North America accounted for the largest share of the radiation detection, monitoring, and safety market in 2020
Northbrook, IL 60062 -- (SBWIRE) -- 05/23/2022 -- The Research Report on "Radiation Detection, Monitoring, & Safety Market by Product (Detection & Monitoring (Personal Dosimeters), Composition (Gas-filled detectors, Scintillator, Solid-state detector), Application (Healthcare, Industrial Application) (2022 - 2026), the global radiation detection 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.
Rising military expenditure to drive the market for homeland security applications;
In the defense industry, common sources of radiation exposure include nuclear submarines or nuclear ships; the handling, detonation, and maintenance of nuclear weapons; depleted uranium weapons and military equipment; and nuclear waste transport and storage. The possibility and risks of exposure to high radiation levels have driven the use of monitors and detectors in this application area. Consequently, the rising government expenditure on defense has proved favorable to manufacturers of radiation detection and monitoring devices.
The emergence and wide expanse of terrorist organizations, unstable geopolitical climate, and the development of several radiological and nuclear technologies have also posed threats to homeland security. Realizing the potential human and economic loss caused by these threats, security, military, and defense organizations have increased their investments for effectively detecting and preventing radiological attacks.
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Industry Segmentation In Detailed:
By Radiation Safety, full-body protection products accounted for the largest market share in 2020
The radiation safety products market is segmented into full-body protection products, face protection products, hand safety products, and other radiation safety products. The full-body protection products segment accounted for the largest share of the global market in 2020. The increasing volume of radiological procedures conducted in hospitals and the growing awareness among physicians, radiologists, and patients on radiation safety drive the growth of the full-body protection products market
Gas-filled detectors segment accounted for largest market share in 2020
Based on composition, the global radiation detection & monitoring products market is segmented into gas-filled detectors, scintillators, and solid-state detectors. The gas-filled detectors segment accounted for the largest share of the global market in 2020. The larger share of this segment can be attributed to favorable performance-to-cost ratio of gas-filled detectors.
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Leading Key Players and Analysis:
Some of the major players operating in this market are Thermo Fisher Scientific (US), Mirion Technologies, Inc. (US),Fortive (US). In 2020, Thermo Fisher Scientific held the leading position in the radiation detection, monitoring, and safety market. The company offer radiation detection & monitoring products which are widely used by people across globe across various industries. Mirion Technologies, Inc. held the second position in the radiation detection, monitoring, and safety market in 2020.
Geographical Analysis in Detailed:
The global radiation detection, 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. The key factors propelling the growth of market in region are high incidence/prevalence of various diseases (such as cancer, CVD, and neurological disorders), rising internal security and border concerns, increased focus on nuclear energy, and the presence of key players in the region.
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