Radiation Detection, Monitoring & Safety Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global radiation detection monitoring safety market growth forecasted to transform from $2.9 billion in 2024 to $4.4 billion by 2029, driven by a CAGR of 8.3%. Factors influencing the growth of this market are majorly cancer prevalence, safety awareness for radiation exposure, growth in the number of radiation-based scans such as CT/PET, and increasing radiation therapy. On the other hand, various alternatives such as renewable energy and the shortage of nuclear power workforce are restraints.

Radiation Detection Monitoring Safety Market Trends

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Radiation Detection Monitoring Safety Market Dynamics

DRIVER: Increasing usage of nuclear medicine and Radiation Therapy

In today’s world, nuclear medicine and radiotherapy are widely used due to increasing prevalence of the cancer which will favor in turn boost the radiation detection, monitoring, and safety market. According to the World Nuclear Association, ~40 million procedures are performed every year, and demand for radioisotopes has increased by ~5-6%. In the US, annually, more than 20 million nuclear medicine procedures are performed. During the past 10 years, there is a tremendous transformation in nuclear medicine practices due to advances in radio pharmacy, instrumentation, and IT. The increasing usage of nuclear medicine in diagnostics and treatment of cancer and cardiovascular disorders, has increased the demand for radiation detection, monitoring, and safety products.

RESTRAINT: Increasing use of alternatives for nuclear energy globally

Nuclear power resolves global electricity needs, but with concerns regarding to its safety, threat of a nuclear meltdown and the issues with radioactive waste storage. Taking human health and safety concerns in account, many countries are installing small and large-scale renewable power sources. Nuclear energy substitutes such as renewable energy are a major threat to nuclear energy production, which can hamper the growth of the radiation detection, monitoring, and safety market.

OPPORTUNITY: Rising focus on nuclear power in developing nations

Developing economies such as India, Russia, South Korea, Brazil and South Africa are expected to offer potential growth opportunities for major players operating in the radiation detection, monitoring and safety market. India is planning in nuclear power plant projects to reduce costs and construction time. As per the Department of Atomic Energy (DAE), India has planned new 17 nuclear power reactors. Furthermore, India focuses on nuclear power to meet its future electricity needs. For instance, as per the World Nuclear Association, India aims to supply 25% of electricity from nuclear power by 2050.

According to the World Nuclear Association, in 2023, China had 38 operational nuclear power reactors and 20 nuclear power reactors under construction.

CHALLENGE: Shortage of nuclear power workforce and skilled professionals

The nuclear power industry in the US & Canada are experiencing a shortage of skilled workers, and the situation is similar to developing countries. Similarly, the radiation markets in the US, Australia, New Zealand, and Sweden are facing a shortage of qualified medical professionals. Many European countries lack authorized training programs in radiation medicine. Furthermore, the volume of well-trained physicists is short of the desired requirement.

The nuclear workforce is aging, and attrition rates are high in the UK. According to a forecast by HM Government; Nuclear Sector Skills Strategy 2023, the workforce is expected to grow by ~4,700 people a year over the next six years in the UK. The UK is also facing a shortage of radiologists and other skilled workers. According to the Royal College of Radiologists (RCR), in 2023, there was a shortage of at least 1,100 radiologists in UK.

Radiation Detection, Monitoring and Safety Market Ecosystem/Market Map

The radiation detection and monitoring segment accounted for the largest share of the radiation detection monitoring safety industry, by product segment, in 2023

Based on types of products, the radiation detection, monitoring, and safety market is divided into radiation detection and monitoring products and radiation safety products. The radiation detection and monitoring products segment accounted for the largest share in 2023. The higher share of this segment is owing to the widespread use of radiation detection and monitoring for applications in medical imaging during diagnosis, homeland security and causes, nuclear power plants, and industrial settings. The widespread adoption of these products with advancements in technologies will increase its dominance in the market.

Gas-Filled Detectors segment of the radiation detection monitoring safety industry to register the highest growth rate during the forecast period

Based on composition type, the global radiation detection monitoring safety market is divided into gas-filled detectors, scintillators, and solid-state detectors. In 2023, the gas-filled detectors segment accounted for the largest share mostly due to the utility of these detectors and regularity of their detection outcomes in comparison to those of other detectors.

The Lead & Lead Composite segment accounted for the largest share of the radiation detection monitoring safety industry, by material type, in 2023

Based on material, the radiation detection monitoring safety market is segmented into lead & lead composite and other materials. The lead & lead composite segment accounted for the largest share of the market in 2023. Lead is one of the most widely used materials in the radiation safety market. In addition, its wide use in various industries, due to its efficient safety properties and relatively low price, has driven its adoption in the market.

The healthcare application hold for the largest share of the radiation detection monitoring safety industry, by application segment, in 2023

Based on application, the global radiation detection monitoring safety market is sub-segmented into healthcare, homeland security & defense, industrial applications, nuclear power plants and other applications. In 2023, the healthcare segment had the largest share of this market, due to high adoption of passive dosimeters and full-body detectors in radiology therapy in hospitals as well as availability of skilled and professional radiology workforce.

North America to dominate radiation detection monitoring safety industry

The global radiation detection monitoring safety market has been sub-divided into six major regions—North America, Europe, the Asia Pacific, Latin America, Middle East and Africa and GCC Countries. North America accounted for the largest share of the radiation detection, monitoring and safety market. The large share of this regional segment can be attributed to the rising nuclear power industry all over the country, increasing incidences of cancer and government awareness and initiatives regarding radiation safety in the region.

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The major players in this market are Fortive (US), Mirion Technologies Inc. (US), Thermo Fisher Scientific Inc. (US), Fuji Electric Co., Ltd. (Japan) and AMETEK Inc. (US) These players lead the market because of their extensive product portfolios and wide geographic presence.

Scope of the Radiation Detection Monitoring Safety Industry:

This report categorizes the radiation detection monitoring safety market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• Radiation Detection and Monitoring Products
• Personal Dosimeters
• Area Process Monitors
• Environment Radiation Monitors
• Surface Contamination Monitors
• Radioactive Material Monitors
• Other Radiation Detection and Monitoring Products
• Radiation Safety Products
• Full-Body Protection Products
• Face Protection Products
• Hand Safety Products
• Other Radiation Safety Products

By Composition

• Gas-Filled Detectors
• GM Counters
• Ionization Chambers
• Proportional Counters
• Scintillators
• Inorganic Scintillators
• Organic Scintillators
• Solid-State Detectors
• Semiconductor Detectors
• Diamond Detectors

By Material

• Lead & Lead Composites
• Other Materials

By Application

• Healthcare
• Homeland Security & Defense
• Industrial Applications
• Nuclear Power Plants
• Other Applications

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Latin America
  • Middle East & Africa
  • GCC Countries

Recent Developments of Radiation Detection Monitoring Safety Industry:

• In November 2023, Mirion Technologies Inc launched new dosimetry which simplifying dose reporting and management even further.
• In April 2023 Bertin Instruments launched SaphyRAD C which will be applicable in the fields of Nuclear, Health Physics and Defense against CBRN threats.
• In July 2022, Burlington Medical launched XENOLITE 800 NL, it is a lead-free apron for radiation protection of individual.
• In March 2021, Infab LLC launched the 903 Reverse Vest & Skirt that provides strong protection against scatter radiation with a secure and comfortable fit.
• In March 2021, Ametek Inc launched the new rugged RADEAGLET-R, the latest generation of scintillation hand-held radioisotope identification devices (RIIDs). The RADEAGLET-R is a highly portable and extremely rugged device designed for the military, first responders, customs agents, and intelligence organizations.

Frequently Asked Questions (FAQ):

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