Gamma Ray Spectroscopy Market Size Worth US$ 1,130.26 Million By 2028 | CAGR 6.7%: The Insight Partners

According to the new research report published by The Insight Partners on "Gamma Ray Spectroscopy Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Hardware, Software, and Services), End-User (Space Research, Nuclear Facilities, and Mineral Exploration)

The global gamma ray spectroscopy market size is expected to reach US$ 1,130.26 million by 2028, registering a CAGR of 6.7% from 2022 to 2028, according to a new research study conducted by The Insight Partners. 

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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.

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.

The major stakeholders in the global gamma ray spectroscopy market ecosystem include raw material suppliers, manufacturers, system integrators, distributors, end user, and regulatory bodies. The Regulatory bodies and government agencies are other crucial stakeholders in gamma ray spectroscopy market. International Radiation Protection Association (IRPA), International Atomic Energy Association (I.A.E.A.) are few organizations regulating the gamma ray spectrometers. The end users' industries of the market are the space researcher, nuclear facility providers, and mineral exploration. Increasing demand from mentioned industries are creating positive demand for gamma ray spectrometers, thus, contributing towards the growth of the gamma ray spectroscopy market size.

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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.

Major stakeholders in the global gamma-ray spectroscopy market ecosystem are raw material suppliers, manufacturers, system integrators, distributors, end users, and regulatory bodies. The raw materials used in making gamma-ray spectroscopy detectors are sodium iodide (Nal) scintillation counters and high-purity germanium detectors. The gamma-ray spectrometer is provided to technology/system integrators so that advanced technologies can be integrated into the product before commercializing it in the market. Regulatory bodies and government agencies are other crucial stakeholders in the gamma-ray spectroscopy market. International Radiation Protection Association (IRPA) International Atomic Energy Association (I.A.E.A.) are a few organizations regulating gamma-ray spectrometers. End users of gamma-ray spectrometers are space researchers, nuclear facility providers, and mineral exploration. The increasing demand from the industries mentioned above is creating opportunities for the gamma ray spectroscopy market.

The List of Companies - Gamma Ray Spectroscopy Market

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 some key gamma ray spectroscopy market players that are profiled in this study. Moreover, the performances of several other essential players were analyzed to get a holistic view of the gamma-ray spectroscopy market and its ecosystem. For instance, In June 2022, CAEN SpA, a provider of power supply systems and front-end/data acquisition modules for nuclear & particle physics and their application, announced its Indian subsidiary, CAENspa India Private Limited. Such expansion strategies are boosting the gamma ray spectroscopy market.

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