Radiation Dose Management Market Scenario, Leading Players, Segments Analysis and Future Scope

The rising concern associated with radiation exposure, increasing awareness and industry initiatives regarding the issue, and surging prevalence of chronic diseases are some of the factors responsible for the growth of the radiation dose management (RDM) market. In 2016, the market generated a revenue of $129.8 million, and it is expected to attain a size of more than $1700.0 million by 2023, advancing at a CAGR of 46.0% during the forecast period.

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RDM refers to a solution that can be integrated with medical systems, such as electronic health record (EHR), picture archiving and communication system (PACS), and radiology information system (RIS), to monitor, archive, and track the radiation exposure and aid in improving patient safety. Based on product, the radiation dose management market is bifurcated into solutions and services. Of these, during the historical period (2013-2016), solutions dominated the market, and these are projected to continue dominating it during the forecast period.

One of the main purposes of radiological protection is to prevent the patient from the adverse effects of radiation. Exposure to high radiation doses over a short period can sometimes cause life-threating diseases, such as cancer and radiation sickness, symptomized by fainting, nausea, vomiting, hair loss, diarrhea, bleeding, confusion, and mouth and skin sores. Radiation exposure not only affects patients, but it can also affect the public, as well as those inside medical and emergency settings. Therefore, the need to check radiation exposure is boosting the growth of the radiation dose management market.

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Further, to ensure the safety of patients and optimize device performance, the Medical Imaging and Technology Alliance is working with imaging equipment manufactures to help them maintain international standards for their equipment and offering expert recommendation on safety and quality checks. In 2010, the USFDA introduced an initiative to decrease unnecessary radiation from medical imaging equipment and spread awareness on the use of imaging procedures only when required. Owing to such initiatives, patients nowadays are becoming aware about the absorption of radiation, which, in turn, is resulting in the growth of the RDM market.

Hence, the growing awareness on the adverse effects of radiation exposure, governments' surging initiatives, and increasing incidence of chronic diseases are predicted to augment the market growth.

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