Radiation Detection, Monitoring & Safety Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Radiation Detection, Monitoring & Safety Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Radiation Detection, Monitoring, And Safety Market size is estimated at USD 3.44 billion in 2024, and is expected to reach USD 4.44 billion by 2029, growing at a CAGR of 5.21% during the forecast period (2024-2029).

Radiation monitoring equipment is used to control exposure to radiation or radioactive substances by measuring radiation dose or contamination levels.

Key Highlights

• The market is constantly driven by regulatory requirements and evolving customer needs. The increased use of radioactive materials in areas such as power production, industrial processing, research and processing, and the security sector intensified the need for equipment offering protection against radioactive radiation.
• With multiple regions facing the COVID-19 impact at varying intensities, certain aspects of radiation protection are witnessed to be in demand. One of them is the focus of the power plants to keep up with the increasing electricity demand. The hospitals in need of diagnostic and therapeutic procedures have stated their requirements for radiation monitoring systems. Likewise, the demand for nuclear medicine to be produced and safely transported to pharmacies has remained significant.
• The market is also witnessing the development of new monitoring technology using drones. For instance, in May 2021, a technology that enables drones to be used to carry out radiological measurements was developed by Belgium's Nuclear Research Centre (SCK-CEN) and the Belgian aeronautical firm Sabca. SCK-CEN and Sabca were awarded EUR 1 million in government funding, and they are investing additional funds into the project by themselves.
• Furthermore, countries spend significantly on the development of nuclear weapons and facilities, which is expected to boost the adoption of radiation detection, monitoring, and safety equipment. According to the Federation of American Scientists, the United States and Russia were among the countries with the maximum number of nuclear weapons as of May 2019. Increased use of radioactive materials across areas, such as diverse industrial processes, power production, and the defense sector, coupled with the heightened global threat of terrorist-operated nuclear weapons, has intensified the need for reliable equipment that offers protection from radioactive radiation.
• The occurrence of incidents, such as the disaster at the Fukushima Dai-Ichi nuclear plant, has emphasized the need for safety, environmental sustainability, and regulatory compliance. Radiation-testing equipment manufacturers need to adhere to all the standards mentioned by the regulatory bodies.
• There is a huge demand for skilled radiation professionals in the radiation monitoring and safety market. However, there has been a lack of personnel due to the high risks associated with harmful radiation and the lack of proper skills related to the industry.

Radiation Detection Monitoring and Safety Market Trends

Medical and Healthcare Industry has the Largest Market Share

• The medical and healthcare industry accounts for one of the largest market shares due to the increasing adoption of dosimeters and detectors in radiology, emergency care, dentistry, nuclear medicine, and therapy applications. Several forms of radiation are being used in medical diagnostics and treatment. However, all forms are potentially dangerous, and exposure must be carefully controlled to ensure that the benefit to patients outweighs the risks from exposure.
• X-ray diagnostics (general and dental radiography) and therapies, which make major use of radioisotopes in oncology and some other serious diseases, are attributed to the primary contribution to the dose absorbed by a person from human-made radiation sources. The upcoming diagnostic and therapeutic methods, which are based on the use of radioactive elements, are also being adopted.
• Radiation (radioisotope) therapy remains one of the vital approaches to fight cancer. To reduce the negative impact of radiation on the personnel of healthcare facilities, market vendors are offering personal dosimeters and automated systems of personal dosimetry control.
• Moreover, increasing investments in cancer therapy within the regions witnessing an increase in diagnosed patients are further expected to increase the demand for radiation therapy and medical devices; according to the American Cancer Society, it was estimated that 299,010 men in the United States would develop prostate cancer by 2024. Therefore, increasing cancer treatment cases may also create an opportunity for the market vendors.

North America to Account for the Most Significant Share

• The massive share of the radiation detection, monitoring, and safety market in North America is attributed to the favorable government initiatives, a higher number of active nuclear power plants, increasing prevalence of cancer, and growing awareness of radiation safety, driving the market in this region. Moreover, the fact wherein major vendors (Thermo Fischer Scientific, Mirion Technologies, Ludlum Measurement, Ametek, Ultra Electronics, and Landauer) of this market are based in the United States is expected to boost market growth during the forecast period.
• The EIA estimated that the United States' nuclear electricity generation capacity increased by 4.4 gigawatts in 2020. Multiple new nuclear power plants are under construction in Georgia (for instance, according to the EIA, two new nuclear reactors are under construction in Geodia with a capacity of 1100 MW) and South Carolina, and they indicate the opportunity for the demand for radiation monitoring and detection products. Strict regulations for workers' safety in the nuclear industry are supposed to give momentum to the market for radiation detection, monitoring, and safety devices in the country.
• Recently, it has been seen that there has been a shift toward mechanized radiation monitoring and inspection of oil and gas pipelines from the manual method of ultrasound application. These trends reflect that more focus is being placed on making the test increasingly automated, as some of the test sites require technicians to work in extreme site conditions, which can be carried out through drone application, consequently fostering the growth of the market.
• The increasing adoption of nuclear medicine and radiation therapy as a consequence of the increasing incidence of cancer may drive the market growth over the forecast period. For instance, according to the American Cancer Society, the number of new cancer cases in 2020 was estimated to be over 1.81 million people in the United States, out of which almost 0.61 million people were estimated to succumb to the disease. By 2020, it was estimated that there would be nearly 913 thousand new cancer cases among women in the United States.
• According to the National Oncology PET Registry, as 85% of more than 1,600 PET facilities in the United States have PET/CT systems, the emergence of molecular imaging with new radiopharmaceuticals and new technologies is expected to result in continued growth in the coming decades, which may give momentum to the demand for radiation detection, monitoring, and safety devices.

Radiation Detection Monitoring and Safety Industry Overview

The radiation detection, monitoring, and safety market is fragemented as companies are investing in upcoming technological advancements, hence increasing their portfolio. Several startups are innovating with drones and mini-planes, providing equal competition to the existing players. The companies Arktis Radiation Detectors Ltd, Amray Group Limited, Burlington Medical Llc, Centronic Ltd, and Teledyne FLIR Systems INC such as leverage strategic collaborative initiatives to increase their market share and profitability.

• In December 2023, A contract was signed to seal the exclusive partnership between Thermo Fisher Scientific and RDC to offer NetDose, a digital dosimeter, to North American customers in the healthcare, dental, and veterinary fields. The digital technology of NetDose allows radiation to be monitored with Bluetooth technology and eliminates the need for reshipments from dosimeters every time they are processed in a laboratory.
• In December 2023, Radiation Detection Company (RDC), a dosimetry service company focused on making radiation safety in the healthcare, veterinary, dental, and industrial fields affordable, reliable, and easy to use, signed an agreement with Thermo Fisher Scientific to distribute and service Thermo Fisher Scientific’s digital dosimetry solution, NetDose.

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