Radiation Dose Management Market is Anticipated to Reach Value of Approximately US$ 3.0 Bn by 2025
Radiation may be described as the release of electromagnetic waves, in particular the high-power particles which purpose ionization. Monitoring of the radiation dose is of high importance to decrease the side effect results. The global radiation dose management market was valued approximately US$ 1.0 Bn in 2016 and is anticipated to register CAGR of over 9.0% from 2017 to 2025 to reach value of approximately US$ 3.0 Bn by 2025. Increasing number of chronic diseases such as cardiovascular, cancer, growing safety concerns and improving quality of patient care are likely to fuel expansion of the global radiation dose management market from 2017 to 2025.
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Radiation therapy is one of the important modes of remedy employed for diverse sorts of disease like cancer. However, the radiation treatment is related to diverse side effects. Monitoring of the radiation dose is of high importance to decrease the side effect results. The quantity of radiation absorbed by way of a patient is referred to as radiation dose, which is measured in many forms such as absorbed dose, effective dose, and equivalent dose. The global radiation dose management market is witnessing continuous innovations in test offerings and wide product portfolio of major as well as local manufacturers. The collaborations among major market players for superior technological advancements in radiation monitor offerings is likely to drive the growth of global radiation dose management market during the forecast period. For instance, in December 2016, Landauer announced partnership with IntelliCentrics, Inc. IntelliCentrics SEC3URE is the only program helps facilities maintain full compliance with radiation safety regulations mitigating risk of citations, fines, and lawsuits. However, lack of skilled staff and high cost associated with radiation dose monitoring software are likely to restrain the growth of the global radiation dose management market during the forecast period.
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The global radiation dose management market has been segmented on the basis of product and services, modality, application, end user and geography. Among product, services segment is projected to lead the market and is expected to continue its dominance during the forecast period followed by services segment and this is because software helping to build robust radiation safety program and help in collecting and storing dose data within the patient’s clinical record. Data generated from this software can be presented in several ways, often with dash boarding capabilities to track various parameters. Among modality, computed tomography was the leading revenue generating segment in 2016 and it is likely to continue its dominance during the forecast period. Nuclear medicine scans segment of indication is likely to lose its market share during the forecast period owing to high preference of computed tomography. Among various end user, hospitals was the leading distribution channel in 2016 and is likely to account for leading share during the forecast period.
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Geographically, North America captured lion’s share of global radiation dose management market in 2016. However increasing adoption of generics in the U.S. is key concern area among key players. Europe and Asia Pacific market is projected to gain market share during the forecast period and is likely to be key revenue generator in the coming years and this is due to rising geriatric population, prevalence of cancer, increasing adoption of imaging systems by the healthcare facilities. Improving healthcare structure, rising prevalence of cancer, adoption of different drug delivery system in healthcare organization in Brazil, South Africa, Saudi Arabia, etc. is likely to boost market growth in Latin America and Middle East & Africa.
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Key companies operating in the global radiation dose management market and profiled in the report Landauer, Inc., Sectra AB, Afga-Gevaert N.V., INFINITT Healthcare Co. Ltd., Bayer Healthcare AG, PACSHealth, LLC., Koninklijke Philips N.V., GE Healthcare, Thermo Fisher Scientific, Fujifilm Holdings Corporation, and QAELUM NV among others. These players are adopting organic and in-organic growth strategies to expand their product offerings, strengthen their geographical reach, increase customer base and garner market share. For instance, in January 2017, Qaelum NV and Virtual Phantoms Inc., a U.S. based software company that develop radiation dose calculation software tools have entered into a partnership to integrate VirtualDoseCT software for measuring organ radiation dose into Qaelum's radiation dose monitoring package, Dose.
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