Global Radiation Detection Market to Reach USD 2 Billion by 2022

The global radiation detection, monitoring, and safety market is expected to grow at a CAGR of 5.7% from USD 1.71 billion in 2017 to USD 2.26 billion by 2022. The market is likely to be driven by rising security threats, increasing prevalence of cancer across the world, growing safety awareness among people working in radiation-prone environments, rising safety concerns following the Fukushima disaster, expanding security budgets of global sporting events, increase in the number of PET/CT scans, growing usage of nuclear medicine and radiation therapy for diagnosis and treatment, and use of drones for radiation monitoring. However, nuclear energy alternatives such as renewable energy, nuclear power phase-out, and shortage of nuclear power workforce, are likely to limit the market growth.

These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.

Based on product, the radiation detection and monitoring products segment accounted for the largest market share in 2017 due to the extensive usage of radiation detection and monitoring products for various applications such as in diagnostic medical imaging, homeland security, nuclear power plants, and industrial applications. The radiation detection and monitoring products segment is also expected to grow at the highest CAGR during the forecast period.

Based on composition, the gas-filled detectors segment accounted for the largest market share in 2017 owing to uniformities in their detection over other detectors and their user-friendly nature such as durability, portability, and economical value. The gas-filled detectors composition segment is also expected to grow at the highest CAGR during the forecast period.

Based on application, the healthcare segment accounted for the largest market share in 2017 due to the increase in the number of PET/CT scans and growing usage of nuclear medicine and radiation therapy for diagnosis and treatment, increasing research activities, and rising incidence of cancer. However, the homeland security & defense application segment is expected to grow at the highest CAGR during the forecast period on account of increased spending on internal security and military expenditure.

Geographically, the radiation detection, monitoring, and safety market in North America is expected to grow at the highest CAGR during the forecast period, driven by favorable government initiatives, rising number of nuclear power plants, increasing prevalence of cancer, and growing awareness of radiation safety.

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