Press release
$1.13 Bn, Gamma Ray Spectroscopy Market Size to Accrue 6.7% of CAGR by 2028
The Insight Partners
Gamma-ray spectroscopy is required in applications, such as space research, nuclear facilities, and mineral exploration. Gamma rays are more energetic than X-rays and have a stronger ionizing ability than X-rays. They are preferred (within a prescribed limit) in the medical industry to kill cancer cells or sterilize medical equipment. Gamma rays are used in cancer screening devices and surgical procedures to remove tumors. Due to the high penetration level of gamma rays compared to alpha and beta radiation are used for medical imaging. This is one of the key reasons behind the gamma ray spectroscopy market growth.
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CAEN S.p.A.; Mirion Technologies, Inc.; AMETEK Inc; Linde PLC; Sander Geophysics Limited; NVIATech instruments; ANTECH; NATS, Inc.; Geomatrix Earth Science Ltd; and ATOMTEX are a few key players that are profiled in this gamma ray spectroscopy market analysis. Moreover, the performances of several other essential players were analyzed to get a holistic view of the gamma ray spectroscopy market and its ecosystem.
Strategic Insights:
In the gamma ray spectroscopy market report, players are majorly adopting strategic market initiatives, which involve the expansion of footprint globally and meeting the surge in customer demand. Market players are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
- In October 2021, NASA announced that it would proceed with the development of the Compton Spectrometer and Imager (COSI) spacecraft as its next small Explorer, or SMEX, astrophysics mission. COSI, led by John Tomsick at the University of California Berkeley, is scheduled for launch in 202
- In September 2021, Mirion Technologies, Inc. announced the release of its new Apex-Guard software, an exciting addition to the Mirion Apex-Gamma Lab Productivity Suite.
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Gamma Ray Spectroscopy Market - Key Market Dynamics
1 Market Drivers
1.1 Increased Preference for Gamma Rays in Medical Industry
1.2 Rising Usage of HPGe Detectors
2 Market Restraints
2.1 Adverse Effects of Gamma Rays on Consumer's Health
3 Market Opportunities
3.1 Use of Lightweight Gamma Ray Spectrometers
4 Future Trends
4.1 Introduction of Portable Gamma Ray Spectrometer Information System
5 Impact Analysis of Drivers and Restraints
Due to the high penetration level of gamma rays compared to alpha and beta radiation, they are used for medical imaging. In this process, a gamma source enters the patient's body, and the radiation that comes from the patient's body is detected using a gamma camera. Further, gamma ray spectrometry is used to monitor and assess the amount of radiation. Owing to this, the gamma ray spectroscopy market growth is foreseen. However, due to high radiation and harmful effects associated with gamma ray spectroscopy devices, it has limited usage in industries such as medical, space research, and nuclear. Therefore, the negative effects associated with gamma rays is one of the restraining factors for the gamma ray spectroscopy market size.
Impact of COVID-19 Pandemic on Gamma Ray Spectroscopy Market Player's Business
In North America, supply chain disruptions led to a shortage of components and reduced the demand for gamma-ray spectrometers. Further, the decline in the growth of the electronics & semiconductor industry hindered the demand for detectors across North America. In 2021, with many governments lifting the COVID-19 restrictions, the manufacturing business started to regain, accelerating the market growth. Many companies started focusing on production post-COVID-19. For instance, in September 2021, Mirion Technologies, Inc. introduced its new Apex-Guard software, an addition to the Mirion Apex-Gamma Lab Productivity Suite. Also, rising developments by major manufacturers operating in the region drive the market. In another instance, in October 2021, NASA proposed a gamma-ray telescope known as the Compton Spectrometer and Imager to chart the evolution of the Milky Way. It is expected to launch in 2025.
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