Radiation Detection Market: Opportunities and Challenges

October 29 18:04 2019
Radiation Detection Market: Opportunities and Challenges

The global radiation detection, monitoring, and safety market is dominated by Thermo Fischer Scientific (US), Mirion Technologies (US), and LANDAUER (US).
The key factors propelling the growth of this market are growing security threats, growing prevalence of cancer worldwide, increasing safety awareness among people working in radiation-prone environments, growing safety concerns post the Fukushima disaster, growing security budgets of global sporting events, growth in the number of PET/CT scans, increasing usage of Nuclear Medicine and radiation therapy for diagnosis and treatment, and use of drones for radiation monitoring.

The radiation detection market was valued at USD 1.65 billion in 2016 and is projected to reach USD 2.26 billion by 2022, at a CAGR of 5.7% during the forecast period.

Will the rising focus on nuclear power in India create opportunities for players in the radiation detection, monitoring, and safety market?

India’s Central Electricity Authority (CEA), in its Load Generation Balance Report, stated that the country would experience an energy shortage of 2.1% for the fiscal year 2015–2016. A continued shortage of power could be detrimental to India’s progress in achieving its goal of 6.5% growth in real GDP from 2016 to 2017. To tackle the situation through the use of nuclear energy, in March 2018, the government-owned National Nuclear Power Corporation (NPCIL) signed an agreement with the French power company EDF for the implementation of six EPR reactors at Jaitapur in Maharashtra (India). Similarly, in 2017, India and Russia signed an agreement to set up two nuclear power plants at Kudankulam in Tamil Nadu (India). All these developments are expected to boost the radiation detection, monitoring, and safety market in the country.

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Will the high cost of lead be a challenge for the manufacturing of radiation accessories?

Lead is the most important raw material required to manufacture radiation safety accessories such as gloves, aprons, and eyewear. However, it is also extensively used for other purposes, such as fire protection and manufacturing of lead storage batteries. Due to the increasing use of lead in other industries, manufacturers of radiation protection devices are expected to witness an increase in the cost of the material in the near future. Hence, the need for the development of novel raw materials is immense in the present radiation detection, monitoring, and safety market scenario.

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Browse Related Reports:

Medical Radiation Detection Market by Detection Type (Gas-Filled Detectors, Geiger Muller, Survey Meter, Solid-State), Products (Personal Dosimeters, OSL, Badges), Safety (Apron, Shields, Face Mask, Gloves), End User – Forecast to 2021

Patient Monitoring Devices Market by Product (EEG, EMG, MEG, TCD, Peak Flow Meter, Pulse Oximeter, Fetal Monitoring, Temperature Monitoring Devices, MCOT, ECG, Hemodynamic Monitoring System), End User (Home, Hospital) – Global Forecast to 2023

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