The report "Radiation Detection, Monitoring & Safety Market is expected to grow at a CAGR of 7.1% during the forecast period to reach USD 3.6 billion by 2027 from an estimated USD 2.5 billion in 2022. The key factors responsible for 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, as well as the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment. On the other hand, the interest in nuclear energy alternatives such as renewable energy, nuclear power phase-out, and shortage of nuclear power workforce are restraints in this market.
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The key players in this market are Thermo Fisher Scientific Inc. (US), Mirion Technologies Inc. (US), Fortive (US), AMETEK Inc. (US), and Fuji Electric Co. Ltd. Co., Ltd. (Japan), Ludlum Measurements Inc. (US), Arktis Radiation Detectors Ltd. (Switzerland), Polimaster (Belarus), Amray (Ireland), Infab Corporation (US), IBA Worldwide (Belgium), Bertin Technologies (France), RDC (US), Arrow-Tech Inc. Inc. (US), Centronic Ltd. (UK), S.E. International Inc. (US), ATOMTEX (Belarus), Nucleonix Systems (India), Alpha Spectra Inc. (US), LND INC. (US), Bar-Ray Products (US), Trivitron Healthcare (India), Micron Technology Inc. (UK), Scionix Holland B.V. (Netherlands), Radcomm Systems (Canada), Xena Shield (India), SIMAD srl (Italy) and Burlington Medical (US) among others.
DRIVERS: Increasing usage of nuclear medicine and radiation therapy
Nuclear medicine and radiotherapy have a wide range of applications in cancer treatment; thus, the increasing prevalence of the disease will favor the radiation detection, monitoring, and safety market. According to GLOBOCAN, the number of cancer cases will rise to ~30 million by 2040 from 19.3 million in 2020. According to the World Nuclear Association, more than 40 million nuclear medicine procedures are performed every year, and the demand for radioisotopes has increased by 5% annually. In the US alone, annually, more than 20 million nuclear medicine procedures are performed. During the past decade, nuclear medicine practices have undergone a tremendous transformation owing to advances in radiopharmacy, instrumentation, and IT. The increasing usage of nuclear medicine in diagnosing and treating various diseases, such as cancer and cardiovascular disorders, has boosted the demand for radiation detection, monitoring, and safety devices.
RESTRAINTS: Increasing use of alternatives for nuclear energy globally
Nuclear power has the ability to resolve global electricity needs, but with concerns regarding to its safety, such as the threat of a nuclear meltdown and the challenges with radioactive waste storage. With respect to human health and safety concerns, many cities, towns and nations are installing small and large-scale renewable power sources.
Substitutes to nuclear energy such as renewable energy (energy from sunlight, wind, rain, tides, waves, and geothermal heat) are projected to be the major threat to nuclear energy production, which could in-turn hamper the growth of the radiation detection, monitoring, and safety market.
OPPORTUNITIES: Rising focus on nuclear power in developing nations
Developing economies such as India, South Korea, Brazil, Turkey, Russia, and South Africa are expected to offer potential growth opportunities for major players operating in the radiation detection monitoring safety market. India is planning for fleet mode construction for upcoming nuclear power plant projects to reduce costs and construction time. The Department of Atomic Energy (DAE) officials announced that India had planned 17 nuclear power reactors in addition to those already under construction at India Energy Forum’s 11th Nuclear Energy Conclave held in October 2019 (Source: World Nuclear News). Further, India focuses on nuclear power to meet its future electric demands. For instance, according to the World Nuclear Association, India aims to supply 25% of electricity from nuclear power by 2050.
As nuclear power is a clean and reliable source of electricity generation, authorities in China focus on increasing the nuclear energy generation capacity of the country. According to the World Nuclear Association, as of March 2018, Mainland China has 38 operational nuclear power reactors and 20 nuclear power reactors under construction; the country has plans to build more reactors in the future to meet its energy needs.
CHALLENGES: Shortage of nuclear power workforce and skilled radiation professionals
The nuclear power industry in the US and Canada is experiencing a major shortage of qualified workers, and the situation is similar in many other developed and developing countries across the globe. Similarly, the radiation protection markets in the US, Australia, New Zealand, and Sweden have been facing a shortage of qualified medical physicists. Many European countries lack accredited training programs in radiation medicine, and there is no harmonization. Furthermore, the number of well-trained and competent medical physicists is still 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 2020, the workforce should grow by 4,700 people a year over the next six years in the UK. However, 3,900 people are expected to retire and leave the sector in this period. The UK is also facing a shortage of radiologists. According to the Royal College of Radiologists (RCR), in 2019, there was a shortage of at least 1,100 radiologists in the country.
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The radiation detection and monitoring segment accounted for the largest share of the radiation detection monitoring safety market, by product segment
Based on product, the market is segmented into radiation detection and monitoring products and radiation safety products. The radiation detection and monitoring products segment accounted for the largest share in 2021. The higher share of this segment is primarily attributable to the widespread use of radiation detection and monitoring equipment for applications in medical imaging during diagnosis, homeland security and causes, nuclear power plants, and industrial settings.
Gas-Filled Detectors segment to register the highest growth rate during the forecast period
Based on composition, the global radiation detection monitoring safety market is segmented into gas-filled detectors, scintillators, and solid-state detectors. In 2021, the gas-filled detectors segment accounted for the largest percentage mostly as a result of the usability these detectors and the regularity of their detection outcomes in comparison to those of other detectors.
The healthcare accounted for the largest share of the radiation detection monitoring safety market, by application segment
Based on application, the global market is segmented into healthcare, homeland security & defense, industrial applications, nuclear power plants and other applications. In 2021, the healthcare segment accounted for the largest share of this market, due to increasing adoption of dosimeters, monitors and full-body detectors in radiology, hospitals, nuclear industries, and defense industry as well as availability of skilled and professional radiology workforce.
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North America dominates the radiation detection, monitoring, and safety market
The global radiation detection, monitoring and safety market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America and Middle East and Africa. 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 growing the improving nuclear power industry, an increasing number of nuclear weapon research activities, rising incidences of cancer and government supporting development centers in the region.
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