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Medical Radiation Detection, Monitoring & Safety Market Share

ID: MRFR//5310-HCR | 100 Pages | Author: Kinjoll Dey| May 2024

The Medical Radiation Detection, Monitoring & Safety Market is a vital and fast-changing sector tacking radiation safety of patients and practitioners who work with radiation. In this market, firms are implementing diverse types of strategies to get market share positioning to secure a competitive advantage and to set a strong foundation. Technological innovation differentiation is gaining popularity among companies as a proposition for competition. Company spend large sums of money to R&D performance of advanced detection and monitoring instruments, which enable them to provide greater accuracy and effectiveness. The way these entities capitalize on technological advancements so as to lead the market, makes them attractive to customers who value radiaton safety greatly through cutting edge solutions.

Strategy number three is achieved by developing strategic alliances and cooperations. Many businesses enter into conjunctions with healthcare institutions, research labs and regulating bodies in order to build their market prestige. Such collaborations not only limit knowledge transfer but also develop products which synchronize with the industries and rules that govern them. To increase their credibility and trust before consumers, companies team up with the reputable organizations. This, finally, makes the customers choose their product over the competitors in the medical radiation market which needs to meeting highest safety standards.

Some companies use the entry strategy of the market penetration to capture some market share of existing market by intensifying the presence. This includes productions of rigorous marketing efforts, price being competitive, and top communication channels. Through the focus on hitherto hidden sectors within developed markets, businesses have opportunities of unmatched reach that can be exploited to gain larger market share. This approach is very applicable to areas in which, the use of radiation detectors as well as the associated safety solutions is on the rise. These places provide the company with the avenues to expand to through target and focused approach.

Similarly, some companies adopt a different strategic market penetration effort by entering either new geographical locations or new segments with their current product offerings. Moreover, such strategy requires extensive analysis of potential markets in order to find areas lacking services or populations that are untapped. Companies may empower themselves to widen their market reach and enrich their cash flow via a successful penetration into the emerging markets. This approach helps companies to deal with the risks that are present in the markets that they are just exporting to and this helps them to have a more robust market entry.

Medical Radiation Detection, Monitoring & Safety Market Highlights:

Medical Radiation Detection, Monitoring & Safety Market Trends

Medical Radiation Detection, Monitoring & Safety Market Analysis

Medical Radiation Detection, Monitoring & Safety Market Share

Medical Radiation Detection, Monitoring & Safety Companies

Medical Radiation Detection, Monitoring & Safety Market Overview

The Medical Radiation Detection, Monitoring and Safety Market is anticipated to reach USD 4.9 Billion by 2032 at 7.00% CAGR during the forecast period 2023-2032. The effects of hazardous radiation are reduced through medical radiation detection, monitoring, and safety equipment. To ensure acceptable safe radiological conditions in the workplace, radiation monitoring is carried out to examine workplace circumstances and individual exposures. These machines are utilized in a wide range of industries all around the world. The market is predicted to rise due to factors such as rising cancer prevalence and an increase in the number of diagnostic imaging centers. Regulatory regulations and changing client needs are continually driving the industry. The rising use of radioactive materials in industries including power generation, industrial processing, research and processing, and security has increased the demand for radioactive radiation protection equipment. Nuclear medical procedures have changed dramatically in the last decade as a result of developments in radiopharmacy, instrumentation, and information technology. The growing use of nuclear medicine in diagnosing and treating diseases including cancer and cardiovascular ailments has increased demand for Medical Radiation Detection, Monitoring & Safety Market. In top institutes, extensive research is being done on developing novel tools for detecting and quantifying radiation exposure during medical procedures.

Segmentation:

The global medical radiation detection, monitoring and safety market has been segmented into detector type, monitoring type, and safety type, and end user.

Based on detector type, market segmented into gas-filled detectors, organic scintillators, inorganic scintillators and solid-state detectors. The gas-filled detectors segment is expected to account for the largest share segment of the market in 2017.

Based on monitoring type, medical radiation detection, monitoring and safety market segmented into Personal Dosimeters, Environmental monitors, Area Monitors, Radiological material Monitors, Others.

Based on safety type, medical radiation detection, monitoring and safety market segmented into Full-Body Protection Products, Face Protection Products, and others.

Based on end user, medical radiation detection, monitoring, and safety market segmented into hospitals, clinics, ambulatory surgical centers, and others.

This market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The medical radiation detection, monitoring & safety market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.

The European medical radiation detection, monitoring and safety market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.

The medical radiation detection, monitoring and safety market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The medical radiation detection, monitoring and safety market in the Middle East & Africa has been segmented into the Middle East and Africa.

Regional Summary:

Geographically, the Americas is anticipated to dominate the global medical radiation detection, monitoring & safety market owing to a well-established player, increasing prevalence of cancer, and increasing R&D expenses.

Europe is expected to hold the second largest position in the global medical radiation detection, monitoring & safety market. The market growth in this region is attributed to the growth in radio therapy and increasing cancer diseases in the region.

The medical radiation detection, monitoring & safety market in Asia-Pacific region consists of countries namely China, Japan, Republic of Korea, India, Australia and Rest of Asia-Pacific. The Asia-Pacific region is expected to be fastest growing region owing to the increasing adoption of these products.

The Middle East & Africa has the least share of the market.

Key players:

Mirion Technologies, Inc., Thermo Fisher Scientific Inc., Sun Nuclear Corporation, IBA Worldwide, Radiation Detection Company Inc., Biodex Medical Systems, Inc., Ludlum Measurements, Inc., Amray Medical, Infab Corporation, and Fluke Biomedical are some of the key players in the global medical radiation detection, monitoring and safety market.

Global Medical Radiation Detection, Monitoring & Safety Market Share (%), by Region, 2017

Source: Annual Reports and Sec filings

Global Medical Radiation Detection, Monitoring and Safety Market, by Detector Type

Gas-filled detectors

Solid-state detectors

Organic scintillators

Inorganic scintillators

Global Medical Radiation Detection, Monitoring and Safety Market, by Monitoring Type

Personal Dosimeters

Environmental monitors

Area Monitors

Radiological material Monitors

Others

Global Medical Radiation Detection, Monitoring and Safety Market, by Safety Type

Full-Body Protection Products

Face Protection Products

Others

Global Medical Radiation Detection, Monitoring and Safety Market, by End User

Hospitals

Clinics

Ambulatory Surgical Centers

Others

Global Medical Radiation Detection, Monitoring and Safety Market, by Region

Americas
- North America
  - US
  - Canada
- South America

Europe
- Western Europe
  - Germany
  - France
  - Italy
  - Spain
  - UK
  - Rest of Western Europe
- Eastern Europe

Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific

Middle East & Africa
- Middle East
- Africa

Recent DevelopmentMirion Technologies Inc. became a publicly traded firm in June 2021 after a business combination with GS Acquisition Holdings Corp II, a special purpose acquisition company sponsored by a Goldman Sachs Group affiliate. Private investment in public equity (PIPE) of USD 900 million from investors such as Fidelity Management & Research Company LLC, BlackRock, Neuberger Berman funds, and Janus Henderson Investors will back the deal with GS Acquisition Holdings Corp II. Jordan's Queen Alia and Amman Civil airports receive radiation monitoring systems in May 2021. The project was supported by the Canadian government as part of an agreement to improve Jordan's nuclear security capabilities, with a budget of CAD 4.5 million allocated from a bilateral deal worth CAD 30 million targeted to improve Jordan's nuclear security infrastructure.Intended Audience

Medical radiation detection, monitoring & safety products Manufacturers

Medical radiation detection, monitoring & safety distributors

Hospitals, Clinics, and Association

Contract research organization

Various research and consulting firms

Medical Radiation Detection, Monitoring & Safety Companies

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