The global radiation detection, monitoring, and safety market is projected to reach USD 2.26 billion by 2022 from USD 1.71 billion in 2017, at a CAGR of 5.7%. 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. On the other hand, the factors limiting market growth include nuclear energy alternatives such as renewable energy, nuclear power phase-out, and shortage of nuclear power workforce.
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The radiation detection, monitoring, and safety market is segmented on the basis of product, composition, application, and region. By product, the market is segmented into radiation detection and monitoring products and radiation safety product. The radiation detection and monitoring products segment accounted for the largest share of the global radiation detection, monitoring, and safety market, and it is also expected to register the highest CAGR during the forecast period. These radiation detection and monitoring products are extensively used for various applications such as in diagnostic medical imaging, homeland security, nuclear power plants, and industrial applications.
By composition, the global radiation detection, monitoring, and safety market is segmented into gas-filled detectors, scintillators, and solid-state detectors. The gas-filled detectors segment dominated the radiation detection, monitoring, and safety market in 2017, and is expected to grow at the highest CAGR during the forecast period owing to uniformities in the detection over other detectors and the user-friendly nature of these detectors such as durable, portable, and economical.
By applications, the global radiation detection, monitoring, and safety market is categorized into healthcare, homeland security and defense, industrial applications, nuclear power plants, and other applications (environmental monitoring and academic research). The homeland security & defense segment is expected to grow at the highest rate owing to the increased spending on internal security and military expenditure.
Geographically, North America accounted for the largest share of the radiation detection, monitoring, and safety market in 2017. Favorable government initiatives, increasing number of nuclear power plants, rising prevalence of cancer, and increasing awareness of radiation safety are the factors driving the market in this region.
The global radiation detection, monitoring, and safety market is dominated by Thermo Fischer Scientific (US), Mirion Technologies (US), and LANDAUER (US). These players focused on product launches, partnerships and collaborations, and acquisitions to remain competitive in the market.
