Radiation Dose Management Market: Increase in Usage of Integrated Software in Medical Imaging Devices to Drive Market

Radiation may be described as the release of electromagnetic waves, in particular high-power particles, which cause ionization. Radiation therapy is an important mode of remedy employed for diverse diseases such as cancer. However, radiation treatment exhibits diverse side-effects. Monitoring of the radiation dose is of high importance to decrease the side-effects. The quantity of radiation absorbed by way of a patient is referred to as radiation dose, which is measured in several forms such as absorbed dose, effective dose, and equivalent dose. Increasing number of chronic diseases such as cardiovascular and cancer, rising safety concerns, improving quality of patient care, and increasing number of diagnostics screening tests are key factors that drive the radiation dose management market. The global radiation dose management market was valued at US$ 143.2 Mn in 2017 and is anticipated to reach nearly US$ 1,361.5 Mn by 2026, expanding at a CAGR of around 26.7% from 2018 to 2026.

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Based on product and services, the global radiation dose management market can be classified into software and services. Furthermore, the software segment can be sub-segmented into integrated solution and standalone solution. The software segment accounted for a prominent share of the market in 2016, followed by the other segment, as software helps build a robust radiation safety program and helps collect and store dose data within the patient’s clinical record. Data generated from this software can be presented in several ways, often with dash board in order to track various parameters.

In terms of modality, the global radiation dose management market can be segmented into computed tomography, radiography and mammography, fluoroscopy and interventional imaging, nuclear medicine scans, and others. The computed tomography segment holds a major market share in 2017. Ease of operation, short acquisition time for imaging, automatic tube current modulation, and dose efficient detector in computed tomography make it highly attractive among radiologists. This drives the computed tomography segment of the global radiation dose management market.

In terms of application, the global radiation dose management market can be segregated into oncology, cardiology, orthopedic, and others. The oncology segment is anticipated to hold a higher share, as compared to the other segments, due to the increasing incidence of cancer across the world and radiation therapy is an important treatment option. Prolonged exposure to radiation therapy is likely to lead to side-effects. Therefore, radiation dose monitoring system and solution are widely employed by doctors in order to control the radiation dose level in patients during treatment.

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In terms of end-user, the global radiation dose management market can be bifurcated into hospitals, ambulatory care setting, research organization, and others. The hospitals segments is projected to hold a major share of the market and exhibit significant market attractiveness during the forecast period. Increasing base of hospitals and rise in hospital visits for treatment of different diseases, especially cancer, are anticipated to drive the hospitals segment.

Based on geography, the global radiation dose management market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America held a notable share of the global market in 2016 and exhibited a potential market attractiveness; however, the market in Asia Pacific is likely to expand at a significant growth rate during the forecast period. Rising awareness, availability of different radiation dose management solutions, favorable reimbursement policies for treatment, and affordability of diagnosis cost are key factors responsible for the high share held by North America in the global market. While, rising geriatric population, prevalence of cancer, increasing adoption of imaging systems by the healthcare facilities, and improved health care infrastructure in the region are major factors that are likely to boost the market in Asia Pacific during the forecast period.

Key players operating in the global radiation dose management market include Landauer, Inc., Spectra AB, Agfa-Gevaert N.V., INFINITT Healthcare Co. Ltd., Bayer AG, PACSHealth, LLC, Koninklijke Philips N.V., GE Healthcare, Thermo Fisher Scientific, Fujifilm Holdings Corporation, and QAELUM NV.

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