in technologies, several radiation detection devices can be available to be used at home. Dosimeters are among medical radiation detection devices used at home, and can detect the presence of Gamma ray, which is the most harmful external radioactive hazard. 

The market growth is driven mainly by the increasing prevalence of cancer, which requires medical radiation detectors. In addition, surge in usage of nuclear medicine and radiation therapy for diagnosis and treatment of acute radiation disease would contribute toward the market growth in the coming years. Furthermore, there has been a huge rise in number of diagnostic imaging centers that requires medical radiation detectors to avoid excessive exposure to the radiations, thereby fueling the growth of the market during the forecast period. Rising awareness regarding safety from prolonged exposure to radiation especially in radiation-prone settings as well as an increase in number of individuals having medical insurance would propel the growth of the medical radiation market during the forecast period. However, higher price of medical radiation detection will hinder the growth of the market. In addition, increase in potential of medical radiation detection in emerging countries is expected to help the market generate greater opportunities in the next few years.

The global medical radiation detection market is segmented on the basis of detection type, product, end user, and region. On the basis of detection type, the market is categorized into gas-filled detectors, scintillators, and solid-state. By product, it is classified into personal dosimeters, area process dosimeters, surface contamination monitors, and others. By end user, it is divided into hospitals, ambulatory surgical centers, clinics, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The outbreak of COVID-19 led to surge in mortality rates and was declared to be a pandemic. In addition, it led to a drastic change in the market scenario. Healthcare workers, equipment, and facilities have been converged to cope with the rising number of patients due to COVID-19. Furthermore, the pandemic caused major impediments in pharmaceutical and medical supply chains globally. Medical Radiation Detection showed a negative growth, as the focus was diverted to help combat with the growing demand for therapeutic alternatives for cough symptoms caused during exposure to COVID-19 virus. In addition, decrease in demand for medical radiation detectors during the period led to degrowth of the medical radiation detection market. However, government aided research for medical radiation detection continues to propel the medical radiation detection market during the forecast period. Moreover, increase in awareness regarding the need to have medical radiation detection fosters the market growth.

On the basis of detection type, the market is categorized into gas-filled detectors, scintillators, and solid-state. In addition, the gas-filled detectors segment is expected to gain highest revenue during the forecast period. This is attributed to the surge in demand for gas-filled detectors to help in the management of extreme exposure of radiation. In addition, the boost in usage of nuclear medicines would propel the market growth in the next few years. However, scintillators are expected to generate significant revenue shares in the medical radiation detection market.

Based on product, the market is categorized into personal dosimeters, area process dosimeters, surface contamination monitors, and others. The personal dosimeters segment is anticipated to gain the highest revenue during the forecast period, owing to higher advantages of personal dosimeters such as alarming system for radiation exposure throughout the day and availability of indicators that helps detect the higher susceptibility to harmful radiation. However, area process dosimeters are expected to gain significant share during the forecast period. This is attributed to the growing demand for such dosimeters for the detection of harmful radiation in the commenced period.

Based on end user, the market is divided into hospitals, ambulatory surgical centers, clinics, and others. The hospitals segment is anticipated to gain the fastest CAGR during the forecast period, owing to surge in flow of number of both outpatients and inpatients in hospitals and rise in patient population during the forecast period. In addition, the clinics segment is expected to gain significant share, owing to the ease in accessibility of clinics in remote areas, thereby propelling the market growth.

North America is projected to account for a significant share of the global medical radiation detection market during the forecast period. The market growth is attributed to surge in healthcare expenditure and rise in patient population in the region. In addition, Asia-Pacific is projected to gain the fastest CAGR during the forecast period, owing to the presence of large patient population and rapid infrastructural development in the region. In addition, rise in government investment over R&D of medical radiation detectors is expected to propel the growth of the market in the region. 

Key Findings Of The Study 

• 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.