Radiation Detection, Monitoring, & Safety Market Worth $3.1 Billion by 2026-Global Trends, Growth, Share Analysis, Leading Players, Business Opportunities
In 2021, AMETEK released the new rugged RADEAGLET-R, the latest generation of scintillation hand-held radioisotope identification devices (RIIDs).
Northbrook, IL 60062 -- (SBWire) -- 11/30/2022 --The Global "Radiation Detection, Monitoring, and Safety Market by Product (Detection & Monitoring (Personal Dosimeters), Composition (Gas-filled detectors, Scintillator, Solid-state detector), Application (Healthcare, Industrial Application) - Global Forecast to 2026", published by MarketsandMarkets™, The global radiation detection, monitoring, and safety market is expected to grow at a CAGR of 6.9% during the forecast period to reach USD 3.1 billion by 2026 from an estimated USD 2.2 billion in 2021. The key factors propelling the growth of this market are growing security threats, the growing prevalence of cancer worldwide, increasing radiation safety awareness, growth in the number of PET/CT scans, and the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment.
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Key Market Player
The global radiation detection, monitoring, and safety market is consolidated. The top five companies in this market are Thermo Fisher Scientific (US), Mirion Technologies (US), Fortive (US), AMETEK (US), and Fuji Electric (Japan). These players lead the market because of their extensive product portfolio and wide geographic presence.
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THERMO FISHER SCIENTIFIC
Thermo Fisher Scientific (US) is a leading player in the global radiation detection, monitoring, and safety market. The company offers a wide range of portable radiation detectors, personal radiation dosimeters, integrated radiation monitoring systems, radiation contamination and environmental monitoring systems, and radiation detection portals & monitors. In 2020, the Analytical Instruments segment (offering radiation detection, monitoring, and safety devices) generated USD 5.1 billion in revenue. The company invests a significant amount of its revenue in R&D activities to increase its capabilities (USD 1.2 billion in 2020). The company is present in North America, Europe, Asia, and Latin America. The company has succeeded in creating a strong foothold due to its diversified product portfolio, wide geographic reach, and acquisitions.
Mirion Technologies (US) is another key player in the market. The company provides personnel exposure monitoring and access control systems, radiation detectors, contamination and clearance monitors, wireless monitoring devices, isotope identification systems, and radiation area monitoring systems. Mirion Technologies manufactures and distributes its products in North America, Europe, and Asia. The firm has 11 operating facilities. In 2020, Mirion acquired five companies in the radiation detection, monitoring, and safety market, greatly boosting its capabilities and offerings for the defense, medical, and nuclear industries.
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North America dominates the radiation detection, monitoring, and safety market
The global radiation monitoring, and safety market has been analyzed for four major regions-North America, Europe, the Asia Pacific, and the Rest of the World (RoW). In 2020, North America accounted for the largest market share, followed by Europe, Asia Pacific, and the RoW. Growth in the North American market is majorly driven by favorable government initiatives, increasing number of nuclear power plants, rising prevalence of cancer, and increasing awareness of radiation safety.
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