Press release
Radiation, Detection, Monitoring & Safety Market worth US$5,452.4 million by 2030
notable market players include Fortive (US), Thermo Fisher Scientific Inc. (US), Mirion Technologies Inc. (US), Fuji Electric Co. Ltd. (Japan), and Ludlum Measurements, Inc. (US), among others.
The global Radiation, Detection, Monitoring & Safety Market [https://www.marketsandmarkets.com/Market-Reports/radiation-protection-market-987.html?utm_source=prnewswire.com&utm_medium=paidpr&utm_campaign=radiationdetectionmonitoring&safetymarket], valued at US$3,132.2million in 2023, is forecasted to grow at a robust CAGR of 8.3%, reaching US$3,381.2 million in 2024 and an impressive US$5,452.4 million by 2030. The market has witnessed substantial growth driven by heightened safety concerns regarding nuclear infrastructure, largely stemming from increased awareness of radiation exposure risks across various sectors. Regulatory bodies and governmental agencies are implementing stringent frameworks that mandate the deployment of radiation detection devices in critical industries such as healthcare, defense, and manufacturing, thereby facilitating market expansion. A significant factor propelling this growth is the rising application of radiation in medical treatments, particularly in oncology, which necessitates robust monitoring systems to safeguard both patients and healthcare personnel. Concurrently, concerns related to radiological terrorism have spurred investments in homeland security and defense, leading to an increased demand for advanced radiation detection systems. In this context, the market is seeing a shift toward innovative technological solutions, including portable and wearable detectors, supported by ongoing R&D in nuclear medicine and environmental monitoring. This evolution has provided efficient and effective radiation detection and monitoring solutions in a rapidly changing landscape.
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By Based on product, the radiation, detection, monitoring & safety market is segmented into radiation detection and monitoring systems, material monitors, and radiation monitoring software. The radiation detection and monitoring systems segment dominates the market share and exhibits the highest CAGR owing to its essential role across various safety sectors, including applications in nuclear power facilities, healthcare institutions, defense operations, and various industrial settings. The critical demand for radiation detection capabilities arises from the imperative to monitor harmful radiation levels, prevent accidents, ensure worker and environmental safety, and comply with regulatory standards.
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By Based on technology, the radiation, detection, monitoring & safety market is categorized into detectors, radiation protection products, and radiation safety products; the detectors segment commanded the largest market share in 2024. The market has experienced significant growth across various sectors, driven by its critical role in measuring radiation levels in diverse applications. In the healthcare sector, the rising frequency of PET-CT scans, X-ray procedures, and radiotherapy has led to an increased demand for radiation detectors used in exposure monitoring and the safeguarding of both patients and healthcare workers. In the realm of nuclear energy, the expansion of nuclear programs globally has resulted in a heightened deployment of radiation detectors specifically designed for reactor monitoring to ensure environmental safety and adherence to regulatory standards. Additionally, escalating concerns over nuclear security, including the prevention of unauthorized radioactive material smuggling and threats from neighboring nations, have spurred substantial advancements in radiation detection systems, particularly within the defense and homeland security sectors.
By geography, the radiation detection, monitoring & safety market is segmented into North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa, with North America being the market leader in 2023. The North American market growth is largely attributed to stringent regulatory frameworks, advanced healthcare infrastructures, robust nuclear energy initiatives, and significant defense expenditures. Regulatory agencies such as the US Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA), and the Occupational Safety and Health Administration (OSHA) enforce rigorous standards for radiation safety across both public and private sectors, driving the demand for radiation detection and monitoring technologies.
the production capabilities within this region's well-established healthcare sector-evident in the volume of PET-CT scans, nuclear medicine applications, and radiotherapy procedures-enable hospitals and diagnostic facilities to integrate advanced radiation detection systems effectively. As of 2023, notable market players include Fortive (US), Thermo Fisher Scientific Inc. (US), Mirion Technologies Inc. (US), Fuji Electric Co. Ltd. (Japan), and Ludlum Measurements, Inc. (US), among others.
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