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Medical Radiation Detectors Market

Market Insights on Medical Radiation Detectors covering sales outlook, demand forecast & up-to-date key trends

Medical Radiation Detectors Market By Application (X- Ray Radiation Therapy, Medical Imaging), End Use (Hospitals, Clinics) & Region - Forecast 2022-2032

Medical Radiation Detectors Market Overview

The global sales of medical radiation detectors are projected to rise at a healthy CAGR of around 6.7% to 8.3% between 2022 and 2032, generating substantial revenues by the end of the forecast period. Growth in the market is attributable to the increasing adoption of medical radiation detectors across healthcare facilities for improving workplace safety and aiding in diseases diagnosis and treatment.

Report Attribute

Details

Medical Radiation Detectors Market Projected Growth Rate (2022-2032)

6.7% - 8.3% CAGR

Today, radiation is being increasingly used across various fields such as healthcare, agriculture, and other industries due to its various benefits. This, however, has created enormous demand for devices like radiation detectors and the trend is likely to continue in the future, as humans continue to explore the potential of radiation for various applications.

Medical radiation detectors are widely used in modern medical treatments to significantly detect even the small traces of radiation. They have become essential equipment for performing radiotracer bioassays, measuring doses of radiopharmaceuticals, and improving workplace safety by monitoring and controlling radiation risk in the clinical environment.

Rising adoption of radiation treatments coupled with growing popularity of medical radiation detectors for monitoring patients and enhancing workplace environments is providing a strong thrust to the growth of medical radiation detectors market.

Various types of medical radiation detectors are being used in medical facilities primarily for the purpose of acquiring biological data for a particular purpose as well as for radiation protection.

The introduction of nuclear medicine and rapid advancements in radiology have completely transformed modern healthcare. They have significantly accelerated, simplified and reduced the costs of developing and delivering improved healthcare. Thanks to these developments, treatment for cancer has become both effective and inexpensive to a large extent. However, rise in nuclear medicine procedures has put the lives of doctors and other healthcare workers at risk.

It has been found that individuals who are exposed to radiation for an extended period of time are likely prone to developing a variety of fatal illnesses. This is prompting healthcare professionals to employ medical radiation detectors across healthcare facilities.

Rise in chronic diseases like cancer along with increasing usage of nuclear medicine in diagnosing and treating these diseases will continue to push the sales of medical radiation detectors. Medical radiation detectors play a key role in detection, diagnosis and treatment of major human diseases such as cancer and heart diseases.

Similarly, innovation and advancement in medical radiation detectors, such as development of waterproof medical detectors and wireless medical detectors are helping manufacturers to increase their sales and penetrate lucrative markets.

Which Factors are Triggering the Sales of Medical Radiation Detectors?

Increasing investments for modernizing healthcare infrastructure, surge in cases of cancer and other chronic diseases, growing popularity of nuclear medicine, rising number of radio diagnostic procedures performed, and growing awareness regarding safety from prolonged exposure to radiation in radiation prone areas are some of the major factors driving the global medical radiation detectors market.

As the global burden of chronic diseases continues to rise, governments across the world are increasingly investing large amounts in developing and expanding healthcare facilities. This will continue to generate growth avenues within the medical radiation detectors market during the forecast period. Moreover, growing popularity of nuclear medicine and radiation therapy is positively impacting market growth.

Use of nuclear medicines and radiotherapies release radioactive radiation which can be harmful for individuals working in that environment. This is becoming one of the primary factors spurring the growth of medical radiation detectors market.

Subsequently, increasing health-conscious population is acting as a catalyst to the growth of medical radiation detectors market.

In addition to this, growing penetration of medical radiation detectors across emerging markets of Asia, Africa and the Middle East will assist market growth in future.

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What are the Challenges Faced by the Medical Radiation Detectors Industry?

Although medical radiation detectors have numerous end uses, there are numerous obstacles likely to pose a challenge to market growth. Some of these factors are the delays in approval of radiation detectors due to strict regulatory guidelines, high prices associated with medical radiation detectors and lack of skilled operators and staff across various regions.

Will North America Continue its Dominance in the Global Medical Radiation Detectors Market?

North America was the largest market for medical radiation detectors and is projected to grow at a faster pace during the forecast period. Growth in the market is driven by increasing prevalence of cancer and heart diseases, growing popularity of nuclear medicine, rise in medical tourism, and heavy presence of leading market players.

Countries like the United States are becoming ideal destinations for medical radiation detectors due to highly developed medical sector, increase in the number of radio diagnostic procedures performed, and growing awareness among people about radiation safety.

United States is home to some of the leading medical device manufacturers and specialty hospitals in the world. The country spends billions of dollars on healthcare infrastructure and research activities annually. This is positively impacting the market growth in the country.

Moreover, leading players in the country are continuously innovating for introducing novel radiation detection solutions with efficient features.

Nikhil Kaitwade
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Why is Demand for Medical Radiation Detectors Rising Across Europe?

According to Future Market Insights, Europe is expected to provide lucrative growth opportunities to medical radiation detector manufacturers during the forecast period, owing to the presence of advanced healthcare facilities, increasing government initiatives to reduce burden of chronic diseases and growing awareness among people about radiation safety.

As people across European countries like the United Kingdom and Germany are more aware about the harmful effects of a radiation prone environment, demand for medical radiation detectors is rising at a significant pace in these countries.

Moreover, increasing cases of cancer, rapidly growing geriatric population, and rising investments in expanding healthcare infrastructure will further create growth prospects for medical radiation detectors across Europe in future.

Market Competition

Some of the key participants present in the global medical radiation detectors market include Konica Minolta, Inc., Kromek, Biodex Medical Systems, QFix, Idetec Medical Imaging, Varian Medical Systems, and Owandy Radiology, among others.

These key players are vigorously investing in research and development activities for introducing novel and effective products to increase their customer base. Besides this, they are adopting growth strategies such as mergers, partnerships, acquisitions and collaborations to gain a competitive edge in the market.

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Report Scope

Report Attribute

Details

Growth Rate

CAGR of 6.7% - 8.3% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Application
  • End Use
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • Konica Minolta, Inc.
  • Kromek
  • Biodex Medical Systems
  • QFix
  • Idetec Medical Imaging
  • Varian Medical Systems
  • Owandy Radiology

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Key Segments Profiled in the Medical Radiation Detectors Industry Survey

By Application:

  • X- Ray radiation therapy
  • Medical imaging

By End Use:

  • Hospitals
  • Clinics
  • Others

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

Frequently Asked Questions

FMI projects the global medical radiation detector sales to grow at 6.7% to 8.3% CAGR between 2022 and 2032.

As per FMI, North America will continue to remain the most dominant market for medical radiation detectors during the forecast period.

Konica Minolta, Inc., Kromek, Biodex Medical Systems, QFix, and Idetec Medical Imaging are some prominent medical radiation detectors manufacturers.

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Nikhil Kaitwade
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Medical Radiation Detectors Market