Medical Radiation Detection, Monitoring & Safety Market

The worldwide market for medical radiation detection, monitoring, and safety  is estimated to be worth USD 1.26 billion by 2024 and is projected to grow at a 8.5% CAGR to USD 1.89 billion by 2029. The primary factors driving this growth are increasing use of computed tomography (CT) , magnetic resonance imaging (MRI),  positron emission tomography (PET), and X-rays as medical imaging procedures, increasing patient and healthcare professional awareness of the dangers of radiation exposure, increasing cancer incidence is driving up demand for radiation therapy, necessitating efficient radiation safety and monitoring systems, and enhancing precision and effectiveness of radiation monitoring systems through the integration of artificial intelligence and big data analytics.

The Medical radiation detection, monitoring, & safety market is consolidated. The top three players in this market include Mirion Technologies Inc. (US), Thermo Fisher Scientific Inc. (US), and Fortive (US). Companies undertake organic and inorganic growth strategies, namely expansions, agreements, and acquisitions/collaborations to increase their offerings, address customer requirements, augment profitability, and strengthen their presence in the global market.

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Mirion Technologies Inc (US)

Mirion Technologies, headquartered in Atlanta, Georgia, is a global provider of products and services related to applications involving the detection, measurement, analysis, and monitoring of radiation. Two important sectors in which this company operates include the following: The Medical division provides products to support applications in various medical diagnostics and cancer treatments. The Technologies group provides solutions for addressing fundamental radiation safety, measurement, and analytical needs in several industrial markets. With operations in 12 countries, Mirion supplies its products to customers in the Americas, Europe, Africa, the Middle East, and the Asia Pacific. Its products and services are used across more than 130 countries, including 80% of cancer facilities worldwide and all of the top 100 cancer centers in the United States. The Company hereby reiterates its position as a global leader in the principally identified line of business related to radiation detection and measurement for medical and industrial markets. One of the largest global consulting firms has updated its forecast to reflect that the core dosimetry market, of which the majority of shares are owned by Mirion, could grow at a rate of approximately 4% through 2028, driven by increased numbers of health workers being exposed to radiation and annual price inflation.

Thermo Fisher Scientific Inc. (US)

Thermo Fisher Scientific a worldwide leader catering a wide array of including pharmaceuticals, biotechnology healthcare, clinical diagnostics educational institutions, research entities, and government. The company categorizes its operations into four divisions: Life Sciences, Analytical Instruments, Diagnostics, and Laboratory Products and Biopharma Services. As of 2023, Thermo employs about 122,000 individuals and has well-established international operations. The breakdown of the employees is as follows: about 61,000 in the Asia Pacific region and nearly 41,000 across Europe, the Middle East, and Africa. In January 2023, the company strengthened the operational capability in the Specialty Diagnostics segment through the acquisition of The Binding Site. This is a firm in diagnostic assays and instruments that enhance the diagnosis and management of blood cancers and immune system disorders. Thermo Fisher is supported by an impressive sales force comprising about 14,000 people. It includes skilled technical experts capable of answering the needs of its quite sophisticated customer base. This knowledge thus allows Thermo Fisher to address the global demands of such customers in an effective manner.

Fortive (US)

Fortive Corporation is headquartered in Everett, Washington, and, within the US, provides essential technologies specifically designed for connected workflow solutions across several rapidly growing markets. It operates through three leading segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. With over 18,000 employees in more than 50 countries of operation, Fortive is in a class of its own based on research, design and development, manufacturing, sales, supply, and service. It offers advanced healthcare solutions to help streamline workflows and empower healthcare providers to make tangible differences in patient care without giving up efficiency. This segment involves some of the very important products and safety monitoring for the medical industry regarding radiation detection for patient and health provider protection. Fortive represents their products and services available in universal markets whereby a big portion of sales revenue comes from outside the United States. It estimates that foreign-based consumers made up 40% of revenues in 2023, with significant revenues derived from both European and Asian markets. The split-off in return would still enable the company to place Fortive at the frontiers of medical radiation, especially within the developing parts of the world that continuously consider increasing demands for better health equipment.

Related Reports:

Medical Radiation Detection, Monitoring & Safety Market by Product (Personal Dosimeters (Passive Dosimeters)), Safety (Full Body, Face Protection, Hand Safety), Detector (Gas-Filled, Scintillators, Solid-State), End User - Global Forecast to 2029

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