Dublin, Aug. 08, 2024 (GLOBE NEWSWIRE) -- The "Global Radiation Detection, Monitoring & Safety Market by Product (Dosimeters, Monitors), Composition (Gas-Filled Detectors, Scintillators), Material (Lead, Lead Composites) Application (Healthcare, Industrial, Nuclear), & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global radiation detection, monitoring, and safety market, valued at an estimated USD 2.9 billion in 2024, is projected to reach USD 4.4 billion by 2029, growing at (CAGR) of 8.3% during this forecast period.
This expansion is fueled by a confluence of factors such as the growing defense budgets, the rising global cancer burden, radiation safety consciousness, increased utilization of PET and CT imaging, and the prevalence of nuclear medicine and radiation therapy in medical diagnostics and treatment. However, the industry's growth faces significant challenges, primarily due to stringent regulatory requirements and the high costs associated with developing and implementing new radiation detection technologies. The need regulatory approvals for new devices can lead to prolonged development cycles and increased expenses. Additionally, the constant need for innovation and investment can strain resources, particularly for smaller companies in the sector. 
The radiation detection and monitoring products segment accounted for the highest growth rate in the radiation detection, monitoring and safety market, by product, during the forecast period
The radiation detection, monitoring, and safety market is divided into two main product categories that are radiation detection and monitoring products, and radiation safety products. In 2023, the radiation detection and monitoring products segment dominated the market, capturing the largest share. This segment is expected to have significant growth potential in the coming years. Its market dominance can be attributed to the persistent demand for these products across various sectors, particularly in nuclear power plants and the defense industry. The continuous need for reliable radiation detection and monitoring in these critical areas has been a key driver of this segment's larger market share and projected growth.
Gas-Filled Detectors segment reported for the fastest growth
Based on composition the global radiation detection and monitoring market is categorized into three main category gas-filled detectors, scintillators, and solid-state detectors. In 2023, gas-filled detectors emerged as the market leader, securing the largest share. This dominance can be attributed to several key factors. Primarily, these detectors have found widespread application across various fields, particularly in radiation detection and medical imaging. A new growth factor contributing to the gas-filled detectors' market dominance is the increasing adoption of these devices in environmental monitoring and homeland security applications.
Asia Pacific: The fastest-growing region radiation detection, monitoring and safety market
The global radiation detection, monitoring and safety market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. The Asia Pacific region is set to become the fastest-growing market for radiation detection, monitoring, and safety equipment, with forecasts indicating it will achieve the highest growth in the coming years. This remarkable growth is fueled by a combination of factors unique to the region. There's a rising awareness about the importance of radiation protection, coupled with a significant expansion in healthcare infrastructure, particularly in the number of hospitals.
The region is also experiencing an increase in cancer prevalence, which has led to a greater adoption of radiation-based diagnostic and therapeutic techniques. Furthermore, many countries in Asia Pacific are increasing their military expenditures, creating additional demand for radiation detection technologies. The energy sector is contributing to this growth as well, with a rising number of nuclear power plants being established. These diverse drivers are collectively propelling the radiation detection, monitoring, and safety market in Asia Pacific, positioning it as the most dynamic and rapidly expanding region in this sector.
Research Coverage
This report provides a detailed picture of the global radiation detection, monitoring and safety market. It aims at estimating the size and future growth potential of the market across different segments, such as product, composition, material, application and regions. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
Lists of Companies Profiled in the Report
- Fortive (US)
- Mirion Technologies Inc. (US)
- AMETEK Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Fuji Electric Co. Ltd. Co., Ltd. (Japan)
- Ludlum Measurements Inc. (US)
- Arktis Radiation Detectors Ltd. (Switzerland)
- Polimaster Europe UAB (Belarus)
- Amray Group (Ireland)
- Infab LLC (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)
Key Attributes
| Report Attribute | Details |
| No. of Pages | 308 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $2.9 Billion |
| Forecasted Market Value (USD) by 2029 | $4.4 Billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/j1o2gc
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