(PharmaNewsWire.Com, September 15, 2021 ) According to the new market research report, published by MarketsandMarkets™, the global Radiation Detection, Monitoring And Safety Market is expected to grow at a CAGR of 6.9% during the forecast period to reach USD 3.1 billion by 2026 from an estimated USD 2.2 billion in 2021.
The key factors propelling the growth of this market are growing security threats, the growing prevalence of cancer worldwide, increasing radiation safety awareness, growth in the number of PET/CT scans, and the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment.
Radiation detection & monitoring products segment accounted for the largest share of the global radiation detection, monitoring, and safety market in 2020.
Based on products, the radiation detection, monitoring market is segmented into radiation detection & monitoring products and radiation safety products. In 2020, the radiation detection & monitoring products segment accounted for the largest share of the global market. The larger share of this segment can be attributed to the extensive usage of radiation detection & monitoring products for various applications.
By Composition, the gas-filled detectors segment accounted for the largest market share in 2020.
Based on composition, the global radiation detection & monitoring products market is segmented into gas-filled detectors, scintillators, and solid-state detectors. The gas-filled detectors segment accounted for the largest share of the global market in 2020. Growth in this market segment is attributed to their wide applications in the medical imaging field.
By Application, healthcare accounted for the largest market share in 2020
Based on application, the radiation detection, monitoring, and safety market is segmented into healthcare, homeland security & defense, nuclear power plants, industrial applications, and other applications (academic research & environmental monitoring). Healthcare accounted for the largest share of the global market, by application, in 2020. This can be attributed to the large patient pool for target diseases and increasing radiation safety awareness.
North America dominates the radiation detection, monitoring, and safety market
The global radiation monitoring, and safety market has been analyzed for four major regions-North America, Europe, the Asia Pacific, and the Rest of the World (RoW). In 2020, North America accounted for the largest market share, followed by Europe, Asia Pacific, and the RoW. Growth in the North American market is majorly driven by favorable government initiatives, increasing number of nuclear power plants, rising prevalence of cancer, and increasing awareness of radiation safety.
The major players in the radiation detection, monitoring, and safety market are Thermo Fisher Scientific (US), Mirion Technologies (US), Fortive (US), AMETEK (US), and Fuji Electric (Japan).
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