Radiation Dose Management Market Worth $654 Million | MarketsandMarkets™

Radiation Dose Management Market in terms of revenue was estimated to be worth $343 million in 2023 and is poised to reach $654 million by 2028, growing at a CAGR of 13.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth in the radiation dose management market is primarily driven by a surge in the utilization of medical imaging modalities, propelled by a rising incidence of chronic diseases. As healthcare demands increase, the prevalence of diagnostic and interventional procedures involving ionizing radiation, such as X-rays and CT scans, is on the rise. Additionally, there is a growing awareness regarding radiation dose management practices among healthcare professionals and patients, further emphasizing the need for comprehensive solutions. The convergence of these factors, including the use of medical imaging, increasing awareness of radiation risks, increasing prevalence of chronic diseases, and the growth in radiology equipment installations, collectively contribute to the growth of the radiation dose management market in the forecast period.

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Standalone solutions accounted for the larger share of the radiation dose management solution market in 2022

On the basis of product & service, the radiation dose management market is segmented into radiation dose management solutions and services. The radiation dose management solution is further sub-segmented into standalone and integrated. In 2022, the standalone solution segment held the largest share in the market. Due to stringent regulations and standards governing radiation exposure in healthcare, there is an increasing emphasis on compliance. As standalone and integrated solutions offer features that enable healthcare providers to adhere to regulatory requirements efficiently. The emphasis on enhancing overall patient outcomes serves as a driving force for the widespread adoption of radiation dose management solutions.

By application, the oncology segment accounted for the largest market share in 2022

Based on application, the radiation dose management market is segmented into oncology, cardiology, orthopaedic applications, dental, and other application. The oncology segment accounted for the largest market share in 2019. The rising prevalence of cancer, are driving the demand for oncology treatments, including radiation therapy. There is growing emphasis on personalized medicine in oncology, as treatments are tailored to individual patients based on their unique characteristics and the specific nature of the cancer. This personalized approach necessitates precise and individualized radiation dose planning and management, driving the demand for advanced solutions within the oncology segment.

Hospitals are the largest end users of the radiation dose management market

Based on end users, the radiation dose management market is segmented into hospitals and healthcare system, ambulatory surgery centres, diagnostic and imaging centres, and other end users. The hospitals segment accounted for the largest market share in 2022. Hospitals conduct a substantial number of medical imaging procedures, such as X-rays, CT scans, and fluoroscopy, for diagnostic purposes. The increased frequency of these procedures contributes to a greater need for radiation dose management to ensure patient safety and regulatory compliance. Moreover, the rising patient population, growing awareness about the benefits of early disease diagnosis, technological advancements in imaging modalities are the major factors responsible for the high demand for radiation dose management solutions in hospitals.

North America dominates the global radiation dose management market

The radiation dose management market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In 2022, North America accounted for the largest share of the radiation dose management market. The region's leadership can be attributed to its significant healthcare IT expenditure, stringent legislative and accreditation requirements regarding the reporting and optimization of radiation doses, and the presence of stringent regulatory requirements regarding patient safety.

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Radiation Dose Management Market Dynamics:

Drivers:

Growing concerns over radiation exposure
Opportunities:

Growing focus on oncology and nuclear medicine
Challenge:

Lack of benchmarking for dose optimization across the globe
Key Market Players of Radiation Dose Management Industry:

Prominent players in the radiation dose management market include Bayer AG (Germany), GE Healthcare (US), Philips Healthcare (Netherlands), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Canon Inc. (Japan), PACSHealth, LLC (US), Sectra AB (Sweden), Bracco Imaging S.p.A. (Italy), Qaelum N.V. (Belgium), Agfa Healthcare (Belgium), Novarad Corporation (US), Medic Vision (US), Volpara Solutions Inc. (US), Guerbet (France), Medsquare (France), and INFINITT Healthcare Co. Ltd. (South Korea).

Breakdown of supply-side primary interviews, by company type, designation, and region:

By Company Type: Tier 1 (20%), Tier 2 (45%), and Tier 3 (35%)
By Designation: C-level (30%), Director-level (20%), and Others (50%)
By Region: North America (35%), Europe (24%), Asia Pacific (25%), Latin America and Middle East Africa (16%)

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