Staff report
The U.S. diagnostic imaging services market size was valued at $122.41 billion in 2022 and is projected to grow from $130.38 billion in 2023 to $206.84 billion by 2030, according to Fortune Business Insights.
Growth of the overall diagnostic imaging market translates into growth of the radiation and imaging safety markets.
The global medical radiation detection market is projected to grow from $1.26 billion in 2024 to $1.89 billion by 2029, with a robust CAGR of 8.5%, according to a news release from MarketsandMarkets.
“This growth is fueled by increasing awareness of radiation hazards, stringent regulations, and a rising incidence of cancer, which amplifies the demand for effective radiation therapy and safety measures,” the release states. “The market, dominated by personal dosimeters and gas-filled detectors, faces challenges such as a shortage of skilled professionals and high raw material costs, particularly for lead. However, favorable government initiatives and health campaigns are driving investments in advanced detection technologies. Key players like Mirion Technologies and Thermo Fisher are innovating with products that enhance monitoring accuracy, responding to the growing need for safety in health care settings. With North America leading the market, the Asia Pacific region is emerging as a promising area for growth, thanks to improving health care standards and increasing radiation safety awareness.”
Personal dosimeters held the largest market share of the product segment of medical radiation, detection and monitoring market in 2023. The high market share of this category can be credited to the higher demand by health care workers as they come to realize the health risks associated with exposure to radiation, which need to be effectively monitored and minimized. Some of the innovations that have come about include digital dosimeters with real-time monitoring, better accuracy, and ease in data management. This is what has facilitated the use of personal dosimeters in medicine today.
Full body protection products accounted for the largest share of medical radiation safety products, the release states.
“The reasons for this large share of the segment are: growing awareness of the potential health risks associated with radiation exposure deepens an increasing concern about protecting health care workers and patients grows. Regulatory bodies around the world have started implementing stricter radiation safety guidelines in medical environments,” MarketsandMarkets reports. “Innovations in protective materials like lightweight, lead-free options make full-body protection products more comfortable and easier to use without having to make any type of compromise on safety.”
ResearchandMarkets.com also reports continued market growth.
“The global radiation detection, monitoring, and safety market, valued at an estimated $2.9 billion in 2024, is projected to reach $4.4 billion by 2029, growing at (CAGR) of 8.3% during this forecast period,” ResearchAndMarkets.com states.
“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,” it continues. “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 needed 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.”
