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Meticulous Research® Reveals Projections: Radiation Dose Management Market Set to Reach $749.1 Million by 2029
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Driving Forces Behind Market Growth
The report attributes the exponential growth of the radiation dose management market to the escalating availability and reliance on high-dose imaging modalities for swift and comprehensive diagnosis and treatment. However, the use of medical imaging procedures poses risks due to high radiation doses to patients, prompting major industry players to introduce radiation dose management products. For instance, in November 2021, Siemens Healthineers (Germany) launched NAEOTOM Alpha, the world's first CT scanner with photon-counting technology. This innovation significantly enhances resolution and reduces radiation dose by up to 45 percent for ultra-high-resolution (UHR) scans compared with conventional CT detectors. The market is witnessing a surge in demand for radiation dose management owing to the growing utilization of diagnostic imaging modalities, concerns regarding radiation exposure, and increasing awareness about radiation dose management.
Impact of COVID-19 on the Radiation Dose Management Market
The COVID-19 pandemic necessitated caution in using imaging equipment on infected patients, posing a serious hazard for other patients and healthcare providers. Consequently, many countries postponed non-urgent diagnostic imaging surgeries, thereby reducing reliance on medical imaging. Moreover, authoritative bodies such as the U.S. Centers for Disease Control and Prevention and the American College of Radiology did not recommend the routine use of chest radiographs or CT scans alone to diagnose COVID-19. This temporary setback adversely affected the market. However, the radiation dose management market is poised for resurgence as healthcare systems adapt to the evolving landscape.
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Market Segmentation and Growth Trends
The radiation dose management market is segmented based on Offering (Solutions, Services), Modality, Application, End User, and Geography. Key insights include:
Offering: The solutions segment is poised to hold the largest market share in 2022, driven by increased medical imaging usage and regulatory standards for ionizing radiation exposure.
Modality: Computed tomography is projected to dominate the market in 2022, fueled by a surge in computed tomography examinations and heightened awareness of radiation dose exposure.
Application: The oncology segment is anticipated to command the largest market share in 2022, propelled by the rising burden of cancer and the extensive use of imaging modalities in oncology.
End User: Hospitals are expected to lead the market in 2022, attributed to a high patient population, increasing chronic diseases, awareness about early diagnosis, preference for non-invasive medical procedures, and technological advancements in imaging modalities.
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Geographic Analysis
North America is forecasted to capture the largest market share in 2022, followed by Europe and Asia-Pacific. The dominance of North America is attributed to advanced infrastructure, favorable reimbursement policies, increased healthcare accessibility, and a high volume of laboratory tests.
Key Players
Prominent players in the radiation dose management market include Bayer AG, Siemens Healthineers GmbH, Bracco Imaging S.p.A., FUJIFILM Holdings Corporation, GE Healthcare, Medsquare, Novarad Corporation, and others.
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