The global radiation detection, monitoring and safety market accounted for $890.2 million in 2015 and is anticipated to grow at a compound annual growth rate (CAGR) of over 7.3% in the coming years, according to a report from Grand View Research. The rising adoption of nuclear medicine and radiation therapy as a consequence of the increasing global incidence of cancer is expected to drive market growth over the forecast period.
According to the International Agency for Research on Cancer (IARC) around 14.1 million new cancer cases were registered and 8.2 million cancer-related deaths were reported worldwide, in the year 2012; it is estimated that in the near future the numbers are to rise to 21.7 million new cancer cases and 13 million cancer-related deaths. The global increase in the estimates is expected to increase the demand for radiation therapy for cancer diagnosis during the forecast period.
“The medical and health care industry accounted for the highest share, owing to increasing use of dosimeters and detectors in radiology, emergency care, dentistry, nuclear medicine and therapy applications,” report from 360 Market Updates states. “These are particularly required in medical procedures, such as angiography, fluoroscopy, computed tomography (CT), and radiographic imaging, which employ harmful ionizing radioactive rays to perform clinical diagnosis and monitoring. Besides, a rise in the number of nuclear power facilities across the world is resulting in an increased demand for radiation monitoring equipment. The by-products of these power plants can be used in the health care industry. Incidentally, hospitals have been promoting installation of diagnostic radiology equipment, accompanied using medical isotopes that are administered to patients.”
“Moreover, increasing investments in cancer therapy by the countries where the number of diagnosed patients is growing, is further expected to increase the demand for radiation therapy and medical devices,” it adds.
Mordor Intelligence also predicts market growth.
“The medical and health care industry accounts for the highest market share, owing to the increasing use of dosimeters and detectors in radiology, emergency care, dentistry, nuclear medicine and therapy applications. Various forms of radiation are used in medical diagnostics and treatment. All forms are potentially dangerous, and exposure must be carefully controlled to ensure that the benefit to patients outweighs the risks from exposure,” Mordor Intelligence states.
“Radiation (radioisotope) therapy remains one of the main approaches to fight cancer,” the report adds. “To reduce the negative impact of radiation on the personnel of health care facilities, the market vendors are offering personal dosimeters and automated systems of personal dosimetry control. Moreover, with the increasing cancer cases across the globe, the market is expected to witness growth.”
“Radioactive radiations are an unseen threat in many settings,” Transparency Market Research (TMR) reports. “Exposure to these in high level can induce several dangerous health complications. As radiations are invisible and odorless, those who work with radioactive materials require special equipment that can detect, monitor and prevent direct exposure to harmful radioactive radiations to help warrant their safety and the safety of all those who are around them.”
“Increased use of radioactive materials across areas such as diverse industrial processes, power production, medical research, medical imaging and the defense sector coupled with the heightened global threat of terrorist-operated nuclear weapons has intensified the need for reliable equipment that offers protection from radioactive radiations,” TMR adds. “The global market for radiation detection, monitoring and safety has expanded significantly in the past few years in terms of introduction of technologically advanced equipment as well as the adoption of this equipment in different end-use sectors.”
