The global medical radiation detection market is expected to grow at a compound annual growth rate of 5.66% over the forecast period to reach a market size of US$1,303.354 million in 2026 from US$886.759 million in 2019.
Most diagnostic tests use ionizing radiations (eg, x-rays, CT, and radionuclide scanning) and non-ionizing radiation exposure which is potentially harmful and there is no threshold below which no harmful effect occurs, therefore, an effort is made to measure and minimize radiation exposure becomes necessary. Controlled use of radiation has become a key part of modern medical treatment and diagnostics, especially for certain forms of cancer. As a result of the need to regulate radiation exposure, a consistent approach to radiation protection has been taken internationally by the International Commission on Radiological Protection (ICRP) by keeping radiations level as low as achievable and below the individual dose limits. Growth in the medical radiation detection market may be attributed to the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment along with the increasing safety awareness among people working in radiation-prone environments. However, a lack of skilled medical physicists might restrain the market for medical radiation market during the given forecast period.
Increasing usage of radiation therapy for cancer treatment.
The market is expected to surge in the coming years, due to the rise in the usage of radiation therapy for various medical purposes. Radiation therapy, which is also known as radiotherapy, is a cancer treatment that uses a wide and considerable range and doses of radiation, to shrink tumors and kill cancer. With the rising cases of cancer, the demand for radiation therapy is expected to surge. According to the World Health Organisation, cancer has become a leading cause of mortality and death, and amounted to around 10 million deaths, in the year 2020. Radiation therapy has become an imperative mechanism to ease cancer symptoms and treat cancer. It is used to cure cancer, slow or stop its growth and prevent it from returning. External and internal radiation therapy is used to treat different types of cancer. Brachytherapy is one of the most common procedures to treat cancers of the neck and head, eye, prostate, and cervix. Systematic radiation therapy is used to treat different types of thyroid cancer. Other types of systematic radiation therapy, such as targeted radionuclide therapy, are also used to cure and treat patients with gastroenteropancreatic neuroendocrine tumors or advanced prostate cancer. These developments and trends are expected to play a major role in the overall market growth, in the coming years.
Major companies have been investing a significant sum of capital into research and development, innovation, advancement, investment, and novel product launches.
The market is expected to surge in the coming years, due to the surging use of nuclear medicines, globally. Major regions have been making a significant impact in the market, in the past few years. In June 2021, it was reported that Europe is expected to make a substantial impact in the market, in the coming years. The joint paper from the European nuclear trade body, Nuclear Medicine Europe and Foratom, which represents imaging equipment and pharmaceutical companies, had stated that Europe must take extensive measures and initiatives to maintain the current level of radioisotopes supply. The joint paper had also stated that the European Union must promote novel research reactor capacity installations, along with the innovation in the design modification and the sector. There have been other developments in the nuclear medicine market, in the last few years. For instance, in June 2021, The Center of Molecular Imaging and Theagnostic Therapy announced that they had opened a novel cutting edge nuclear center in Rivonia, which is expected to enhance the market growth in South Africa. The team of doctors operating in the center stated that the novel nuclear medicine would play an imperative role in the accurate treatment and diagnosis of critical and major diseases, such as cancer.
|Market size value in 2019||US$886.759 million|
|Market size value in 2026||US$1,303.354 million|
|Growth Rate||CAGR of 5.66% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Devices, Product, End Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Biodex Medical Systems, Jefferson Lab Radiation Detectors & Imaging Group, Excelitas Technologies Corp., Ludlum Measurements Inc., AMETEK Inc., Arktis Radiation Detectors Ltd., Kromek Group Plc, Polimaster Ltd., Thermo Fisher Scientific, Landauer|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the medical radiation detection market size by 2026?
A1. The global medical radiation detection market is expected to reach a total market size of US$1,303.354 million by 2026.
Q2. What is the size of the global medical radiation detection market?
A2. Medical Radiation Detection Market was valued at US$886.759 million in 2019.
Q3. What are the growth prospects for the medical radiation detection market?
A3. The medical radiation detection market is expected to grow at a CAGR of 5.66% during the forecast period.
Q4. Who are the major players in the medical radiation detection market?
A4. Prominent key market players in the medical radiation detection market include Biodex Medical Systems, Jefferson Lab Radiation Detectors & Imaging Group, Excelitas Technologies Corp., Ludlum Measurements Inc., AMETEK Inc. among others.
Q5. What factors are anticipated to drive the medical radiation detection market growth?
A5. The medical radiation detection market growth may be attributed to the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment along with the increasing safety awareness among people working in radiation-prone environments.
Jefferson Lab Radiation Detectors & Imaging Group
Excelitas Technologies Corp.
Ludlum Measurements Inc.
Arktis Radiation Detectors Ltd.
Kromek Group Plc
Thermo Fisher Scientific
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